Edison: the shareholders' meeting approves the 2007 annual report
The Company declares a dividend of 0.05 euros per common share (+4.2%) and 0.08 euros per savings share (2.6%). The total dividend payout, which reflects an increase in the number of shares, grows by 15%.
A new Board of Directors is elected. Giuliano Zuccoli is reelected Chairman. Subsequent to the conclusion of the Shareholders’ Meeting, the new Board of Directors reappointed Umberto Quadrino Chief Executive Officer.
Milan, April 2, 2008 – The Shareholders’ Meeting of Edison Spa, convened today at the Company’s Foro Buonaparte headquarters, approved the financial statements at December 31, 2007, which show a net profit of 449 million euros (632 million euros in 2006). The consolidated net profit was 497 million euros (654 million euros in 2006).
The Shareholders’ Meeting then approved a motion to distribute a dividend of 0.05 euros per common share, an increase of 4.2% over the 0.048 euros paid out a year ago, and 0.08 euros per savings share (+2.6%). The resulting total dividend payout, which reflects an increase in the number of shares, grew to about 268 million euros, or about 15% more than the 233 million euros distributed a year ago. The dividend will be payable on April 17, 2008 (record date April 14, 2008). The Shareholders’ Meeting elected the following 13 Directors: Giuliano Zuccoli, Pierre Gadonneix, Marco Merler, Daniel Camus, Renato Ravanelli, Gerard Wolf, Paolo Rossetti, Marc Boudier, Ivan Strozzi, Umberto Quadrino, Gregorio Gitti, GianMaria Gros Pietro (all taken from the slate filed by Transalpina di Energia, the Company’s controlling shareholder) and Mario Cocchi (taken from the slate filed by Fincamuna). The Shareholders’ Meeting then elected Giuliano Zuccoli Chairman. Gregorio Gitti, Gian Maria Gros Pietro and Mario Cocchi declared that they meet the requirement of the Uniform Finance Code to qualify as independent Directors. The curricula of the Company’s Directors are available online at www.edison.it
The Shareholders’ Meeting set the term of office of the entire Board of Directors at three years (i.e., until the approval of the financial statements at December 31, 2010) and agreed to pay to the Board a Directors an overall annual compensation 650,000 euros before taxes, plus an attendance fee of 2,000 euros before taxes for each meeting of the Board of Directors or Board Committee attended by each Director.
The Shareholders’ Meeting also elected Angelomaria Palma, Leonello Schinasi (both taken from the slated filed by Transalpina di Energia) and Alfredo Fossati (taken from the slate filed by Fincamuna) Statutory Auditors. Mr. Fossati was appointed Chairman of the Board of Statutory Auditors. Leonardo Cabrassi, Giuseppe Cagliero (both taken from the slated filed by Transalpina di Energia) and Alessandro Catapano Minotti (taken from the slated filed by Fincamuna) were elected Alternates.
In addition, the Shareholders’ Meeting awarded annual fees of 60,000 euros to the Chairman of the Board of Statutory Auditors and 40,000 euros to each Statutory Auditor.
The Board of Directors, meeting subsequently to the conclusion of the Shareholders’ Meeting, reappointed Umberto Quadrino Chief Executive Officer
[The Board of Directors confirmed that the Director Gian Maria Gros Pietro meets the independence requirements of the Code of Conduct for Listed Companies, reserving the right to carry out further inquiries with regard to the Directors Gregorio Gitti and Mario Cocchi].
The Company hereby discloses that, as of today’s date, the only Director who holds Company shares is Gian Maria Gros Pietro, who owns 30,000 common shares.
Edison’s Press Office: Tel. +39 02 62227331
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Edison’s Investor Relations: Tel. +39 02 62228415
investor.relations@edison.it
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Public disclosure required by Consob Resolution No. 11971 of May 14, 1999, as amended.