Report
Jehanne Leroy
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Proxy Report - 25/04/2018

On June, 5th 2017, JCDecaux Holding acquired 16.36% of Eurazeo’s capital. This happened 1 month after Tikehau disclosed holding 7.6% of the company’s capital (including 5.1% from Sofina)

The Chairman of the Management Board’s mandate was not renewed; hence, on March, 19th 2018, Patrick Sayer quit his functions and was replaced by Virginie Morgon. His termination package comprises a severance payment (amounting to more than €4 M). He also keeps the benefit of his options and performance shares not yet vested (€5.1 M) as well as the benefit of his pension plan. His termination package (pension excluded) amount to €9,207,000, i.e. 460 times the French minimum wage, which is excessive.

We remind the company that, first of all, severance payment should happen only in case of forced departure, which is not the case here as this is just a mandate non-renewal.

Second of all, executives are highly paid partly to compensate the risk to be dismissed ad nutum. Paying a severance implies compensating the same risk twice, which is neither logical, nor in line with these severance principles.

Underlying
Eurazeo

Eurazeo is a listed investment company in Europe. Co. invests in French or other European companies in which it can exercise influence. Co. divides its operaion in five divisions: Holding company, Eurazeo Capital, Eurazeo PME, Eurazeo Croissance, and Eurazeo Patrimoine. Holding company focuses on investment in non-consolidated fund business; Eurazeo Capital invests in companies valued over Euro150,000,000 to Euro200,000,000; Eurazeo PME invests in enterprises valued at less than Euro150,000,000 to Euro200,000,000; Eurazeo Croissance targets companies with high growth potential in promising markets; and Eurazeo Patrimoine groups Co.'s real estate asset management and investment activities.

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
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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
Jehanne Leroy

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