I
Recommendations of the Supervisory Council
To the Shareholders
We have received the annual accounts for the fi
nancial year 1977/1978 drawn up by the Board of
Managing Directors, to which we give our approval.
These annual accounts, which are shown on paqes
18 to 33 of this Report, have been audited by the
auditors, Messrs. Klynveld Kraayenhof Co. Their
report is included on page 34.
We recommend you to adopt the accounts in
question and, in accordance with the proposal by
the Board of Managing Directors, to fix the dividend
at N.fl. 40,460,000 i.e. N.fl. 3.50 per share of
N.fl. 25.par value, and to add the remainder of
the profit, amounting to N.fl. 78,234,000, to the
General reserve.
At the Annual General Meeting of Shareholders to
be held on January 9, 1979, Mr. A. Stikker and Mr.
S. Orlandini will be retiring by rotation as members
of the Supervisory Council. They are both im
mediately eligible for reappointment. Binding no
minations drawn up by us will be submitted to the
above-mentioned General Meeting for the ap
pointment of two members of the Supervisory
Council.
We wish to express our appreciation of the results
which the management of the enterprise and the
employees in the Netherlands and abroad have
succeeded in achieving during the past financial
year.
Amsterdam, December 6, 1978
Wittert van Hoogland
Thyssen-Bornemisza
Jiskoot
Van Doorne
Stikker
Orlandini
Maris
Loudon
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