A resolution intended to counter a possible hostile bid was rejected by Essilor's shareholders at their annual meeting earlier this month as it collected only 52.89 percent of the votes, less than two-thirds majority required by the law. The resolution would have required that no single shareholder can exercise more than 24 percent of the votes in a general meeting unless more than two-thirds of the equity is represented. Shareholders approved instead another resolution authorizing the board of directors to issue warrants. Through their association, the company's employees together represent the group's single large shareholders, with 8.3 percent of the equity and 14.5 percent of the voting rights, and the current system of stock options and incentives can raise these ratios to 10 and 20 percent seven years from now. The general assembly renewed for three more years the mandate of the current chairman and chief executive, Xavier Fontanet, and elected the first two women to the board. They are Aicha Mokdahi, who represents the shareholders employed by the group, and Bridget Cosgrave, a Canadian outside director.