Items 3 - 12: Re-elect the Board. There is insufficient independent representation on the Board. The level of executives on the Board exceeds market practice. The level of gender diversity does not meet ECGS guidelines.
Item 15: Approve the Remuneration Policy. With the exception of the reduction in the pension contribution, the changes proposed to the Remuneration Policy worsen the alignment between pay and performance as they increase the size of recruitment awards and remove the sustainability performance period. The changes also do not address the main concerns over variable remuneration which are the lack of disclosure for some of the STI targets and the use of EPS to determine the entire LTI.
Item 16: Approve the Remuneration Report. The structure is unsatisfactory, though it is weighted more towards rewarding long-term performance. Disclosure of performance targets for the STI prevents analysis of the extent to which the payout is adequately aligned with performance. The LTI is wholly dependent on EPS, which is not considered appropriate given that executives could potentially manipulate the payout. Accelerated vesting in the event of a change of control is possible.
GKN plc is a global engineering company. The Company is engaged in the design, manufacture and service of systems and components for original equipment manufacturers. The Company operates in four segments: GKN Aerospace, GKN Driveline, GKN Powder Metallurgy and GKN Land Systems. The GKN Aerospace segment is a supplier of airframe and engine structures, landing gear, electrical interconnection systems, transparencies and aftermarket services. The GKN Aerospace segment is a supplier of airframe and engine structures, landing gear, electrical interconnection systems, transparencies and aftermarket services. The GKN Powder Metallurgy segment is a manufacturer of sintered components and a producer of metal powder. The GKN Land Systems segment is a supplier of power management products and services. It designs, manufactures and supplies products and services for the agricultural, construction and utility vehicle markets and industrial segments.
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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In our previous short term analysis (20/10/2016), we were neutral. We remain neutral. We are waiting for a better opportunity to turn positive. Arguments : - The major support has been breached. - The 38% retracement has not been reached yet.
Lors de notre dernière analyse court terme (20/10/2016), nous avions opté pour un avis neutre. Nous restons neutre. Nous attendons une meilleure opportunité pour adopter un avis positif. Arguments : - Le support majeur est enfoncé. - Le retracement de 38% n'est pas atteint.
Notre précédent avis était neutre. Nous sommes maintenant positif avec un objectif à 340 p et un niveau d'invalidation à 303 p. La tendance haussière reprend après la consolidation. Arguments : - Les cours ont fait un pull-back sur le support (ancienne résistance), la hausse...
La présente assemblée générale est marquée par le renouvellement de quatre administrateurs et la nomination d'un nouveau membre au conseil. Malgré la non indépendance de la société Orpar nouvellement nommée, le conseil conserve une majorité de membres libres de conflit d'intérêt ce qui lui permet de se conformer au Code de gouvernance Afep/Medef qu'elle applique dans son intégralité…
Proxinvest félicite la société qui propose par la présente Assemblée de changer son mode de gouvernance pour passer d'une société anonyme à Conseil d'administration avec cumul des fonctions de Président et de Directeur Général, à une société anonyme à Conseil de surveillance et Directoire à compter du 1er septembre 2016 …
The EGM is called to approve the merger by incorporation of Exor SpA into its wholly-ownedDutch subsidiary Exor Holding NV. Through the transaction, Exor will change itscountry of incorporation from Italy to the Netherlands. The transaction is aimed atsimplifying the Group's structure, as 85% of Exor's investments are, or are indirectlyowned through, Dutch companies (i.e., Fiat Chrysler Automobiles, Ferrrari, CNHIndustrial and the global insurer PartnerRe Ltd, which is 100% held through Exor NV).Similarly to its listed subsidiaries, Exor will adopt a multiple-voting structure, granting 5votes...
Banco BPM was established in January 2017, resulting from the merger between Banca Popolare di Milano ("BPM") and Banco Popolare. During the last round of TLTRO II in March 2017, 474 European financial institutions bid for €233 billion in loans far exceeding the expected amount of €110 billion. According to Reuters, Banco BPM bid for €3.1 billion in loans (equivalent to 39% of its balance sheet funding from institutional investors, or wholesale funding). These loans have a four-year maturity and carry a 0% interest rate (which could be revised down to -0.4%).In December 2016, Fitch downgraded ...
In item 2.d, the Board proposes the distribution of a dividend of € 0.11 per sharetotalling USD 160 million, despite a net loss of USD 236 million in 2016. We have concerns over the very high consolidated net debt of USD 19'734 million, corresponding to a debt-to-market capitalization ratio of 1.8 at the end of 2016. We also note that free cash flow (USD 914 million in 2016) decreased by 52.1% from 2015, despite 21.7% lower capital expenditures, which were reduced by 56.0% from 2013. As the proposed dividend distribution is fully covered by free cash flow, and taking into account that the Comp...
In general, Proximus is in compliance with the Belgian regulations relating to the organisation and procedures of the Annual General Meeting.Under ITEM 6, the Board of Directors seeks approval for the Company's remuneration report. In light of insufficient disclosure and our other concerns with regard to the executive compensation package, we recommend opposition.There are no further peculiarities.
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