Société BIC Releases Report of Shareholders' Meeting
Société BIC, the original French company behind U.S. subsidiary BIC Corporation, held its Joint Extraordinary and Ordinary Annual Shareholders' Meeting on Wednesday, May 11, 2011 in Clichy, France. The meeting was chaired by Bruno Bich, chairman of the board.
During the meeting, the board approved the payment, from May 25, 2011, of an ordinary dividend amount of 1.90 euros per share, up 35.7 percent compared to the last year ordinary dividend, and all of the resolutions tabled for the Annual Shareholders' Meeting, among them:
- The financial statements for the full year 2010;
- Authorizations given to the board of directors to undertake operations with regards to shares of the company (share buy backs and cancellations);
- The reappointment of François Bich, Marie-Pauline Chandon-Moët and Frédéric Rostand as directors of the board;
- The renewal of the mandates of the statutory auditors and of the alternate auditors;
- The insertion, into the articles of incorporation, of an age limit of 70 years old to exercise the functions of chairman, chief executive officer and executive vice-presidents.
"2010 was a good year for the BIC Group: we continued to reinforce our competitive position through distribution and market share gains while improving profitability in all geographies," said Bich. "In 2011, in an environment which remains volatile, we will continue to benefit from our 'More for your money' positioning and the on-going dynamism of the developing markets."
The board of directors decided, pursuant to the authorization granted at the meeting, to cancel 609,314 shares. Upon completion of this transaction, the common stock of Société BIC is made up of 48,006,918 shares.
For more information, visit www.bicworld.com.