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ATHENS - Hellenic Telecommunications Organization S.A. (OTE) shareholders approved several key business decisions during the company’s 73rd Annual General Meeting held on June 23, the Greek telecom operator announced Friday.
Shareholders voted to approve the cancellation of 8,840,446 own shares purchased under a previous buyback program, reducing share capital by €25,018,462.18. Additionally, they authorized a new share buyback program in accordance with Greek law.
The meeting also approved a plan to spin off OTE’s passive mobile infrastructure business into a new public limited company, which will be wholly owned by OTE. The demerger will be executed according to Greek corporate law, with an accounting statement dated December 31, 2024.
Financial statements for fiscal year 2024 were approved along with the distribution of annual profits. Shareholders also approved the remuneration policy for board members and executives, including variable compensation for executive board members.
Other approved items included the appointment of an audit firm for the 2025 fiscal year and an amendment to Article 9 of the company’s Articles of Incorporation regarding board composition.
The meeting achieved a quorum representing 86.34% of shares with voting rights. Most agenda items received overwhelming support, with the demerger plan receiving nearly unanimous approval at 100% of valid votes. The remuneration policy revision and variable remuneration approvals faced more opposition, receiving 76.44% and 75.37% support respectively.
The company noted in its press release that voting rights attached to 10,208,862 own shares were suspended and not counted toward the quorum, in accordance with Greek law.
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