On December 21, 2016, Formula Systems (1985) Ltd. (“we,” “us” or the “Company”) held its 2016 annual general meeting of shareholders (the “Meeting”). At the Meeting, our shareholders voted on five proposals, each of which is described in more detail in our proxy statement for the Meeting (the “Proxy Statement”) that was attached as Exhibit 99.2 to a Report of Foreign Private Issuer on Form 6-K that we furnished to the Securities and Exchange Commission (the “SEC”) on November 16, 2016. Based on the presence in person or by proxy of holders of our outstanding ordinary shares constituting a quorum, each of the following Proposals 1 to 3 and 5 in the Proxy Statement was duly adopted:
- The re-election to our Board of Directors of Mr. Marek Panek, for a term expiring at our next annual general meeting of shareholders;
- The re-election to our Board of Directors of Mr. Rafal Kozlowski, for a term expiring at our next annual general meeting of shareholders;
- The re-election to our Board of Directors of Ms. Dafna Cohen, for a term expiring at our next annual meeting of shareholders; and
5. The approval of the re-appointment of Kost Forer Gabbay & Kasierer, registered public accounting firm, a member firm of Ernst & Young Global, as our independent registered public accounting firm for the year ending December 31, 2016 and until our next annual general meeting of shareholders, and authorization of our Board of Directors and/or its Audit Committee to fix such accounting firm’s annual compensation.
Proposal 4, the approval of an amended compensation policy, subject to, and in accordance with, the provisions of the Israeli Companies Law, 5759-1999, was not adopted by holders of our outstanding ordinary shares.