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The quorum

A shareholders meeting must obtain a quorum in order to take decisions, i.e. to be valid, decisions require the presence of shareholders or their representatives accounting for a minimum number of shares, that number varying according to the nature of the meeting.

Extraordinary Shareholders Meeting:

- on first notice: one-quarter of shares to which voting rights are attached;
- on second notice: one-fifth of shares to which voting rights are attached.

Ordinary Shareholders Meeting:

- on first notice: one-fifth of shares to which voting rights are attached;
- on second notice: no quorum.

Majority rule

Resolutions are adopted by simple majority (50%) of shares present or represented for an Ordinary Shareholders Meeting. For an Extraordinary Shareholders Meeting, a two-thirds majority of shares present or represented is required.

Last updated: 18/04/2019