As we have concerns over the lack of independent representation on the Board of Directors (42% as per our guidelines and 50% according to the Company), we recommend opposing the reappointment of the members of the del Pino family (on aggregate holding 35.7%) in items 5.1, 5.5 and 5.8. We also recommend opposing the reappointment of the non-independent Directors Mr. Santiago Bergareche Busquet (item 5.2) and Mr. Joaquín Ayuso García (item 5.3), as well as Mr. José Fernando Sánchez-Junco Mans (item 5.7), who is independent according to the Company but has collected more than 12 years of association with the Group and is the CEO of a supplier of Ferrovial.
In item 9, we recommend that shareholders oppose the authorization to increase the share capital by maximum 50%, as the authority includes the power to exclude pre-emptive rights in connection with 20% of the share capital, which exceeds the ECGS' voting policy limit of 10% on general authorizations without pre-emptive rights.
In item 10, we also recommend opposing the authorization to issue convertible securities, as the authority exceeds our voting policy limit on capital increases without pre-emptive rights, and the proposal includes the authority to issue preferred shares, potentially undermining the principle of shareholder equality.
In item 11, shareholders are called to a binding vote on the 3-year remuneration policy for the members of the Board of Directors. We regret that the aggregate variable remuneration depends more on annual than long-term results (the annual cash bonus will represent 56% of the variable remuneration), and we strongly regret that the performance conditions that will be used to calculate the 2019-2021 incentive are not disclosed (with the only exception of TSR). In addition, we have concerns over the excessive weight of the qualitative assessment of the Board in determining the annual bonus (weighing at least 30% of the bonus). Therefore, we recommend opposition. Due to the lack of disclosure of performance conditions, we also recommend that shareholders oppose the 2019-2021 performance share plan (item 12).
Ferrovial is a transportation company based in Spain. Co. is engaged in operations in the transportation sector. Co. specializes in the design, construction, management, administration and maintenance of transport infrastructures. Co.'s services range also includes the maintenance of parking lots, and land-, sea- and air-based transport networks. Co. is also engaged in the promotion and operation of short-stay parking lots, parking regulation and management services and promotion and sale of residents' parking.
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NEWS SUMMARY: CATALANA OCCIDENTE, CIE AUTOMOTIVE, ELECTRICITY AND GAS SECTOR, FERROVIAL, GRIFOLS, MEDIASET ESPAÑA, MERLIN PROPERTIES, REPSOL, SANTANDER. MARKETS YESTERDAY AND TODAY All eyes on the trade deal Stock markets fell once again after it was mentioned by the press that the Chinese authorities are doubtful that a trade deal can be struck with D. Trump. However, the US president once again was confident in reaching an agreement by mid November. Within the Euro STOXX, the best-performing sectors were Travel&Leisure and Utilities vs. Basic Resources and Autos, which ended with the bi...
COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA. CATALANA OCCIDENTE, CIE AUTOMOTIVE, FERROVIAL, GRIFOLS, MEDIASET, MERLIN, SANTANDER, SECTOR ELECTRICO/GAS, REPSOL. Bajo el foco comercial Las bolsas volvieron a descender después de que apareciera en prensa que las autoridades chinas dudan sobre la posibilidad de lograr un acuerdo comercial integral con D. Trump. Sin embargo, el presidente estadounidense volvió a sonar confiado con alcanzar un acuerdo para mediados de noviembre. En el Euro STOXX los mejores sectores fueron Viajes&Ocio y Utilities frente a R. Básicos y Autos que terminaron con las...
Le 2 Septembre 2019, le Conseil d’Administration a accepté la démission de Jean-François Mouney de ses fonctions de Président-Directeur Général de la Société et a décidé la dissociation des fonctions de Président du conseil de Directeur Général de la société à effet le 16 Septembre 2019. La société décide ainsi de nommer Pascal Pringent en tant que Directeur Général de la Société et a confirmé Jean-François Mouney dans ses fonctions de Président du Conseil. Proxinvest salue cette amélioration de gouvernance, réclamée depuis la réunification des fonctions en 2017. Concernant les engagements rè...
London Stock Exchange Group (LSEG) called the general meeting to approve an acquisition of Refinitiv in an all-share transaction for a total enterprise value of US$27bn. After the transaction, Refinitiv shareholders will hold 37% of LSEG share capital but less than 30% of the total voting rights. The company proposes to create a new class of shares - limited-voting ordinary shares giving 1/10 of voting rights. Thus, the Refinitiv shareholders are not obliged to propose a takeover bid. Refinitiv shareholders form a consortium including certain investment funds affiliated with Blackstone, such ...
In general, Chr. Hansen is in compliance with the Danish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 6a it is proposed to re-appoint Ms. Dominique Reiniche as Chairman of the board of directors. Although she is considered independent, ECGS has concerns over her aggregate time commitments. Ms. Reiniche is serving as chairman of the board of directors of Chr. Hansen Holding A/S (listed) and Eurostar International Limited (substantial non-listed company) and non-executive director of Severn Trent plc and Mondi plc (both listed), which exceeds...
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