Report
Charles Pinel
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Proxy Report - 18/04/2018

The agenda was modified by the notice of meeting to take into account the arrival of Atlantia spa as principal shareholder who held 15.49% of the capital and 26.66% of the voting rights after taking control of Aero I Global and International (previously owned by Goldman Sachs) on March 2, 2018. The new shareholder benefits from the double voting rights previously acquired by the Goldman Sachs fund. Three new resolutions are
proposed: two nominations and a change in the bylaws that we will support. A resolution to reduce the term of office of directors has been removed.

Jacques Gounon is Chairman and CEO of Eurotunnel. Given the absence of a Lead Independent Director (according to our guidelines), we recommend that shareholders oppose his nomination. (Resolution 6).

Despite a lack of demonstrated alignment with performance, we opted in favor of Jacques Gounon’s compensation in 2017 largely due to a relatively low quantum (Resolution 15). On the other hand, his remuneration policy of 2018 does not appear to improve upon our concerns (namely alignment with performance), increases the base salary by 20%, and raises the qualitative performance criteria from 15% to 40% of the bonus. As such, we recommend that shareholder oppose this new remuneration policy (resolution 17).

Underlying
Getlink

Getlink SE, formerly known as Groupe Eurotunnel SE, is a France-based company, which brings together a group of companies active in the fields of infrastructure management and transport operations. Its various entities share the attention to quality and customer service, with priority given to safety. The Company manages and operates the Channel Tunnel between the United Kingdom and France and its railway infrastructure. The Company is also engaged in the passenger and freight transport between continental Europe and the United Kingdom. In addition, it provides ferry transport through the Channel. Getlink SE has direct and indirect stakes in a number of companies, including The Channel Tunnel Group Limited, France Manche SA and Europorte SAS, among others.

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.

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Analysts
Charles Pinel

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