Report
Expert Corporate Governance Service (ECGS)
EUR 1000.00 Purchase single report

Intertek Group - AGM 23 May 2019

Item 2: Approve the Remuneration Policy

The changes proposed to the Remuneration Policy are acceptable given ECGS guidelines.  However, there are ongoing concerns with the remuneration policy. The maximum bonus exceeds guidelines, accelerated vesting is possible and benefits are excessive.  The LTI is overly reliant on EPS. Over-reliance on EPS could result in management making decisions to maximize profits for the short term, often at the expense of long term shareholder value.  Accordingly, we recommend that shareholders oppose this resolution.

 Item 3: Approve the Remuneration Report

The structure is unsatisfactory.  Pay is only slightly aligned toward the long-term.  The variable remuneration is just above ECGS guidelines for the year.  As we have expressed our concerns over the remuneration policy in the previous item and the quantum for the year is moderate, we recommend shareholders vote in favor.

Underlying
Intertek Group PLC

Intertek Group provides Assurance, Testing, Inspection and Certification (ATIC) services. Co.'s segments comprised of Products, Trade and Resources. Co.'s products-related division consists of business lines that are focused on quality and safety of physical components and products, as well reducing risk through assessing the operating process and quality management systems of its customers. Co.'s trade division consists of three Global business lines, Cargo & Analytical Assessment, Government & Trade Services, and Agriculture business. Co.'s resources division consists of two business lines, Industry Services, and minerals business.

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.

Proxinvest main services are :

  • ​Proxy reports
  • Definition and monitoring of client customized voting guidelines
  • Corporate Governance Data and Rating
  • Thematic research
  • Engagement support

Proxinvest has been a pioneer and champion of good corporate governance and has grown into a recognised expert in the field.

Proxinvest is independently-owned and only works for investors : Proxinvest does not provide consulting services to the companies it covers, mitigating related risks to its clients and ensuring the independence of our analysis. As a result Proxinvest is able to take a robust, independent, engaged and unconflicted view of the companies in which our clients invest.

As Managing Partner of Expert Corprate Governance Service Ltd (ECGS), Proxinvest has built a large network of corporate governance experts to support clients in corporate governance analysis worldwide. 

Analysts
Expert Corporate Governance Service (ECGS)

Other Reports on these Companies
Christophe-Raphaël Ganet ...
  • Emira Sagaama
  • Jean Sassus
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
Christophe-Raphaël Ganet ...
  • Emira Sagaama
  • Jean Sassus
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
Other Reports from Proxinvest
Other Reports from these Analysts

ResearchPool Subscriptions

Get the most out of your insights

Get in touch