The calendar is published on the company’s website and communicated to Euronext. The dates of six meetings of the Board of Directors are decided on the basis of this calendar. These comprise the quarterly and annual ﬁnancial results publication dates, approximately forty-ﬁve to sixty days prior to the Annual General Shareholders’ Meeting in order to review the documents and decisions to be presented, and approximately twenty trading days after the dividend approved by the Annual Shareholders’ Meeting is made payable, or thirty to forty-ﬁve calendar days after the Annual Shareholders’ Meeting if there is no dividend, i.e. around June 10, for the granting of the annual stock option plan. The Statutory Auditors are invited to, and systematically attend, these meetings (with the exception of the meeting to decide on the annual stock options plan). In addition, the Board also meets outside of these dates to discuss other subjects falling within its responsibilities (including all planned acquisitions or the review of the company’s strategic plan) or those that the Chairman wishes to submit to the directors. The Chief Financial Ofﬁcer was appointed Board Secretary in 2006, and is systematically invited to attend and takes part in all Board meetings, except when prevented from doing so. The Board of Directors met six times in 2014. All members of the Board were present or represented at all of its meetings, resulting in an effective attendance rate of 96% (one absence, excused, at a meeting). Voting Rights: Maintaining the Principle of One Share, One Vote The Board of Directors called an Extraordinary Shareholders’ Meeting on September 26, 2014 to approve the amendments and simpliﬁcations to the company bylaws, regarding in particular maintenance of the principle of one share, one vote following the entry into force of the French March 29, 2014 Act (Law no. 2014-384, the “Florange Act”), reversing the principle that held until now, by providing that shares of listed companies registered for at least two years in the name of the same shareholder will henceforward enjoy double voting rights, except where otherwise provided in company bylaws adopted after the promulgation of the law.
As recommended by the Board of Directors, the Extraordinary Shareholders’ Meeting of September 26, 2014 approved almost unanimously (99%) the principle of one share, one vote, departing from the new law and amending the company bylaws in consequence. As a result, only 371,112 shares held in registered form before May 15, 2001 (representing 1.2% of the capital stock) carried double voting rights at December 31, 2014.
1.6. Investor Information on the Company’s Long-Term
Outlook In its amended version released in June 2013 the AFEP-MEDEF Code stipulates that, in communicating to the market, corporations must spell out their long-term outlook in their disclosures to investors. The company has complied with this requirement, presenting its February 11, 2014 Management Discussion and the Report of the Board of Directors to the Ordinary Shareholders’ Meeting of April 30, 2014, its strategic roadmap for 2013-2016 introduced in its February 12, 2014 Management Discussion and its ﬁnancial objectives set for 2016. The company has again spelled out its long-term outlook in its February 11, 2015 Management Discussion and the report of the Board of Directors to the Ordinary Shareholders’ Meeting of April 30, 2015.
1.7. Organization of Board Proceedings