In item 5.1, the Board proposes to reduce the number of members from 18 to 16, by not fulfilling the vacancies created by the end of the mandate of 2 independent Directors. We strongly regret that the Board size is achieved through a lower independent representation. As we have concerns over the lack of independence (44%) and the excessive representation of major shareholders (50% of Directors with 40.6% of the share capital through a shareholders' agreement) on the Board, we recommend opposition.
Due to our concerns over the composition of the Board, we also recommend that shareholders oppose the re-appointment of Ms. María Teresa Bassons Boncompte (item 5.5) and the appointment of Mr. Marcelino Armenter Vidal (item 5.6), as they represent the largest shareholder Criteria Caixa (40%).
In item 7, the Board proposes to amend the 2018-2020 remuneration policy to reflect the change in the position of a Director, from executive to non-executive, and the approval of a new incentive plan. The overall variable remuneration is reasonable (the bonus is capped at 42% and the long-term incentive at approximately 11% of the CEO's fixed remuneration). However, we note that the CEO's fixed remuneration (€ 2'011'000 in 2018) significantly exceeds the median at large European banks (€ 1'333'731) and at large Spanish banks (€ 1'607'500). We also strongly regret that 50% of the CEO's bonus is based on undisclosed individual conditions, and concerns may arise over the excessive discretionary power of the Board to vary individual bonuses by +/- 25%. Furthermore, the variable remuneration is not sufficiently linked to long-term results, as the annual bonus represents 79% of the total variable remuneration at maximum levels of performance. Therefore, we recommend opposition.Due to the lack of disclosure of the performance conditions used to calculate the annual bonus, and taking into account our concerns over the remuneration policy, we also recommend opposing the Annual Remuneration Report in item 12 (advisory vote).
Caixabank is an investment company based in Spain. Co. is involved in investment portfolio management activities across two areas: Services and Financial Business and Insurance. In the services area, Co. provides investment solutions for companies involved in the infrastructure, energy, services and entertainment sectors. In the financial business and insurance area, Co. is engaged in the investments for international banks, insurance and specialist financial services. Co. focuses most of its banking investments in India, China, the U.S., and Central and Eastern Europe with a particular interest in retail banking. Co. is also involved in the disinvestments activities.
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Rating Action: Moody's upgrades CaixaBank's long-term deposit and junior senior debt ratings. Global Credit Research- 17 May 2019. Madrid, May 17, 2019-- Moody's Investors Service has today upgraded the long-term deposit ratings of CaixaBank, S.A. to A3 from Baa1 and its junior senior unsecured debt rating to Baa3 from Ba1.
>A slightly more challenging phase... - CaixaBank has reported Q1 2019 figures that came in below forecasts for net profit at € 533m (vs € 541m for the consensus) with a quarter impacted by the future absence of a contribution from Repsol and BFA as well as the negative impact of the repricing of the BPI’s stake in Viacer.The quarter was marked by a fairly mixed operational performance: Momentum on core revenues stalled with commissions down, whilst interest...
Le renouvellement des mandats de Philippe Maubert, Christophe Maubert, Catherine Canovas, et Lionel Picolet sont soumis à l’approbation des actionnaires. Au regard du manque d’indépendance au conseil d’administration, Proxinvest s’opposera aux résolutions 5 à 8. La politique de rémunération pour 2019 présentée par la société dans le Rapport de Gouvernance d’entreprise est très insuffisante. L’absence de nombreuses informations ne permet pas à l’actionnaire d’estimer la rémunération attribuable aux dirigeants pour 2019. Ainsi, Proxinvest s’opposera à la résolution 9. Concernant la rémunératio...
GouvernanceLa société propose le renouvellement de 3 administrateurs et la nomination de 2 administrateurs indépendants. Parmi les renouvellements proposés figure celui de Julie Guerrand. Selon la politique de vote de Proxinvest, en cas de conseil ne comprenant pas une majorité de membres indépendants, Proxinvest soutient 1 représentant pour chacun des 3 principaux actionnaires. En l'occurrence, le représentant le plus légitime de H51, le premier actionnaire, est sa Présidente, Julie Guerrand. Nous soutenons donc son renouvellement, mais pas celui de M. Bauer. Concernant Mme Sénéquier, bien qu...
Le conseil n'est pas majoritairement composé de membres libres de conflits d'intérêts. Par conséquent, parmi les renouvellements proposés, seul le Président du conseil sera soutenu en raison de la séparation des fonctions avec la Direction Générale (résolutions 5 à 7). En ce qui concerne la rémunération 2018 du Directeur Général, l'absence de communication des taux de réalisation de chacun des critères financiers du bonus constitue un manque rédhibitoire pour Proxinvest. Par ailleurs, l'attribution d'actions gratuites est basée sur des critères non vérifiables et qui sont calculés sur une pér...
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