May 16, 2019 / 11:35 AM / 2 months ago

EssilorLuxottica shareholders reject plans for two additional board directors

PARIS, May 16 (Reuters) - EssilorLuxottica’s shareholders rejected on Thursday resolutions aimed at appointing two new independent directors at the board of the Franco-Italian eyewear group.

Investors including management firms Phitrust and Comgest had hoped to see two new directors, Wendy Lane and Jesper Brandgaard, join the board and help solve governance issues that have recently hampered the integration of the recently-formed company.

However, those resolutions were rejected.

The resolution to appoint Wendy Lane was rejected with a majority of 56.2%, while the one to appoint Jesper Brandgaard was rejected with a majority of 65.74%.

The board had already advised shareholders to reject the proposals ahead of Thursday’s annual meeting.

The Franco-Italian company was formed by last year’s 54 billion euro ($60.5 billion) merger between Ray-Ban maker Luxottica and lenses specialist Essilor.

$1 = 0.8925 euros Reporting by Matthias Blamont; Editing by Sudip Kar-Gupta

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