The proposal will be given at its shareholders meeting this Thursday, March 21, where the distribution of a dividend of almost US$ 16.8 million will also be put to a vote.

The Colombian Grupo Éxito will propose at its shareholders meeting this Thursday, March 21, a reform of the Bylaws that includes the reduction of the number of members of its board of directors from nine to seven, with changes in the admission criteria for independent directors , without establishing a minimum number.

Furthermore, unlike the previous wording, the company will vote that the CEO can be one of those seven members of the board of directors if this is approved by the shareholders' meeting.

The new Statutes would also include changes in the frequency of meetings of the board of directors, which would only be required to meet a minimum of four times a year compared to the previous eight. With the reduction of members, the presence of four councilors will be sufficient to approve decision-making.

Some of the impediments to being part of the board of directors are also expected to be eliminated after the assembly this Thursday, such as the prohibition of entering the management body based on degree of relationship or marriage and the exclusion of those who have been immersed in some conflicts of interest.

DIVIDEND OF ALMOST US$ 16.8 MILLION

Grupo Éxito will also bring to the board the approval of a dividend of more than 65,529 million Colombian pesos (about US$ 16.8 million) charged to the company's 2023 results.

The total amount declared corresponds to an annual dividend of 50.49 pesos per share, which will be distributed to up to a total of 1,297,864,359 company shares. The declared dividend will be divided into four installments, to be received on April 9, July 9, October 8 and December 10.