Report
Jehanne Leroy
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Carrefour - Assemblée Générale des actionnaires du 14 juin 2019

Rémunérations
La société est l’une des rares du CAC 40 à ne pas communiquer le taux de réalisations de chacun des financiers du bonus annuel attribué à son premier dirigeant. De la même façon, elle est l’une des rares à ne mesurer les conditions de performance des plans de rémunération « long-terme » (versés en numéraire) que sur 2 ans. Ces éléments, ainsi que les montants attribués (7,3 M€, soit 156% de la médiane des rémunérations totales des dirigeants du CAC40, 211% de la médiane des rémunérations totales des dirigeants du secteur Retail du MSCI Europe et 350 SMICs), expliquent notre recommandation de vote négative concernant la résolution 14.

La politique de rémunération 2019 ne satisfait, globalement, toujours pas nos principes. Cependant, elle est préférable à la précédente politique en raison de l’ajout d’un critère de TSR comparé à un panel. C’est la raison pour laquelle nous soutenons cette politique de rémunération 2019 (résolution 15).

Underlying
Carrefour S.A.

Carrefour is a distribution group based in France. Co. is engaged in retailing business, primarily in Europe (France, Belgium, Spain, Italy, Poland, and Romania); Asia (China, India, and Taiwan); and Latin America (Argentina and Brazil). Co. offers a variety of fresh produce, products from local suppliers and major-brand products. Co. operates Hypermarkets, Supermarkets, Convenience stores and Cash & Carry stores, as well as food and non-food e-commerce sites. Co. also offers services such as financial and insurance services, travel, entertainment, after-sales services, and leasing of commercial vehicles. As of Dec 31 2013 Co. operated 10,105 stores under its brand.

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
Jehanne Leroy

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