Update on the merger with Luxottica:
In January 2017, Luxottica signed a merger agreement with the Essilor. The agreement consisted of two main transactions: (i) Delfin's stake (largest shareholder, controlled by Leonardo Del Vecchio) in Luxottica (61.6%) will be transferred to Essilor in exchange for Essilor shares at an exchange ratio of 0.461 Essilor share for 1 Luxottica share; (ii) a subsequent mandatory exchange offer to be launched by Essilor on the remaining Luxottica's outstanding shares. Following the transaction, Delfin will be the largest shareholder of EssilorLuxottica, with at least 31% of the share capital. Each EssilorLuxottica share will cast one vote (there will no longer be double voting rights), but voting rights of any shareholder will be capped at 31%.
As of the time of writing, the transaction has yet to be completed.
Resolutions 12 and 13: ex-post binding “Say-on-Pay” vote
While the transparency of the company is in line with the best practices of the CAC 40, Proxinvest cannot support compensation awarded to the CEO and Deputy CEO for several reasons. First of all, quantum is not acceptable as it exceeds our socially acceptable maximum. Moreover, the post-employment commitments, which in themselves do not conform to our guidelines, would inflate an already very generous remuneration. Lastly, it is not acceptable for Essilor to have retroactively modified the performance conditions of the performance share plan, especially since the new condition (completion of the merger with Luxottica), unlike the initial condition, does not make it possible to measure long term performance.
Resolution 14: ex-ante vote on the Remuneration Policy
Although the base salary and bonus targets planned for 2018 conform to our guidelines, we are concerned by the lack of transparency regarding fixed pay after the completion of the Luxottica merger. Moreover, the maximum potential bonus and the Top Hat benefits were deemed excessive.
Essilor International (Compagnie Generale d'Optique) designs, manufactures and sells ophthalmic lenses, ophthalmic optical instruments and equipment. Co.'s activities are divided into three segments: Lenses and Optical Instruments (Co. designs, manufactures and customizes corrective lenses such as: Varilux (progressive lenses); anti-reflective, smudge-proof and anti-static lenses (Crizal); Nikon lenses, Transitions variable-tint lenses and Kodak lenses under agreements; polarized lenses (Xperio) and fog-proof lenses (Optifog)), Equipment (Co. produces, distributes and sells equipment and consumables used by prescription laboratories) and Readers (Co. designs and sells reading glasses).
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Item 1: Approve the share consolidation The Board requests shareholder approval to implement a share consolidation on the basis of 19 new ordinary shares for every 20 existing ordinary shares held. The consolidation is intended to maintain comparability, as far as possible, of the Company’s share price before and after the payment of a special dividend of $2.621 per share. The special dividend is equivalent to 5% of the market capitalisation of the Company as at 14 December 2018. The Company has implemented a series of share consolidations, returning funds to shareholders in this way in 2012...
Item 1: Approve Share Buybacks Shareholder approval is being sought to authorise the Company to make market purchases of its ordinary shares following the inclusion of a typographical error in the resolution granting authority at the 2018 AGM. This error meant that the authority granted at that meeting has already expired. As there is currently no authority in place, the Board proposes the standard share repurchase authority for the UK market with period ending until the earlier of 25 October 2019 (being the later date set out in in the resolution granting authority at the 2018 AGM) and the ...
La société a annoncé depuis son entrée en bourse sa volonté de diversifier son conseil d'administration, qui n'est composé que d'une femme (représentante d'une société administratrice) et que d'un membre indépendant (les taux d'indépendance et de féminisation ne sont donc que de 25%). De plus, l'actionnaire majoritaire, Apax, est surreprésenté au conseil, en possédant la moitié des sièges, pour une participation au capital de 42,19%. Si l'entrée en bourse de la société est récente, nous l'incitons fortement à prendre en compte cette nécessité de diversifier son conseil. Le renouvellement de ...
Proxinvest attire l'attention des actionnaires sur plusieurs points : - Tout d'abord la société est dans un processus qui va permettre à un actionnaire chinois, Fosun, de rentrer au capital via une émission de nouvelles actions lui étant réservée. Suite à cette émission, Fosun deviendra le premier actionnaire et propose donc de nommer un administrateur au conseil de la société. -Ensuite la direction de la société est modifier puisque Marie Meynadier va céder ses fonctions à Mike Lobinsky le 1er Janvier 2019. De ce fait lors de la présente assemblée la société propose une nouvelle politique d...
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