Adolfo Domínguez takes this Tuesday to the meeting the appointment of Puente as director and new incentive plan

MADRID, 31 May. (EUROPA PRESS) -

Adolfo Domínguez will propose to his shareholders this Tuesday, May 31, the appointment of the current CEO, Antonio Puente, as executive director, it being expected that, once he is appointed director, he will be appointed CEO of the firm, as well as a new plan of incentives for the top management of the group.

This appointment of Puente, who has been a director of the fashion brand for seven years, will reinforce the management team and Adriana Domínguez as executive president, president of the board and head of the company.

Along with the appointment of the current CEO as director of the company, the re-election of Valeria Domínguez González as proprietary director for the statutory term of four years is also planned, as stated in the agenda.

Shareholders must also discuss at the meeting the board's proposal to set the number of members of the company's governing body at seven.

In addition, a long-term incentive plan (2021-2024) will be put to the vote, which is aimed at senior managers, including executive directors, based on the delivery of shares and applicable for the years 2021 to 2024, which If approved, it will nullify the long-term variable remuneration plan (2021-2023), approved at last year's meeting.

The company has explained that after updating the business plan for the 2022-2024 period, which includes a series of more ambitious long-term objectives, it puts this point to a vote before the shareholders to align the objectives of the executive directors and the management team with the achievement of the challenges linked to the new plan.

In this way, the main modifications included in this proposal are the extension of its duration, which will be until February 28, 2025, a proportional increase in the number of shares assigned to the beneficiaries and the adaptation of the conditions to receive said shares. actions to the priorities established in the revised business plan.

Thus, executive directors and those members of Adolfo Domínguez's senior management that the board of directors, following a report from the Appointments and Remuneration Committee, formally decides to incorporate may benefit from this plan.

The new plan will consist of a single cycle, whose objective measurement period will last 4 years, starting on March 1, 2021 and ending on February 28, 2025. In the event of compliance with the established objectives, the delivery of the actions will take place in 2025.

In this way, the maximum number of titles that can be assigned in the plan is 294,443 ordinary shares of the company, representing 3.17% of the share capital.

Thus, 152,137 shares will be assigned in the case of the president and CEO of the firm, Adriana Domínguez, and 93,315, in the case of the new executive director, Antonio Puente.

The shareholders will also address a maximum annual total remuneration in favor of the members of the board of directors in their capacity as such in the amount of 427,000 euros for the year beginning on March 1, 2022 and ending on February 28, 2023.

The board of directors may distribute this amount among its members, taking into account the functions and responsibilities attributed to each director and the other circumstances that it considers relevant.