Safran’s 2018 Annual General Meeting of Shareholders approves dividend payment of €1.60 per share and all proposed resolutions
Paris, May 25, 2018
The combined Annual General Meeting of Shareholders of Safran (Euronext Paris: SAF) met today at the Grande Arche, Paris - La Défense, under the chairmanship of Ross McInnes, Chairman of the Board of Safran.
The meeting provided a unique opportunity for the Group for information, exchange and discussion in the company of shareholders. Philippe Petitcolin, Chief Executive Officer, and Bernard Delpit, Chief Financial Officer, reviewed Safran's activity in 2017, the Group's annual results, the outlook for 2018 and the acquisition of Zodiac Aerospace. The Chairman of the Board also presented the main highlights of the year in terms of governance, notably the Board's decision to renew the term of office of the Chief Executive Officer until the close of the Annual General Meeting to be held in 2020. Monique Cohen, Chair of the Appointments and compensation committee and appointed by the Board as Lead Independent Director, then presented the various components of the compensation of corporate officers.
Ross McInnes declared: "I am delighted that all resolutions submitted and recommended by the Board of Directors were massively approved by our shareholders. This is a renewed mark of confidence in the choices and decisions made by Safran's management and Board."
All resolutions submitted for a vote by the Annual General Meeting were approved.
Shareholders approved notably:
- the financial statements for the fiscal year 2017 and voted for the payment of a dividend of 1.60 euro per share, to be paid as of May 31, 2018;
- the consolidated and updated agreement between the French State and Safran related to the defense of national interests;
- named as directors Monique Cohen (re-appointment), Didier Domange and F&P represented by Robert Peugeot;
- components of the 2017 compensation to the executive corporate officers as well as compensation policies applicable to them;
- the authorization required to keep carrying out the announced share buyback program.
Upon the expiry of their terms as directors, the Board and Committee duties of Christian Streiff and Jean-Marc Forneri ceased. The Board expressed its thanks for their input and contributions during their terms. Following new appointments by the Annual General Meeting, Didier Domange will join the Appointments and Compensation Committee. Robert Peugeot, permanent representative of F&P, will join the Audit and Risk Committee.
Lastly, Patrick Pélata replaces Christian Streiff as Chairman of the Innovation and Technology Committee. Vincent Imbert and Brigitte Lesschaeve will also join this Committee.
The independence rate of the Board of directors, still composed of 17 directors, is 53.8%, unchanged from last year.
The results of the vote will be published in the Finance section of the Group's website, www.safran-group.com.
- Ex-dividend date May 29, 2018
- Dividend payment as from May 31, 2018
- H1 2018 results September 6, 2018
Safran is an international high-technology group, operating in the aircraft propulsion and equipment, space and defense markets. Safran has a global presence, with more than 58,000 employees and sales of 16.5 billion euros in 2017. Working alone or in partnership, Safran holds world or European leadership positions in its core markets. Safran undertakes Research & Development programs to meet fast-changing market requirements, with total R&D expenditures of around 1.4 billion euros in 2017. Safran is listed on the Euronext Paris stock exchange, and is part of the CAC 40 and Euro Stoxx 50 indices.
In February 2018, Safran took control of Zodiac Aerospace, significantly expanding its aircraft equipment activities. Zodiac Aerospace has 32,500 employees and generated sales of 5.1 billion euros for its fiscal year ended August 31, 2017