As set forth in the LSA, there are two types of shareholders’ meetings: annual general and extraordinary. Annual general meetings are held once a year to vote on matters within its jurisdiction (article 56 of the LSA). Extraordinary meetings may be held at any time, when so required by corporate needs, to vote on any matter that must be decided by shareholders, according to law or its bylaws. The matters that require an extraordinary meeting are defined in article 57 of the LSA.
Matters that must be voted on at annual general meetings include, but are not limited to: the Company’s financial situation, approving or rejecting the annual report and financial statements, earnings distributions and Board elections or re-elections.
Matters that must be voted on at extraordinary meetings include, but are not limited to: corporate transformations, mergers or spin-offs and bylaw amendments.