8th resolution  [ Return towards  Draft resolutions  ]

The 8^th resolution sets the amount of directors’ fees in order to take into consideration the number of directors comprising the Board of Directors. The amount, which has not been reviewed since 2003, will be increased from 550,000 euros to 650,000 euros per fiscal year.

The distribution of directors’ fees comprises a fixed remuneration and a variable remuneration based on pre-determined lump-sum amounts by meeting, which takes into account the effective participation of each director in the work of the Board and its Committees.

Setting of directors’ fees

The shareholders, deliberating according to the quorum and majority required for Ordinary Shareholders’ Meetings, after having reviewed the report of the Board of Directors, decide, in accordance with Article 16 of the Articles of Association, to set the total annual amount of directors’ fees to be allocated to directors as from fiscal year 2008 at 650,000 euros.