In general, Copenhagen Airport ("CPH") is in compliance with the Danish regulations relating to organisation and procedures of the Annual General Meeting.
Under ITEM 4, the Board of Directors proposes to distribute a total dividend of DKK 140.83 per share, corresponding to 100% of EPS. ECGS notes that over the past 6 years 100% of net income has been distributed to the Company's shareholders, and dividend distributions were not fully covered by Free Cash Flow. In ECGS' view this is not a sustainable dividend policy and it therefore recommends to vote OPPOSE.
Under ITEM 5.a, it is proposed to re-appoint Mr. Lars Nørby Johansen as Chairman of the Board of Directors. Mr. Nørby Johansen also chairs the Chairmanship, which is responsible for the tasks of a Nominations Committee. ECGS has concerns over the level of female representation on the Board and, based on its guidelines, the (re-)election of the Chairman of the Nominations Committee is the most appropriate agenda item to express such concerns. Therefore, ECGS normally would have recommended opposition. However, considering that the proxy card does not permit this, it recommends abstention instead.
Under ITEM 6, shareholders are called to a binding vote on the remuneration policy. The aggregate executive compensation is fairly moderate (DKK 12.7 million in 2018, equal to approximately EUR 1.7 million), but we strongly regret that the Company does not disclose individual remuneration paid to the CEO and the performance metrics used to calculate the annual and long-term incentives. Therefore, ECGS recommends to vote OPPOSE.
Under ITEM 8, the Board of Directors proposes to re-appoint PricewaterhouseCoopers as the Companyns statutory auditor. In light of the substantial amount of non-audit related fees (67% of audit fees on an aggregate 3-year period), and the excessive tenure of the auditor (24 years), ECGS normally would have recommended opposition. However, considering that the proxy card does not permit this, it recommends abstention instead.
Kobenhavns Lufthavne owns and operates the airports at Copenhagen and Roskilde. Co. makes its infrastructure, buildings and service facilities available to companies that have business operations at the airport. Co.'s activities are divided into three business segments: Aeronautical, Non-aeronautical and International. The Aeronautical business comprises the operations and facilities which the airports make available so that airlines can operate their flights. The Non-aeronautical business comprises the facilities and services provided at the airports to passengers and others. The International business comprises the consulting services to associated companies and other airports.
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In general, Copenhagen Airport ("CPH") is in compliance with the Danish regulations relating to organisation and procedures of the Extraordinary General Meeting.Under ITEM 1, it is proposed to newly appoint Mr. Weuder as Vice Chairman of the board of directors. Mr. Weuder is not considered independent as he is a representative of ATP, which indirectly is a major shareholder of the Company. Although ECGS notes a lack of independent representation on the board, it supports the appointment of significant shareholder representatives as long as no shareholder is over-represented or controls the boa...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...
Le renouvellement des mandats de Philippe Maubert, Christophe Maubert, Catherine Canovas, et Lionel Picolet sont soumis à l’approbation des actionnaires. Au regard du manque d’indépendance au conseil d’administration, Proxinvest s’opposera aux résolutions 5 à 8. La politique de rémunération pour 2019 présentée par la société dans le Rapport de Gouvernance d’entreprise est très insuffisante. L’absence de nombreuses informations ne permet pas à l’actionnaire d’estimer la rémunération attribuable aux dirigeants pour 2019. Ainsi, Proxinvest s’opposera à la résolution 9. Concernant la rémunératio...
GouvernanceLa société propose le renouvellement de 3 administrateurs et la nomination de 2 administrateurs indépendants. Parmi les renouvellements proposés figure celui de Julie Guerrand. Selon la politique de vote de Proxinvest, en cas de conseil ne comprenant pas une majorité de membres indépendants, Proxinvest soutient 1 représentant pour chacun des 3 principaux actionnaires. En l'occurrence, le représentant le plus légitime de H51, le premier actionnaire, est sa Présidente, Julie Guerrand. Nous soutenons donc son renouvellement, mais pas celui de M. Bauer. Concernant Mme Sénéquier, bien qu...
Le conseil n'est pas majoritairement composé de membres libres de conflits d'intérêts. Par conséquent, parmi les renouvellements proposés, seul le Président du conseil sera soutenu en raison de la séparation des fonctions avec la Direction Générale (résolutions 5 à 7). En ce qui concerne la rémunération 2018 du Directeur Général, l'absence de communication des taux de réalisation de chacun des critères financiers du bonus constitue un manque rédhibitoire pour Proxinvest. Par ailleurs, l'attribution d'actions gratuites est basée sur des critères non vérifiables et qui sont calculés sur une pér...
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