Board of Directors proposes to the shareholders that part of Jerónimo Martins’ annual net profits start being allocated to the Foundation.
Jerónimo Martins, SGPS, S.A. (JM) announces that under its corporate social responsibility policy, and in order to increase the scale and extend the reach of its social and charitable initiatives, on the 19th of March, it established Fundação Jerónimo Martins (Foundation), with an initial endowment of 40 million euros.
This Foundation will carry out its mission with the Group’s employees and their respective families, complemented by activities with the community especially in response to situations of socio-economic vulnerability. Its activity will focus on health and well-being, preventing and eradicating poverty, fostering education, employment and vocational training, providing protection to the elderly and disabled, and supporting families, children and young people.
As stated in the preparatory document for point four of the notice, published today, of the General Shareholders’ Meeting to take place on the 18th of April, the Board of Directors of JM is proposing to its shareholders an amendment to the Company’s Articles of Association, foreseen that part of the net profits of each financial year (or of the free reserves), in an annual amount of up to 40 million euros, may be allocated to an endowment to the Foundation.
Both the formation of this Foundation and the terms of its annual funding, if the above-mentioned proposal is approved, reflect a rationale where profits are to be shared among stakeholders other than shareholders.
The required application for recognition from the Presidency of the Council of Ministers will follow, which, once granted, will enable the Foundation to begin its work.