In the midst of a global coronavirus crisis, the Italian fashion group Tod’s urgently gathered the members of its board of directors yesterday Tuesday. Important decisions have been made, such as postponing their general meeting or waiving all remuneration for the year 2020.
The board of directors of the Italian luxury company Tod’s met on Tuesday, March 30, in emergency procedure to decide to postpone the date of its general meeting, given the current health emergency of Covid-19 and given the government measures to contain the effects of the above-mentioned emergency situation.
The convocation of the general meeting of shareholders initially planned for April 22, 2020, then for May 29, 2020, was therefore again called to meet on June 3, 2020 at the registered office of the company in first instance, or if necessary, next June 26, 2020, same place and same time.
Given the gradual worsening of the COVID-19 global epidemic scenario, the Board of Directors also considered it appropriate to modify the 2019 dividend distribution proposal that was approved on March 12, proposing not to distribute dividends – although the brand initially announced the distribution of dividends for around 43 cents per share.
The president and vice-president, Diego and Andrea Della Valle, have thus announced to the Council their decision to renounce the compensation that had already been decided in their favor for the 2020 financial year.
The two brothers usually receive 1.8 million and 1.3 million euros in annual compensation, with their family holding 71% of the capital of the company.
The Italian company Tod’s S.p.A, listed on the Milan Stock Exchange, is a holding company for the luxury goods group of the same name and operates in the high-quality footwear, accessories and clothing sector with the brands Tod’s, Hogan, Fay and Roger Vivier. It is suffering the brunt of the coronavirus crisis, being one of the flagship brands for tourists in Italy, who represent a third of their buyers.
Despite excellent results in January 2020, the firm experienced a slight decline in 2019. Its income fell 2.6% to 916 million euros over the year, compared to 940.5 million in 2018. Net profits fell from 47.1 million euros to 46 .3 million in one year, or 1.7% difference.
Featured Photo : © Tod’s
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