Del Vecchio heirs: close to agreement on succession

'We are happy shareholders, we are the only (private, ed) shareholder left from privatisation. Maybe they should give us a merit cup,' he concluded with a joke.

"We are all working together. We are doing it for the good of the companies that the holding company" Delfin "holds and to respect the wishes of our father". So said Leonardo Maria Del Vecchio, on the sidelines of the EssilorLuxottica shareholders' meeting, summarising the status of the talks between the heirs of Leonardo Del Vecchio to reach an agreement that will allow the execution of the inheritance and the settlement of the succession.

'We all agree that on what we have received we must not only thank but also respect the instructions,' added the eldest son Claudio Del Vecchio. 'There are details to iron out, but the goal is common. As the eldest brother, I am happy with the way relations are. We are in more of a hurry than you are.

'It has been almost two years' since Del Vecchio's death, Leonardo Maria added, 'we would like not one more month to go by'. Asked if an agreement could be reached before the end of May, he replied: 'We hope so, the sooner the better for everyone'.

Talks between the eight heirs (the children Claudio, Paola, Marisa, Leonardo Maria, Luca and Clemente and his wife Nicoletta Zampillo together with her first son, Rocco Basilico) already seemed to be well advanced last February, when in addition to the agreement on governance, convergence was also found on other aspects considered important, starting with the shareholder liquidation process. The clause would allow the financial company's shareholders, each holding 12.5% of the capital, to partially or completely dispose of their stake. On the governance front, on the other hand, the agreement should provide for a change in the term of office of the board of directors, which currently provides for a life term. The change could lead to a three- or four-year term, with Francesco Milleri confirmed at the helm of the finance company. A unanimous vote of the shareholders is required for this change. Finally, there could be a change to the distribution of dividends, which today envisages a payout of at least 10% of profits. This threshold could be raised to 30%.

The intention was to close the matter by the shareholders' meeting, a goal that has slipped, but which, according to statements by Del Vecchio's heirs on the sidelines of the meeting, could be achieved by next month.

Eredi Del Vecchio towards agreement, clause for exit from Delfin arrives