Bouygues a nommé deux Directeurs Généraux Délégués supplémentaires depuis le 1er septembre 2016 : Olivier Roussat et Philippe Marien. Leur rémunération est alignée sur celle de Martin Bouygues, Président Directeur Général. Olivier Roussat est présenti Directeur Général dans un futur proche et Martin Bouygues garderait la présidence.
Un départ progressif des dirigeants de filiales au sein du conseil d'administration s'opère sous la pression des investisseurs (Hervé le Bouc et François Bertière pour cette année).
Par ailleurs, Bouygues est l'une des rares sociétés du CAC 40 à proposer à ses actionnaires l'utilisation de dispositifs anti-OPA. Déjà lors de l'assemblée générale de 2016, la société était l'une des seules de l'indice à permettre l'utilisation des augmentations de capital soumises au vote en période d'OPA, comme le prévoit désormais la loi Florange. Ainsi, Bouygues fait partie des 10% des sociétés du CAC 40 à permettre l'utilisation d'un programme de rachat de ses titres en période d'offre publique et elle est l'une des deux dernières sociétés de l'indice à soumettre au vote de ses actionnaires l'émission de bons Breton.
Proxinvest émet des réserves sur le niveau de valorisation de la participation dans Alstom dans les comptes de Bouygues.
Bouygues is a global industrial group engaged in designing, building and operating structures in public and private buildings, transportation infrastructure and energy and communication networks. Co. operates in three sectors - Construction (Bouygues Construction, Bouygues Immobilier and Colas), Media (TF1) and Telecom (Bouygues Telecom). Construction is engaged in the design and maintenance of projects in the areas of building, civil works, energies and services; Media offers activities covering the audiovisual sector; and Telecom offers mobile broadband services and prepaid card services for smart phones, as well as a range of services including telemessaging, voice mail and WAP
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BOUYGUES - BUY vs. BUY - TOP PICKS | EUR39 vs. EUR41 (+19%) A more cautious view on Construction activities We have deeply reviewed our estimates for construction activities Impacting by 10% the equity value of construction in our SOTP Bouygues not a top pick for Q3
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 ...
Leadership changes Vittorio Colao was succeeded by Nick Read who was appointed Chief Executive Designate on 27 July 2018 and became Chief Executive on 1 October 2018. Margherita Della Valle joined the Board as Chief Financial Officer on 27 July 2018. Item 15: Advisory vote on the Remuneration ReportThe structure is unsatisfactory. The maximum bonus and total incentive pay exceed guidelines. The quantum for the year was excessive. Pay weighted more towards rewarding long-term performance, but there are overlapping performance conditions as free cash flow was used for both the STI and LTI. A b...
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