Related party agreements (resolutions 4-8):
We appreciate that each new agreement is submitted in a separate resolution giving shareholders the flexibility to vote for or against resolutions without having to reject the report in its entirety. However, the Company does not submit previously approved agreements to a vote, which is contrary to best practices. Remuneration (resolutions 19-24):
Chairman of the Board:
Quantum is reasonable compared to the median non-executive Chairman in the CAC40 Index.
CEO and Deputy CEO:
Although qualitative criteria weighting for the bonus was excessive and the bank failed to adopt a LTIP, the allocated amounts are reasonable compared to the companies included in the CAC 40 Index and European banks and we welcome the improvement in transparency with the disclosure of the achievement rates for bonus criteria. Therefore, we recommend approval.
Although the potential amounts are reasonable compared to the companies included in the CAC 40 Index and European banks, the new remuneration policy does not address our concerns: the lack of a LTIP, excessive weighting for bonus qualitative criteria, and a potentially generous severance payment. Therefore, we recommend opposition.
Loyalty dividend (resolutions 28-29):
Crédit Agricole S.A. set up a loyalty dividend scheme to reward its shareholders for their loyalty. The European Central Bank (ECB) has required Crédit Agricole S.A. to remove the loyalty dividend bonus clause because it is considered as a “preferential distribution” in breach of the Capital Requirements Regulation (CRR). Crédit Agricole S.A. will comply with the ECB’s request by submitting a proposal to the General Meeting of Shareholders to remove the loyalty dividend bonus clause from its articles of association and to grant free shares in order to compensate the shareholders who are entitled the loyalty dividend. According to Proxinvest, it was not necessary to compensate shareholders who are entitled to the loyalty dividend.
Credit Agricole is active in the market of retail banking and related businesses. Co. provides day-to-day banking, savings products, mortgage and consumer loans, insurance, private banking, asset management, lease finance and factoring, corporate and investment banking. Its activities can be divided into six business lines: French Retail Banking - Regional Banks; French Retail Banking - LCL; International Retail Banking; Specialized Financial Services; Savings Management and Insurance; and Corporate and Investment Banking. Co.'s customers are personal customers, farmers, small businesses, companies and local authorities. As of Dec 31 2013 Co.'s total assets amounted to Euro1,536,873,000,000.
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Credit Agricole SA reported net income of EUR 1.1 billion for the third quarter, virtually the same as it did in the corresponding period last year. However, the corresponding quarter was inflated by nonrecurring income of around EUR 100 million, so underlying growth was therefore stronger at around 17%. We maintain our fair value estimate of EUR 11 as well as our no-moat rating. Credit Agricole recorded decent revenue growth of 6% year on year, somewhat inflated by the first-time inclusion of the acquired Italian banks. Revenue from insurance activities was especially strong. Corporate and i...
Credit Agricole SA reported net income of EUR 1.1 billion for the third quarter, virtually the same as it did in the corresponding period last year. However, the corresponding quarter was inflated by nonrecurring income of around EUR 100 million, so underlying growth was therefore stronger at around 17%. We maintain our fair value estimate of EUR 11 as well as our no-moat rating. Credit Agricole recorded decent revenue growth of 6% year on year, somewhat inflated by the first-time inclusion of t...
In general, Coloplast is in compliance with the Danish regulations relating to the organisation and procedures of the Annual General Meeting. On November 1, 2018, the Company announced that Mr. L.S. Rasmussen will resign from his position as CEO to become the new Chairman of the board of directors as of this AGM. Mr. Rasmussen will be succeeded by Executive Vice President - Mr. Kristian Villumsen - as of the same date. Under ITEM 5.1, it is proposed to re-appoint Mr. N.P. Louis Hansen as Vice Chairman of the board of directors. Although ECGS has no (major) concerns over the re-appointment...
Item 2: Approve the Remuneration Report The structure is weighted more towards rewarding long-term performance. While there are concerns that the bonus performance metrics may not be sufficiently challenging, due to the high payout, the incentive pay is not much above guidelines.Item 3: Approve the Remuneration Policy The changes proposed to the Remuneration Policy make minor improvements to the policy. In addition, the structure of remuneration is considered acceptable, though we continue to be concerned that accelerated vesting is possible.Item 4: Approve the dividend If approved, the Com...
Assemblée sans sujet particulier, à l'exception des réserves émises par Proxinvest concernant les comptes annuels avec son association d'un quitus et l'absence de comptes consolidés. Contactée par Proxinvest, la société nous a indiqué que l'absence de comptes consolidés et de ce fait de résolution pour les approuver était liée au fait que la filiale Festival basée à Madagascar avait été cédée début 2016. Cependant Proxinvest s'interroge puisque dans les annexes des comptes annuels à la page 23, la société présente une filiale : Festiveo. Ainsi la société devrait communiquer des comptes conso...
Deux renouvellements d'administrateurs sont proposés aux actionnaires. Bien que le conseil ne soit pas composé d'une majorité de membres libres de conflits d'intérêts potentiels, Bpifrance Participations - premier actionnaire et donc non indépendant - sera soutenu car la politique de vote de Proxinvest est de soutenir un représentant de chacun des trois premiers actionnaires quelque soit l’indépendance du conseil. En revanche, une recommandation négative portera sur le renouvellement du mandat de Ross McInnes qui est indépendant mais dont le nombre de mandats détenus est jugé excessif puisqu'i...
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