Report
Expert Corporate Governance Service (ECGS)
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Etude l' AG du 14/07/2017

 Item 3: Approve the Remuneration Report. Although the structure is weighted more towards rewarding long-term performance and the LTI includes relative TSR as a performance metric, total variable remuneration exceeds 300% of base salary and performance metrics are not considered sufficiently challenging.  Furthermore, both benefits and pension contributions were excessive.
 
Item 4: Approve the Remuneration Policy: The structure of remuneration is not considered acceptable given the excessive maximum bonus, the use of qualitative criteria for the STI in excess of ECGS guidelines and the payment of excessive benefits. 
 
Item 12: To amend the Long Term Incentive Plan 2009. It is proposed is to change the period applicable for the individual participation limits from 12 months to the duration of the Company’s accounting period.
There are no concerns over the proposed amendment to the LTIP.  The current LTIP has a maximum award of 200% of base salary, which is relatively low.  The performance conditions are ROCE, TSR and EPS and targets are fully disclosed.  There are no concerns over dilution.
 
 

Underlying
DCC
DCC

DCC is a procurement, sales, marketing, distribution and business support services company. Co. operates across four separate divisions: DCC Energy, which is involved in the sales, marketing and distribution of oil and liquefied petroleum gas; DCC Healthcare, which provides products and services to healthcare providers and health & beauty brand owners; DCC Technology, which is involved in the sales, marketing and distribution of technology products; and DCC Environmental, which provides a range of waste management and recycling services.

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.

Proxinvest main services are :

  • ​Proxy reports
  • Definition and monitoring of client customized voting guidelines
  • Corporate Governance Data and Rating
  • Thematic research
  • Engagement support

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. 

Analysts
Expert Corporate Governance Service (ECGS)

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