Maranello (Italy), 16 April 2020 - Ferrari N.V. (“Ferrari” or the “Company”) (NYSE/MTA: RACE) announced today that all resolutions proposed to Shareholders at the Ferrari’s Annual General Meeting of Shareholders (the “AGM”) held today in Amsterdam, the Netherlands, were passed.
The Shareholders approved the 2019 Annual Accounts, expressed a positive advice with respect to the Remuneration Report 2019 and approved a dividend in cash(1) of Euro 1.13 per outstanding common share, totalling approximately Euro 210 million. The outstanding common shares will be quoted ex-dividend from April 20, 2020. The record date for the dividend will be April 21, 2020 on both MTA and NYSE and the dividend on the outstanding common shares will be paid on May 5, 2020. Shareholders holding the Company’s common shares on the record date that are traded on the NYSE will receive the dividend in U.S. dollars at the official European Central Bank EUR/USD exchange rate of April 17, 2020.
The Shareholders elected all nominees directors of Ferrari. John Elkann and Louis C. Camilleri were elected as executive directors of Ferrari. Piero Ferrari, Delphine Arnault, Francesca Bellettini, Roberto Cingolani, Eduardo H. Cue, Sergio Duca, John Galantic, Maria Patrizia Grieco and Adam Keswick were elected as non-executive directors of Ferrari. In addition, the Shareholders appointed Ernst & Young Accountants LLP as Ferrari’s independent auditor until the 2021 Annual General Meeting of Shareholders.
The Shareholders approved to amend the remuneration policy of the Board of Directors to align it with new legislation.
The AGM also renewed, for a period of 18 months from the date of the AGM, the existing delegations to the Board of Directors of the Company of the authority to issue common and special voting shares, to grant rights to subscribe for common and special voting shares, and to limit or exclude pre-emptive rights for common shares, subject to certain maximum amount thresholds. Furthermore, the AGM renewed, for a period of 18 months from the date of the AGM, the existing authorization of the Board of Directors to repurchase up to a maximum of 10% of the Company’s common shares issued as of the date of the AGM. Pursuant to the authorization, which does not entail any obligation for the Company but is designed to provide additional flexibility, the Board of Directors may repurchase common shares in compliance with applicable regulations, subject to certain maximum and minimum price thresholds.
The Shareholders further approved the awards (and the metrics and targets applicable thereto) to the Chairman under the Company’s new equity incentive plan.
Details of the resolutions submitted to the AGM are available on the Company’s corporate website at http://corporate.ferrari.com.
Concurrently with the AGM, the Company published its 2019 Sustainability Report. This Report was prepared in accordance with the GRI Standards, the main international framework for reporting on governance, environmental and social themes.
To view the 2019 Sustainability Report online, please visit the following link: http://corporate.ferrari.com/en/investors/results/reports.
1 The coupon number of the dividend is 5 (five).