The present general meeting proposes a non-binding advisory vote on compensation of the managing general partner, Jean-Dominique Senard. Shareholders should note that given its status as a partnership limited by shares (Société en commandite par actions, SCA), Michelin is not required to submit to shareholders a binding resolutions on ex-post pay 2017 and ex-ante pay 2018 (remuneration policy).
Group performance over the year was satisfactory; the overall level of remuneration is acceptable for a CEO of Company belonging to the CAC40 index. Last year the Company integrated environmental and social factors into is long term incentive program in addition to a new relative TSR criterion.
However, our 2017 policy has generally been to recommend that shareholders oppose any non-binging retrospective votes in cases where the company has failed to disclose individual achievement rates for the criteria of the annual bonus, given that almost all large cap companies in France already disclose this information. We note that Michelin does not, citing reasons of confidentiality. After having been in contact with the Company regarding this practice, the Company has promised that it will going forward disclose this information, as such in light of its otherwise good excellent remuneration practices, we support the remuneration of Jean-Dominique Senard (Resolution 6).
We note that Jean-Dominique Senard benefits from a non-compete and supplementary retirement benefits that do not figure in the Statutory Auditors’ Report on Regulated Agreements and Commitments with Related Parties (resolution 4) because the Company believes given its status as an SCA it is exempted from certain articles of the French Code of Commerce, a claim which we contest. As such, we recommend that shareholders oppose this resolution.
Compagnie Generale des Etablissements Michelin is active in the tire and mobility-related service markets. Co. manufactures, distributes and sells tires for all kinds of vehicles, publishes maps and guides and operates a number of services. Co.'s operates in three segments: Passenger car/Light truck tires and related distribution; Truck tires and related distribution and Specialty businesses segment including tires for specialty vehicles and maps and guides. Co. distributes its products through two tire distribution networks: Euromaster (Europe) and TCI (U.S.A.) and its brands include Michelin, BFGoodrich, Kleber, Uniroyal, Warrior, Kormoran, Riken, Taurus and Tigar.
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Following the combination of Essilor and Luxottica, Leonard Del Vecchio is now Executive Chairman of the company and Hubert Sagnières is Executive Vice-Chairman. Therefore, the roles of chairman and chief executive are not separated. However, we note that the company indicates in its press release published on October, 1 2018 that “The Nomination and Compensation Committee will be mandated before the end of January 2019 to lead the search process for a Chief Executive Officer”. The main subject of this general meeting is related to the executives’ remuneration policy post-combination (ITEM 1)...
Suite à la finalisation du rapprochement entre Essilor et Luxottica, la gouvernance de la société a été modifiée. Ainsi, désormais, Leonardo Del Vecchio est Président Directeur général du groupe, tandis qu'Hubert Sagnières est Vice-Président Directeur général Délégué. Ainsi, les fonctions de Président du conseil et de Président de la Direction ne sont pas séparées. Notons toutefois que la société indique dans son communiqué du 1er octobre que "Mandat donné d’ici fin janvier 2019 au Comité des Nominations et Rémunérations pour lancer le recrutement d’un « Chief Executive Officer ».". Le princ...
Proxinvest attire l'attention des actionnaires sur plusieurs points. Tout d'abord sur la composition du conseil d'administration, d'après Proxinvest le conseil comporte 62,5% d'indépendants. De ce fait les renouvellements de deux administrateurs libres d'intérêts sont soutenus par Proxinvest, dans les résolutions 5 et 6. De plus le manque de transparence de la société au sujet des rémunérations des dirigeants ne permet pas à Proxinvest de soutenir les rémunérations des résolutions 7 à 10.
La présente assemblée propose à la nomination Véronique Saubot. Les informations relatives à la candidate sont complètes et n'appelle pas de remarque de la part de Proxinvest. Nous saluons cette régularisation de la société, qui se met en conformité avec la Loi Copé-Zimmermann : le taux de féminisation du Conseil est ainsi porté à 43%.
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