Report
Anaïs Dudout
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Proxy Report - 03/05/2018

HIGHLIGHTSITEM A AND B
 
Amber capital owns 3.9% of Lagardère’s share capital, and asked the company to add two items to the agenda concerning the election of two new Directors on the Supervisory Board: Helen Lee Bouygues and Arnaud Marion. Due to Marion’s past experiences and lack of conflicts of interest, we recommend approval of his election.
 
ITEM 4
 
The Company still does not recognize the entire remuneration granted to Arnaud Lagardère. He obtained €1 000 000 in the form of a profit margin on the regulated agreement (with Lagardère Capital & Management) and an additional €1,788,000 as statutory dividend for his role as General Partner of the partnership limited by shares (SCA).
 
 
ITEM 4 TO 7
 
The structure of the remunerations does not follow good governance principles. Firstly, the variable remuneration of Deputy CEOs is defined with qualitative criteria weighing at 50%.
Moreover, the performance criteria for STI and LTI are similar, which is not challenging.

Underlying
Lagardere Groupe

Lagardere Groupe is a holding company. Through its subsidiaries, Co. is engaged in the media industry (news, education, culture and entertainment businesses). Co.'s main activities in the media industry can be divided into four separate divisions. Lagardere Publishing includes Co.'s Book Publishing and e-Publishing businesses. Lagardere Active encompasses Co.'s Magazine Publishing, Audiovisual (Radio, Television, Audiovisual Production), Digital and Advertising Sales Brokerage businesses. Lagardere Services encompasses the Travel Retail and Distribution businesses. Lagardere Unlimited specializes in sports and entertainment.

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.

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Analysts
Anaïs Dudout

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