Report
Expert Corporate Governance Service (ECGS)
EUR 500.00 For Business Accounts Only

Mediclinic, 24 July 2019

Controlling shareholderShareholders should note that, unlike most UK companies, Mediclinic has a controlling shareholder. Remgro Ltd. owns 44.56% of the share capital. There is a relationship agreement in place whereby Remgro Ltd is entitled, for every 10% of the issued share capital held, to appoint a director to Board, up to a maximum of three. The appointment of a third director is subject to the Board maintaining a majority of independent Non-Executive Directors.

Item 2: Advisory vote on the Remuneration ReportThe structure is satisfactory. Remuneration is weighted more towards rewarding long-term performance, the maximum STI award meets ECGS guidelines and the quantum is not excessive overall. However, the bonus is based on only one performance criteria and, for the second year in a row, a bonus has been paid when the Company has made a loss. Additionally, there are concerns over the severance agreement with the former CEO who continues to serve on the Board. We recommend shareholders oppose.

Underlying
Mediclinic International

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
Expert Corporate Governance Service (ECGS)

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