The Sol Meliá Ordinary and Extraordinary Annual General Meeting, held today at the Meliá Palas Atenea Hotel in Palma de Majorca, Spain, approved all ten points on the agenda and the company financial results and management report for 2002.
To adapt the company Articles of Association to the new legal framework established in Law 44/2002 of 22nd. November (“Finance Law”), the meeting approved the incorporation of a new Article (39 bis) to regulate the Auditing and Compliance Committee of the Board of Directors.
In order to further increase transparency, during 2003 the company will also incorporate the criteria and guidelines recommended in the report by the Special Commission for the Promotion of Transparency and Security in Financial Markets and Public Companies (“Aldama Report”) to its corporate governance regulations.
The Annual General Meeting also once again approved a one-year extension of authorization for capital increases up to a maximum of 18,477,677 Euros, within a 5 year period beginning from the date of the mentioned approval, annulling the authorization agreed at the Annual General Meeting held on 29th. April, 2002.
Shareholders also approved an agenda item related to the authorization of a five year period for the issue of fixed rate securities convertible and/or exchangeable for company shares.
The Sol Meliá Ordinary and Extraordinary Annual General Meeting was also the setting chosen for the presentation of the Spanish version of the 2002 Annual Report and the first edition of an independent Community Involvement and Environmental Report.
Companies have become increasingly prominent in modern society and, apart from their business activities, the public has also come to expect that companies focus on other aspects such as the fact that its products or services contribute to the well-being of the community, that the business does not damage the environment or that companies support the social and economic development of the communities in which their operations are located, with sensitivity for their particular characteristics and needs.
Sol Meliá aims to be a highly responsible company, understanding that the social and economic development of local communities is ultimately beneficial for the business. Community involvement must not be seen as a new obligation, but rather as a medium term investment and opportunity that will, in due course, create greater value for company shareholders.
To further the achievement of these aims, Sol Meliá approved a Community Involvement Plan at the end of 2002 which aims to align company activities and responsibilities with strategic priorities, rationalizing management and standards and defining medium term commitments.
The most important activities carried out by the company in this respect are described in the mentioned Community Involvement and Environmental Report presented today along with the 2002 Annual Report.
Sol Meliá is the leading hotel company in Spain, Latin America and the Caribbean, the third largest in Europe and tenth in the world ranking. It is also the largest resort hotel chain in the world. The company currently provides more than 350 hotels in 30 countries through its Meliá Hotels, TRYP Hotels, Sol Hotels and Paradisus Resorts brands.