We have serious concerns over the lack of independent representation on the Board (40% according to the Company but 33% as per our guidelines) and the excessive influence of the Spanish State on the management of Aena (67% of Board members have or have had significant relationships with Spanish political institutions). Also taking into account that the Chair and CEO positions are combined, we recommend that shareholders oppose the ratification of the appointment of the Chairman-CEO Mr. Maurici Lucena Betriu as executive Director (item 7.1).
Due to our concerns over the composition of the Board, we also recommend opposing the re-election of representatives of the Spanish State in items 7.2, 7.3, 7.4, 7.5 and 7.7.
In item 7.6, we also recommend opposing the appointment of Mr. Josep Antoni Durán i Lleida as non-executive Director. Even though the Company considers him to be independent, he cannot be considered as such as per ECGS guidelines due to his long-standing memberships at Spanish political institutions (over 30 years, until 2015).
In item 10, shareholders are called to an advisory vote on the Annual Remuneration Report. As the remuneration policy of Aena is defined in compliance with Spanish legislation on Public Sector Companies, the amounts are very low in comparison with similar companies by size and industry. Non-executive Directors' fees are capped at € 11'994 per year and the CEO's remuneration is capped at € 164'576, including a maximum bonus of € 12'185. We regret that the executive variable remuneration exclusively depends on annual performance metrics (which are only disclosed ex-post), and it is not in line with shareholders' long-term interest. Furthermore, serious concerns may arise over excessively low remuneration, which risks to impair the appointment of executive and non-executive Directors with strong profesional backgrounds from the private sector. Therefore, we recommend opposition.
Aena SME SA, formerly Aena SA, is a Spain-based company primarily engaged in the airports operation. Its activities are divided into four segments: Airports, which comprises Aeronautical subdivision, responsible for the management of airports, jetways, security, handling, cargo and fuel services, among others, as well as Commercial subdivision, including duty-free and specialty stores, restaurant services, car rental, as well as banking services and advertising; Services outside the terminal, which manages real estate assets, such as parking lots, warehouses and lands; International, which comprises operations of Company's subsidiary, Aena Desarrollo Internacional SA, that invests in other airport owners principally in Mexico, Colombia and the United Kingdom; and Others, encompassing corporate activities. It manages tourism, hub and regional airports, as well as heliports and general aviation areas. Furthermore, its destination range comprises Europe, the Americas, Asia and Africa.
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A director at Aena Sa sold 1,200,000 shares at 159.530EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board m...
La société fait preuve d'une grande transparence concernant les montants attribués aux mandataires sociaux. En revanche, elle l'est beaucoup moins concernant les critères de performances des parts variables de la rémunération, qui restent inconnus. Par ailleurs, l'indépendance du Conseil d'administration est particulièrement préoccupante puisqu'il n'est composé que d'un administrateur indépendant sur six. Pour cette raison la résolution 11 portant sur le renouvellement de Marie Meynadier (membre non indépendante) n'est pas soutenue.
Nous tenons à attirer l'attention des actionnaires sur les manquements suivants : La Société n'est pas suffisamment transparente sur la rémunération. En effet, la rémunération totale que Proxinvest considère est de 594 000 €, alors que la rémunération totale selon la société est de 24 000 €. Les informations relatives aux membres du Conseil restent trop sommaires. La société pourrait davantage présenter les membres de son Conseil, notamment en faisant apparaitre les biographies, ce qui permettrait d'avoir une meilleure lisibilité. De manière générale, la Société n'est pas assez transparente...
La société a vécu une année difficile en termes de rentabilité, avec une perte nette de 3,3 M€ sur un chiffre d’affaires consolidé de 12.5 M€. Néanmoins, après l’augmentation de capital de 37 M€ réalisée en 2018, la société présente une situation financière solide, avec 35 M€ de trésorerie nette destinée à la croissance. La société propose à ses actionnaires de renouveler l'ensemble de ses délégations financières. Proxinvest n'en soutient quasiment aucune car elles portent toutes sur des montants très élevés et sont toutes utilisables en période d'offre publique. La société a proposé égaleme...
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