ITEMS 8.1 to 8.3: it is proposed to elect candidates proposed by the Belgian State. However, names, current functions and biographies have not been released yet. Hence, ECGS cannot estimate whether they hold an excessive number of mandates.
Moreover, at the end of the 2018 AGM, the board will have 12 members, including 6 non independent members, which does not respect our Guidelines which requires a majority of independent members. Hence, we cannot support these proposals.
ITEM 5: it is proposed to approve to remuneration report. The company does not disclose the amount of the annual bonus based on 2017 performances. This does not respect the accrual principle and European practice. Moreover, the CEO’s remuneration does not comprise any LTI. Hence, his interests are not in line with the long-term interests of shareholders.