In item 3, shareholders are called to an advisory vote on the remuneration policy adopted by the Company for executive Directors and other executives with strategic responsibilities. The level of disclosure is high, as all performance conditions are disclosed, including the ex-post disclosure of the level of achievement of targets, and targets related to the performance share plan are quantified. We regret that the maximum variable remuneration exceeds out voting policy limit of 300% of the base salary (the CEO's variable remuneration is capped at 477% of his base salary, of which 146% linked to annual results and 331% to long-term results). However, it should be noted that only 54% of the incentive granted in 2014 vested in 2017 (no incentives vested in 2015 and 2016), which is a sign of challenging targets. As in our opinion, the overall remuneration policy is adequately structured to align the interests of the executives with the creation of sustainable value in the long term, we recommend approval.
Eni is engaged in the oil and gas exploration and production, gas marketing operations, management of gas infrastructures, power generation, petrochemicals, oil field services and engineering industries. Co.'s operations are divided into three segments; Exploration and Production (oil and natural gas exploration and field development and production, as well as LNG operations), Gas and Power (supply, trading and marketing of gas and electricity, managing gas infrastructures for transport, distribution, storage, re-gasification, and LNG supply and marketing), and Refining and Marketing (supply of crude oil, refining and marketing of refined products). Co. maintains operations in 73 countries.
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>Q3 2019 earnings up 10% q-o-q and 12% ahead of expectations - Q3 2019 results publications for the sector ended on 31 October and reflect sequential growth of 10.3% and were 12% ahead of the consensus on average in dollars. RD Shell surprised the most positively and Eni the least (see table p2). Of note was an 18% fall in Brent y-o-y and, in particular, the fall in natural gas prices (-55%) especially in Europe and in Asia. The good news stems from the refining margi...
In general, Argenx is in compliance with the Dutch regulations relating to the organisation and procedures of the Extraordinary General Meeting. Under ITEM 3, the board of directors seeks approval to amend the Company’s stock option plan ("the Plan"). Although ECGS has no (major) concerns over the proposed amendments, it notes that Plan allows for a (potential) aggregate capital increase of 14.5% of the Company’s issued share capital, which exceeds ECGS’guidelines. In addition, ECGS considers the vesting period for time vesting awards (of between 1 and 3 years) too short. Based on the above, ...
In general, Coloplast is in compliance with the Danish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEMS 4 and 5.2 the board of directors seeks approval for the Company's remuneration report (ITEM 4) and remuneration policy (ITEM 5.2). Although ECGS strongly welcomes the first separate remuneration report, Coloplast's remuneration structure is NOT considered to be in line with its guidelines. Accordingly, ECGS recommends to vote OPPOSE to both agenda items. Under ITEM 6.1 it is proposed to (re-)appoint Mr. Lars Søren Rasmussen as Chairman of ...
In general, Adyen is in compliance with the Dutch regulations relating to the organisation and procedures of the Extraordinary General Meeting. Under ITEM 2, the supervisory board proposes to newly appoint Ms. Mariëtte Bianca Swart as the Company's Chief Legal and Compliance Officer (CLCO) and member of the executive board for a period of 4-years. ECGS has no concerns over Ms. Swart’s appointment and accordingly recommends to vote FOR. Under ITEM 3, the supervisory board proposes to newly appoint Mr. Kamran Zaki as Adyen's Chief Operating Officer (COO) and member of the executive board for a...
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