LensCrafters 2015 Annual Report Download - page 50

Report on corporate governance and ownership structure as of December 31, 2015 Page 10 of 45
members and of the composition of the Board and of its Committees, the type of professionals represented in the Board
and its Committees, the planning, organization, duration and number of meetings, the adequacy of documents sent
before the meetings, the information provided to the non-executive directors during the meetings, the efficiency and
effectiveness of the decision-making processes, and the role and contribution of the Board committees. In order to
render the self-assessment process useful for the overall improvement of the efficiency of the Board, ample space was
left to the qualitative assessments and suggestions of the individual Directors.
The results of the self-assessment were presented to the Board of Directors in the meeting held on March 1, 2016 by the
Lead Independent Director, who anonymously reported on the opinions put forward by the Directors and the
suggestions made to improve the running of the management bodies of the Company.
During fiscal year 2015 the Board of Directors of Luxottica met seven times - the record of attendance of the individual
Directors listed in the table at the end of this Report and the average length of the meetings was more than one and a
half hours. Where the Chairman deemed it appropriate to deal in greater depth with certain items on the agenda, senior
managers of the Company were invited to participate in the Board meetings to discuss these items. In particular, during
the fiscal year, the Chief Financial Officer, the Group Human Resources Officer, the Group Internal Audit Director, the
Group Tax Director and the Chairman of the Supervisory Board were invited to attend the meetings for the subjects
regarding their respective areas of competence.
The Board of Directors is convened with a notice period of at least three days; in an emergency this time may be
reduced to one day.
The Board of Directors formally determined that the suitable notice period for sending supporting information
documents is two days before each meeting. Throughout 2015 the relevant documents and information enabling the
Board to make informed decisions were provided by the Directors with three days’ advance notice of the meetings.
In July and September 2015 two induction sessions were held, attended by the Board of Statutory Auditors and top
management, aimed at providing Directors with more in-depth knowledge of the business operations and dynamics of
the Group. The first meeting, organized at “Luxottica Days” in Cernobbio – namely the days dedicated to exhibiting
new collections and selling to major clients – was aimed at gathering knowledge of the Markets Division and taking an
in-depth look at the specific business environments in which the Group operates, with particular attention to the
wholesale and retail segments, e-commerce and the brands portfolio. The second meeting, held in Agordo – where the
largest Italian factories of the Group are located – focused on the Operations Division and the knowledge of the various
functions included therein, such as design, engineering, manufacturing, logistics, commercial services and IT. During
this meeting the Board of Directors also visited the production plant.
In January 2016, the Company issued the calendar of corporate events for the 2016 fiscal year, which is available on the
website: www.luxottica.com. During the period from January 1 through March 1, 2016 the Board of Directors met
twice.