Gilles Michel, CEO, will resign on the 4th of May, 2018. Conrad Keijzer, appointed as deputy Chief Executive Officer on March 8, 2018, will be designated as Chief Executive Officer of the Group. We welcome the separation of functions (resolutions 7 and 10). The Board will decide at its meeting on May 4, 2018 to coopt a new independent female member who is currently being selected.
2017 remuneration for Gilles Michel : The Company has made a concerted effort to improve transparency this year by disclosing performance criteria weightings and achievement rates for the bonus. However, given the lack of a real long-term remuneration and an excessive variable remuneration, the remuneration structure is unsatisfactory. Moreover, quantum is too high. Therefore, we recommend that shareholders oppose resolution 6.
2018 remuneration policies for Gilles Michel and Conrad Reijzer: Gilles Michel will not receive a severance payment but will be entitled to a supplementary defined benefit (“Top Hat”) pension plan. Regretfully, the annuity associated with said Top Hat plan was not disclosed, in contradiction with the Macron Law (“Loi Macron”). Additionally, no information is provided regarding a potential LTIP grant.
The remuneration policy for Conrad Keijzer, incoming CEO, will include a new element (“impatriation bonus”) and the LTIP ceiling will be increased. Thus, we expect quantum to be higher next year.
Therefore, we recommend that shareholders oppose resolution 5.
Imerys is engaged in the production and the processing of minerals. Co.'s operations can be divided into four business groups: Minerals for Ceramics, Refractories, Abrasives and Foundry (minerals mainly for floor tiles, sanitaryware, porcelain, mobile energy as well as high-temperature and abrasive industries); Performance and Filtration Minerals (plastics, rubber, coatings, sealants and adhesives, health, beauty and filtration of nutrition liquids); Pigments for Paper (filler and coating products for paper) and Materials and Monolithics (construction materials in clay and slate and monolithic products and solutions for high-temperature industries).
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We expect H1 2019 to be broadly tough going, due to base effects and volatile weather conditions. We are maintaining our sector hierarchy, with pre-announcement profit taking potentially allowing investors to reposition cheaply on the materials sector while construction/concessions could offer a safe haven. Saint-Gobain and Eiffage remain our Top Picks. - >Materials: climate change is the new normal - We expect H1 2019 to be broadly tough going, with climate change ...
Nous tablons sur un S1 2019 difficile, pénalisé par des effets de base et des conditions climatiques volatiles. Nous confirmons notre hiérarchie sectorielle, les prises de profits pré-publication pourraient permettre de se repositionner, à bon compte, sur le secteur des Matériaux alors que celui de la Construction/Concessions pourrait constituer un refuge. Saint-Gobain et Eiffage restent nos valeurs préférées. - >Matériaux : le dérèglement climatique comme nouvelle norme - ...
The independent financial analyst theScreener just upgraded the general evaluation of IMERYS (FR), a company active in the Building Materials & Fixtures industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains as risky. theScreener believes, however, that a more enabling environment allows the title to increase its general evaluation to Neutral. As of the analysis date July 2, 2019, the closing price was EUR 45.52 and its expected value was estimated at EUR 43.79.
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 ...
Leadership changes Vittorio Colao was succeeded by Nick Read who was appointed Chief Executive Designate on 27 July 2018 and became Chief Executive on 1 October 2018. Margherita Della Valle joined the Board as Chief Financial Officer on 27 July 2018. Item 15: Advisory vote on the Remuneration ReportThe structure is unsatisfactory. The maximum bonus and total incentive pay exceed guidelines. The quantum for the year was excessive. Pay weighted more towards rewarding long-term performance, but there are overlapping performance conditions as free cash flow was used for both the STI and LTI. A b...
NEGOCIATIONS SUR LA RESTRUCTURATION DE LA DETTE La situation financière de Bourbon est catastrophique. La capitalisation boursière s'est effondrée au fil du temps et n'atteint plus que 144 M€ à comparer à une dette de 1,3 Md€ à laquelle s'ajoute 1,2 Md€ de crédit-bail (dont environ 1 Md€ auprès de la banque chinoise ICBC). En janvier dernier, Bourbon annonçait avoir, avec ses créanciers (représentant 75% de la dette du groupe), renouvelé le waiver général, l'autorisant ainsi à suspendre l'exigibilité de ses loyers et de sa dette. Le 5 juin 2019, les principaux créanciers du groupe (comprenan...
Négociations sur la restructuration de la dette Proxinvest avait lancé l'alerte sur les conflits d'intérêts de Jacques de Chateauvieux et les conventions règlementées en partie a l'ori0gine de cette catastrophe Opposition au renouvellement du mandat d'administrateur de Jacques de Chateauvieux Conséquences sur l'emploi
La société propose de renouveler Thierry Petit et David Dayan, co-fondateurs de la société, qui se partagent les rôles de Président-Directeur Général et de Directeur Général délégué selon un mécanisme de présidence tournante tous les 2 ans. En raison de l’absence de séparation des fonctions de Président du conseil et de Directeur général, il semble que les actionnaires aient intérêt à émettre un signal négatif d'autant que le conseil n'est pas majoritairement composé de membres libres de conflits d'intérêt potentiels et que les deux co-fondateurs bénéficient de droits de vote double (résolutio...
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