Compliance with code

The General Meeting of Shareholders held in 2010 discussed the way in which Macintosh Retail Group complies with the Corporate Governance Code.
Macintosh Retail Group has opted for a different approach to two provisions of the Code. This approach was explained in detail during the meeting. Macintosh Retail Group complies with the Code on the basis of this “comply or explain” principle. The two provisions are set out below.
II.1.1
The employment contracts with the current members of the Managing Board have been concluded for an indefinite period of time instead of consecutive four-year periods. New members of the Managing Board will be appointed under a mandate for consecutive four-year periods, unless there are exceptional reasons for deviating from this rule.
II.2.8
Macintosh Retail Group does not apply a maximum remuneration for members of the Managing Board who are dismissed, the key principle being, in the event severance pay is granted, that Macintosh Retail Group does not reward members of the Managing Board for performing poorly. However, contracts of new members of the Managing Board will in principle include maximum remuneration equalling one year’s fixed remuneration.

The Managing Board and the Supervisory Board will continue to be responsible for corporate governance at Macintosh Retail Group. All major changes to its structure and to compliance with the Code will be submitted as separate agenda items for discussion by the General Meeting of Shareholders.
Macintosh Retail Group’s corporate governance structure, including the func­t­ion­ing of the General Meeting of Shareholders and its principal powers, the rules for appointing and replacing members of the Managing Board and Supervisory Board, the rules for amending the Articles of Association and the powers granted in the event of the issue or repurchase of shares, as well as the way in which Macintosh Retail Group complies with the Code, are set out in detail on this website.
 

Compliance with provisions of Corporate Governance Code
An overview of the manner in which Macintosh Retail Group complies with specific provisions of the Corporate Governance Code is published in the document you can find by clicking here.

If you have any questions or comments on the corporate governance policy of Macintosh Retail Group, please contact the Company Secretary, Mr P.T.A. Hünen, on +31 (0)43 3280728 or by email: p.hunen@macintosh.nl.

The Company Secretary is also the Compliance Officer.