Saipem in Turbulent Times With Massive Loss Reported for 2018
An Annual General Meeting of the Saipem Board of Directors, held on Tuesday, approved the 2018 Financial Statements, which reported a loss of approx. €326 m to be covered by utilising available reserves of capital and retained earnings, specifically utilising the Reserve for “Income (Losses) carried forward”.
At the proposal of the Shareholder CDP Equity S.p.A., the Annual General Meeting appointed Mr. Pierfrancesco Latini to the office of Board Director. He had already been appointed by co-optation by the Board of Directors on December 5, 2018 as Director, as well as member of the Audit and Risk Committee. He shall remain in office for the duration of the current mandate of the Board of Directors, company said.
The Board of Directors, which convened today after the Shareholders’ Meeting, confirmed the non-executive Director Mr. Pierfrancesco Latini as member of the Audit and Risk Committee.
The Annual General Meeting approved a long-term Incentive Plan for the years 2019-2021 (“Plan”), authorised the buy-back of treasury shares, up to a maximum of 10,500,000 ordinary shares and, at any rate, not exceeding the maximum sum of € 60,000,000, company added.
