Cette année encore, la Société ne présente pas la politique de rémunération des dirigeants, ni les sommes allouées au titre de l'exercice 2017 : cela représente un manquement grave aux principes de bonne gouvernance et ne respecte pas les dispositions de la loi Sapin 2 qui impose de soumettre au vote l'ensemble de la rémunération.
Par ailleurs, le Conseil ne compte aucun membre indépendant et la durée de mandat d'un administrateur est de 6 ans. Les informations relatives aux membres du Conseil sont sommaires et ne respecte donc pas l'article R225-83 du Code de Commerce qui impose ces dispositions.
Excompta Clairefontaine est contrôlée à 80,46% par l'actionnaire familial majoritaire, Ets Charles Nusse.
Exacompta Clairefontaine is engaged in the manufacture of paper and the production of stationery products. Co. specializes in the production and marketing of printing and writing papers, diaries and paper items for offices, archives, classrooms, and leisure activities. Co.'s activities can be divided into two categories: Production, finishing and formating of paper; and Processing of paper (manufacture of paper, office and filing articles). Some of Co.'s brands are Exacompta, Clairefontaine, Quo Vadis, Clairalfa, Rhodia, Trophee, and Evercopy.
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.
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Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...
Item 3: Approve the Remuneration ReportThe remuneration structure is satisfactory, though accelerated vesting is possible. Potential and actual total variable remuneration exceed guidelines, but not very much. They are moderate in comparison with UK market practice. Overall, the quantum during the year was not excessive. We recommend shareholders vote in favor.
Item 3: Approve the Remuneration Report The structure is weighted more heavily towards short-term performance. One of the performance metrics for the LTI is the payment of sustainable dividends, which is not considered appropriate as executives can potentially influence the payout level. The LTI also includes relative TSR as a performance metric. Nevertheless, the quantum is not excessive and even maximum potential amounts are moderate. On balance, we recommend shareholders vote in favor. Item 4: Approve the Remuneration PolicyThe main concern with the Company's remuneration policy is that pa...
Item 2: Approve the Remuneration ReportThe remuneration structure is unsatisfactory. The main concern at the Company is that the potential maximum incentive pay including the bonus, matching shares on the deferred portion of the bonus and the LTI amounts to 1000% of base salary, which is considered grossly excessive. Actual incentive pay during the year was1.6 times the ECGS limit. Furthermore, variable remuneration is overly reliant on a single performance metric, benchmark profit before tax. A second performance criteria will be used in the coming year. We note that the Company has adjusted ...
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