Nous tenons à attirer l’attention des actionnaires sur la rémunération plus qu’excessive de Bernard Charlès, Directeur Général. Au titre de l’exercice fiscal 2017, le montant total de sa rémunération s’élève à 15 788 125 € selon la valorisation de la société, et à 24 705 684 € si l’on tient compte de la valorisation de Proxinvest. Bernard Charlès bénéficie depuis plusieurs années (2015) d’actions de performance qui représentent une part considérable de sa rémunération, 82% du total de sa rémunération au titre de 2017 (résolution 9).
Bien que largement inférieure à celle du Directeur Général, la rémunération du Président du Conseil d’Administration, Charles Edelstenne reste excessive : 1 027 100 €, soit 296% de la médiane des Présidents non exécutifs du SBF120 (résolution 10).
Il semblerait que la société persiste et signe : aucun changement positif n’est prévu pour le nouvel exercice et il n’est pas non plus prévu de rééquilibrer la structure des rémunérations ou de diminuer les montants (la rémunération fixe de Bernard Charlès est en augmentation de 5%) (résolutions 7 et 8)
Une convention relative à une indemnité de départ, dont les termes ne sont pas acceptables selon Proxinvest, est soumise au vote à la résolution 6.
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.
Proxinvest main services are :
Proxinvest has been a pioneer and champion of good corporate governance and has grown into a recognised expert in the field.
Proxinvest is independently-owned and only works for investors : Proxinvest does not provide consulting services to the companies it covers, mitigating related risks to its clients and ensuring the independence of our analysis. As a result Proxinvest is able to take a robust, independent, engaged and unconflicted view of the companies in which our clients invest.
As Managing Partner of Expert Corprate Governance Service Ltd (ECGS), Proxinvest has built a large network of corporate governance experts to support clients in corporate governance analysis worldwide.
On 9 May 2019, the Company issued convertible bonds for a total principal amount of EUR 150 million. The sole agenda item relates to the proposed approval and ratification, in accordance with Article 556 of the Belgian Companies Code, of conditions of the convertible bonds in case of a change of control. These are standard provisions and they are in line with the market practice. Hence, we see no reason for shareholder concern and recommend to approve.
General: Hella is a leading automotive supplier with over 125 locations in some 35 countries. In financial year 2018/2019, the Company generated sales of EUR 7.0bn with around 39,000 employees. Hella specialises in innovative lighting systems and vehicle electronics in its segments Automotive and Aftermarket. Furthermore, in its Special Applications segment, Hella develops, manufactures and sells lighting and electronic products for specialist vehicles. As of 31 May 2019, a total of 60.00% of the Company's shares were covered by a pool agreement of family shareholders. A total of 62 members o...
In general, NN Group is in compliance with the Dutch regulations relating to the organisation and procedures of the Extraordinary General Meeting. On August 12, 2019, the Company announced that Mr. Lard Friese stepped down as CEO of the Company to become the new CEO of Dutch competitor Aegon. ECGS notes that the sole agenda item of this EGM (ITEM 2) concerns the intended appointment of Mr. David Knibbe as CEO and member of the executive board of NN Group. According to Dutch law and the Company's Articles of Association, shareholders are NOT entitled to vote on such agenda item; it is a discus...
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