TomTom 2005 Annual Report Download - page 38
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theGeneralMeetingofShareholdersforasubsequent
periodofuptotwoyears.Upontheissueofpreference
shares,subscribersforpreferencesharesmustpayat
least25%ofthenominalvalueofthepreferenceshares.
Eachtransferofpreferencesharesrequirestheprior
approvaloftheManagementBoardandSupervisory
Board.
Theissueofpreferencesharesismeanttobetemporary.
Unlessthepreferenceshareshavebeenissuedbyavote
oftheGeneralMeetingofShareholders,ourArticlesof
AssociationrequirethataGeneralMeetingofShareholders
beheldwithinsixmonthsaftertheissueofpreference
sharestoconsidertheircancellationandredemption.
IftheGeneralMeetingofShareholdersdoesnotthereby
resolvetoredeemandcancelthepreferenceshares,a
GeneralMeetingofShareholderswillbeheldeverysix
monthsthereafterforaslongaspreferenceshares
remainoutstanding.TheManagementBoardmust
provideajustificationforsuchissueorgrantofrightsto
subscribeforpreferenceshares(butnotfortheissueof
preferenceshares)attheGeneralMeetingofShareholders
heldwithinfourweeksafterthedateofissueorgrant,
unlesssuchexplanationhasbeengivenatanearlier
GeneralMeetingofShareholders.
NoresolutionoftheGeneralMeetingofShareholdersor
theManagementBoardisrequiredforanissueof
preferencesharespursuanttotheexerciseofapreviously
grantedrighttosubscribeforpreferenceshares(including
therightoftheFoundationtoacquirepreferenceshares
pursuanttotheCallOption).
AresolutionofourManagementBoardtoissuepreference
shares,ortograntrightstosubscribeforpreference
shares,asaresultofwhichtheaggregatenominalvalue
oftheissuedpreferenceshareswillexceed50%ofthe
outstandingcapitalofordinarysharesatthetimeof
issue,willatalltimesrequirethepriorapprovalofthe
GeneralMeetingofShareholders.
TheBoardoftheFoundationconsistsofone“ABoard
member”andtwo“BBoardmembers”.TheABoard
memberisappointedbyourManagementBoard,from
amongthemembersoftheSupervisoryBoard,subject
totheapprovaloftheSupervisoryBoard.TheBBoard
membersareappointedbytheBoardoftheFoundation,
subjecttotheapprovaloftheManagementBoardand
SupervisoryBoard.
TheManagementBoardoftheCompanyandtheBoard
oftheFoundationdeclarethattheyarejointlyofthe
opinionthattheFoundationisindependentofthe
CompanyasrequiredbytheListingRequirementsofthe
stockmarketofEuronextAmsterdam.
FordetailsaboutthecompositionoftheBoardofthe
Foundationseethecorporategovernancesection
includedinthisannualreport.