Report
Anaïs Dudout
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Proxy Report - 11/06/2018

In connection with the proposed separation of the U.S. business from the Company, the Board decided to adjust all executive option plans in the same manner in order to address the effects of the Separation.

As all Altice shareholders have been compensated for the split, we believe executives should be treated the same way in their capacity as shareholders.

Although the adjustment to outstanding executive awards appears to be broadly in line with the intended company split in Altice Europ and Altice US, we continue to voice the following concerns regarding the awards themselves: inter alia a short performance period, the absence of performance criteria for some awards, and excessive quantum. For this reason, we recommend that shareholders oppose all the resolutions.

Underlying
Altice Europe NV A

Altice Europe is a provider of cable, fiber, mobile, telecommunications, content and media in Western Europe (comprising France, Portugal, Belgium, Luxembourg1 and Switzerland), the United States of America (U.S.), Israel, the Dominican Republic and the French overseas territories (comprising Guadeloupe, Martinique, French Guiana, La Reunion and Mayotte). Through its various business operations, Co. provides fixed services, mobile telephony services (other than in the U.S.) and media and advertising services to B2C and B2B customers in all of the geographies in which it operates. In addition, Co. offers a variety of wholesale and other services.

Provider
Proxinvest
Proxinvest

Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.

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Analysts
Anaïs Dudout

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