Remuneration (resolutions 4 to 7 and 9):
Although the transparency of the remuneration is satisfactory, amounts are very high for Thomas Buberl, CEO, as well as Denis Duverne, Chairman of the Board. The severance benefit of the CEO is also too generous.
Board members (resolutions 10 to 14):
Given the separation of function between Chairman of the Board of directors and CEO, we recommend that shareholders approve the re-elections of Denis Duverne and Thomas Buberl.
Patricia Barbizet and Rachel Duan are proposed in order to replace Isabelle Kocher and Suet Fern Lee, who decided to retire from the Board. Given their independence, we recommend that shareholders approve these appointments.
Deanna Oppenheimer attended only 73% of Board meetings in 2017. She holds 4
directorships in listed companies and she is founder of two companies.
AXA is a holding company. Through its subsidiaries, Co. is engaged in insurance and assets management. Co. operates primarily in Europe, North America, the Asia-Pacific Region and, to a lesser extent, in other regions including the Middle East, Africa, and Latin America. Co. has five operating business segments: Life & Savings, Property & Casualty, International Insurance, Asset Management, and Banking. In addition, various holding companies within the AXA Group conduct certain non-operating activities. As of Dec 31 2013, Co. had total assets of Euro757,143,000,000.
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A director at Axa sold 1,518 shares at 23.300EUR and the significance rating of the trade was 53/100. 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 members alo...
Item 3: Approve the Remuneration ReportThe remuneration structure is satisfactory, though accelerated vesting is possible. Potential and actual total variable remuneration exceed guidelines, but not very much. They are moderate in comparison with UK market practice. Overall, the quantum during the year was not excessive. We recommend shareholders vote in favor.
Item 3: Approve the Remuneration Report The structure is weighted more heavily towards short-term performance. One of the performance metrics for the LTI is the payment of sustainable dividends, which is not considered appropriate as executives can potentially influence the payout level. The LTI also includes relative TSR as a performance metric. Nevertheless, the quantum is not excessive and even maximum potential amounts are moderate. On balance, we recommend shareholders vote in favor. Item 4: Approve the Remuneration PolicyThe main concern with the Company's remuneration policy is that pa...
Item 2: Approve the Remuneration ReportThe remuneration structure is unsatisfactory. The main concern at the Company is that the potential maximum incentive pay including the bonus, matching shares on the deferred portion of the bonus and the LTI amounts to 1000% of base salary, which is considered grossly excessive. Actual incentive pay during the year was1.6 times the ECGS limit. Furthermore, variable remuneration is overly reliant on a single performance metric, benchmark profit before tax. A second performance criteria will be used in the coming year. We note that the Company has adjusted ...
NEGOCIATIONS SUR LA RESTRUCTURATION DE LA DETTE La situation financière de Bourbon est catastrophique. La capitalisation boursière s'est effondrée au fil du temps et n'atteint plus que 144 M€ à comparer à une dette de 1,3 Md€ à laquelle s'ajoute 1,2 Md€ de crédit-bail (dont environ 1 Md€ auprès de la banque chinoise ICBC). En janvier dernier, Bourbon annonçait avoir, avec ses créanciers (représentant 75% de la dette du groupe), renouvelé le waiver général, l'autorisant ainsi à suspendre l'exigibilité de ses loyers et de sa dette. Le 5 juin 2019, les principaux créanciers du groupe (comprenan...
Négociations sur la restructuration de la dette Proxinvest avait lancé l'alerte sur les conflits d'intérêts de Jacques de Chateauvieux et les conventions règlementées en partie a l'ori0gine de cette catastrophe Opposition au renouvellement du mandat d'administrateur de Jacques de Chateauvieux Conséquences sur l'emploi
La société propose de renouveler Thierry Petit et David Dayan, co-fondateurs de la société, qui se partagent les rôles de Président-Directeur Général et de Directeur Général délégué selon un mécanisme de présidence tournante tous les 2 ans. En raison de l’absence de séparation des fonctions de Président du conseil et de Directeur général, il semble que les actionnaires aient intérêt à émettre un signal négatif d'autant que le conseil n'est pas majoritairement composé de membres libres de conflits d'intérêt potentiels et que les deux co-fondateurs bénéficient de droits de vote double (résolutio...
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