Mosaic Fashions Annual General Meeting was convened at Hotel Nordica, Thursday 24 May 2007. The Board of Directors were re-elected at the meeting, comprising Stewart Binnie, Derek Lovelock, Richard Glanville, Gunnar Sigurðsson and Thor Sigfusson. KPMG Endurskodur hf. was re-elected as the company's auditors. The shareholders approved the proposed Remuneration Policy. At the meeting it was resolved that the company would not pay any dividends for the financial year ending 2007. The Board resolved that Stewart Binnie will continue to act as Chairman of the Board.