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Expert Corporate Governance Service (ECGS)
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Etude l' AG du 28/07/2017

Item 2: Approve the Remuneration Report. The structure is weighted more towards rewarding long-term performance and the quantum is not excessive.  However, the payout is not adequately aligned with performance as the LTIP targets are not challenging and overly reliant on a single performance criterion, EPS.
 
Item 3:  Approve the Remuneration Policy. The changes proposed to the Remuneration Policy do not address the main concern over remuneration at the Company, which is the use of EPS as the sole performance condition for the LTIP.  Instead, the increased award limit will allow an even higher percentage of remuneration to be determined by EPS.
 
Item 14: Appoint the Auditors. The auditor's tenure exceeds our tenure limit of 10 years. The Company conducted its last full tendering process in 1985. KPMG (and its predecessor entities) was first appointed in 1986. 
 

Underlying
Johnson Matthey PLC

Johnson Matthey is a provider of sustainable technologies. Co. operates in five divisions: Emission Control Technologies, a manufacturer of catalysts and catalyst systems that enable clean air; Process Technologies, a supplier of catalysts, licensing technologies and other services to the syngas, oleo/biochemical, petrochemical, oil refining and gas processing industries; Precious Metal Products, which include management, distribution, refining and recycling of precious metals, and fabricate products; Fine Chemicals, a supplier of active pharmaceutical ingredients and custom services for pharmaceutical customers; and New Business, which focuses on additional areas of potential growth.

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)

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