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CORPORATE GOVERNANCE
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Report of the Supervisory Board
2.3
REPORT OF THE SUPERVISORY BOARD
2.3.1
COMPANY SITUATION
Please refer to sections 1.4.1 and 1.4.2
2.3.2
ANNUAL FINANCIAL STATEMENTS
The SupervisoryBoardwas able to perform its supervisory duties
in accordance with the law and to examine the documents made
available by the Management Company.
The Supervisory Board has been informed of all the investment
and divestment transactions that occurred during the financial
year within the scope of its management control duties. Without
playing a role in the operations of the Company, the Supervisory
Board has no observations to make with regard to those
transactions.
The Audit Committee and the Supervisory Board have analysed
themanagement fees, and the Statutory Auditors have reviewed
them. They are detailed in the Registration Document.
It has reviewed thestatutory financial statements, theconsolidated
(IFRS) financial statements and the accountingdocuments, noted
the opinion of the Statutory Auditors and the Audit Committee,
and asked theManagement Company the appropriate questions.
The Supervisory Board has no observations to make about the
statutory and consolidated financial statements for 2016.
The Board has not identified any inaccuracy or irregularity in the
financial statements presented by the Management Company.
2.3.3
PROPOSAL FOR THE ALLOCATION
OF NET INCOME
Statutory net income for the financial year ended 31 December
2016 was €79,331,454.
A.
In accordance with the Articles of Association, the total
dividend tobedistributed to thegeneral partner and toholders
of Class B shares is €15,268,690,
i.e.
€1,526,869 and€13,741,821,
respectively.
This corresponds to 20% of 2016 adjusted net income, as
determined in the Articles of Association and presented in
the Registration Document.
The amount of dividend payable on each Class B share will
be allocated among Class B shareholders of record on the
ex-dividend date.
B.
At their General Meeting, shareholders will also be asked
to approve the distribution of a dividend of €23,732,996,
to ordinary shareholders
i.e.
a gross dividend of €0.65 per
ordinary share. This dividend corresponds to 3% of net asset
value, as presented in the consolidated financial statements.
In proposing this dividend amount, the Supervisory Board
intends to continue implementing the dividend policy Altamir
announced in 2013 for the payment of dividends for the 2012
financial year.
This policy has been approved by the Supervisory Board and
is consistent with the investment strategy adopted by the
Management Company and reported on a regular basis to
theBoard. This investment strategy is part of an overall growth
objective.
These dividends are paid from the capital gains realised by
the Company on equity investments which have been held
for more than two years. For individual shareholders resident
in France, these distributed dividends do not qualify for the
40% exclusion provided for in Article 158-3-2 of the French
Tax Code.
The ex-dividend date for ordinary shares will be 24 May 2017
and thedividendonordinary shareswill bepaid toshareholders
on 26 May 2017.
In the event that the Company owns some of its own ordinary
shares on the ex-dividend date, the amount corresponding
to the dividends not paid in respect of these shares will be
allocated to retained earnings.
C.
Lastly, shareholders will be asked to allocate the remainder of
net income for the year,
i.e.
€40,329,768, to reserves.
D.
In accordance with the provisions of Article 243 bis of the
French Tax Code, we inform you that the following dividends
and income were distributed in respect of the previous three
financial years:
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REGISTRATION DOCUMENT
1
ALTAMIR 2016