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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The independent financial analyst theScreener just lowered the general evaluation of IMERYS (FR), active in the Building Materials & Fixtures industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date December 18, 2018, the closing price was EUR 41.50 and its target price was estimated at EUR 39.42.
IMERYS - NEUTRAL | EUR65(+44%) Investment case further polluted by the talc issue Reuters investigation puts pressure on J&J share price Numerous claims pending Financial and reputation risk cannot be overlooked We stick with our cautious approach in this context
Item 1: Approve the share consolidation The Board requests shareholder approval to implement a share consolidation on the basis of 19 new ordinary shares for every 20 existing ordinary shares held. The consolidation is intended to maintain comparability, as far as possible, of the Company’s share price before and after the payment of a special dividend of $2.621 per share. The special dividend is equivalent to 5% of the market capitalisation of the Company as at 14 December 2018. The Company has implemented a series of share consolidations, returning funds to shareholders in this way in 2012...
Item 1: Approve Share Buybacks Shareholder approval is being sought to authorise the Company to make market purchases of its ordinary shares following the inclusion of a typographical error in the resolution granting authority at the 2018 AGM. This error meant that the authority granted at that meeting has already expired. As there is currently no authority in place, the Board proposes the standard share repurchase authority for the UK market with period ending until the earlier of 25 October 2019 (being the later date set out in in the resolution granting authority at the 2018 AGM) and the ...
Afin de pouvoir remplir au mieux la mission de surveillance et de protection de l’ensemble des actionnaires qui lui incombe, il nous semblerait préférable que le conseil ne soit pas composé de seulement cinq membres dont deux personnes de la famille du principal actionnaire. La société fait preuve de légèreté dans la transparence des informations communiquées aux actionnaires en matière de rémunération. Par conséquent, la plupart des résolutions référentes aux rémunérations des dirigeants connaitront un recommandations négatives au regard de ce manque de transparence. Dans la même optique, ...
Assemblée sans sujet particulier, à l'exception des réserves émises par Proxinvest concernant les comptes annuels avec son association d'un quitus et l'absence de comptes consolidés. Contactée par Proxinvest, la société nous a indiqué que l'absence de comptes consolidés et de ce fait de résolution pour les approuver était liée au fait que la filiale Festival basée à Madagascar avait été cédée début 2016. Cependant Proxinvest s'interroge puisque dans les annexes des comptes annuels à la page 23, la société présente une filiale : Festiveo. Ainsi la société devrait communiquer des comptes conso...
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