This excerpt taken from the LUX 6-K filed May 25, 2007.
VIII. SUMMARY OF THE MAJOR CORPORATE EVENTS WHICH OCCURRED AFTER THE CLOSING OF FISCAL YEAR 2006
In compliance with the recommendations of the Guidelines on Corporate Governance, please find below a summary of the major changes which occurred from the closing of fiscal year 2006 to the date of presentation of this Report.
In compliance with the new version of the Corporate Governance Code, drawn up by Borsa Italiana in March 2006, at the meetings held on February 19, 2007 and March 5, 2007, following deep analysis of the Companys corporate governance framework and of the Groups structure, as well as of the assessment of the Companys organizational, administrative and accounting structure adequacy, the Companys Board of Directors resolved:
(a) Pursuant to the application criteria no. 1.C.1. a) and 1.C.1. b) of the Corporate Governance Code, to approve a report concerning the Luxottica Group corporate, organizational and accounting structure, identifying the subsidiaries with strategic relevance; the Board further established that the above mentioned report must be drawn up and approved every year, in order to allow the Board to assess the general Companys organizational, administrative and accounting structure adequacy according to the terms and the parameters above mentioned, in compliance with the provisions of the Corporate Governance Code;
(b) To establish that the person in charge of the Internal Audit reports not only to the Chairman but also to the Chief Executive Officer;
(c) In compliance with the Application Criterion 1.C.1. g), to approve the specific assessment questionnaire adopted for the purpose of assessing the Board and Committees size, composition and functioning, as well as the application outcomes of the above questionnaire; the Board has further established that the above questionnaire must be drawn up and approved every year, in order to allow the Board to assess the Board and Committees size, composition and functioning, in compliance with the provisions of the Corporate Governance Code;
(d) In compliance with the Application Criterion 1.C.3., to approve, as expression of the Boards orientation the maximum number of offices as Director or Statutory Auditor in other listed companies, in finance, banking, insurance and/or significant companies, compatible with the office as Director in Luxottica Group S.p.A., as set out in the following table: