- Angela Gonzalez-Rodriguez |
New York - The largest fashion retailer in the world celebrates its Annual General Shareholders' Meeting this week. Among other decisions, shareholders are to cast a vote on the appointment as of Carlos Crespo as executive director. This is the step prior to his election as CEO.
The group founded by Amancio Ortega announced this movement at the end of May. It’s worth remembering that Crespo currently holds the responsibilities of Inditex's general director of operations.
Another point to be discussed at the meeting will be the annual fixed remuneration of its new CEO, which, according to 'El Correo Gallego’, amounts to 1.5 million euros. Finally, shareholders would decide on the expansion of its board of directors to add two new members, to a total of eleven seats. The latter includes the re-election of Pablo Isla as executive director, that of the group's founder, Amancio Ortega, as external proprietary director; and that of the independents Emilio Saracho (last president of Banco Popular) and José Luis Durán Schulz.
Shareholders will also give their opinion on a new long-term incentive plan, in cash and in shares, proposed for managers and other employees, up to a maximum of 600 staff.
The last point to be decided in this meeting is the payment of a gross dividend of 0.88 euros per share (up to a total of 2,742.6 million euros). Of those, 0.44 euros per share were already paid on May 2, with the remaining 0.44 to be effective on November 4.
This year, Inditex has risen 22.6 percent on the stock market.