Assemblée générale annuelle classique pour la société Montagne et Neige Développement.
Proxinvest regrettera cette année encore que la société ne sépare pas le vote du quitus à celui de l'approbation des comptes sociaux, ce qui nous contraint à ne pas soutenir la 1ère résolution.
On regrettera que la société n'ait pas mis à disposition de ses actionnaires le rapport spécial des commissaires aux comptes sur les conventions et engagements réglementés, ce qui entraine la aussi une recommandation négative sur la 4ème résolution.
Enfin, Proxinvest regrettera que la société demande à ses actionnaires cette année encore l'autorisation d'émission de bons Breton, véritable dispositif anti OPA.
Montagne et Neige Developpement SAS. Montagne et Neige Developpement SA is a France-based company that helps customers develop, equip and protect their infrastructures at high altitudes, such as ski areas, mountain resorts, highways and mining sites. It is active in the field of mountain infrastructure and a low-impact and alternative mode of urban transport. The Company operates in three main sectors: Mountain, Cableway Urban Transport and Process. The Mountain sector includes safety, leisure, snowmaking and ski lifts; the Cableway Urban Transport include cable-mounted urban transport system designed to fit into urban and peri-urban environments; Process segment is engaged in the production and warehousing activities of the Company.
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Proxinvest attire l'attention des actionnaires sur plusieurs points. Tout d'abord la composition du conseil d'administration ne respecte pas les préconisations de Proxinvest. Ainsi d'après les informations actuelles, le conseil ne comporte qu'un seul membre libre de conflits d'intérêts. Ainsi le taux d'indépendance ne représente que 20% ce qui est bien en dessous de notre seuil de 50%. Ensuite le manque de transparence sur la politique de rémunération des dirigeants ne permet pas aux actionnaires d'apprécier les montants en jeu. Ainsi les résolutions 5 et 6 connaitront une recommandation nég...
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Item 3: Approve the Remuneration Report The structure is weighted more heavily towards short-term performance. One of the performance metrics for the LTI is the payment of sustainable dividends, which is not considered appropriate as executives can potentially influence the payout level. The LTI also includes relative TSR as a performance metric. Nevertheless, the quantum is not excessive and even maximum potential amounts are moderate. On balance, we recommend shareholders vote in favor. Item 4: Approve the Remuneration PolicyThe main concern with the Company's remuneration policy is that pa...
Item 2: Approve the Remuneration ReportThe remuneration structure is unsatisfactory. The main concern at the Company is that the potential maximum incentive pay including the bonus, matching shares on the deferred portion of the bonus and the LTI amounts to 1000% of base salary, which is considered grossly excessive. Actual incentive pay during the year was1.6 times the ECGS limit. Furthermore, variable remuneration is overly reliant on a single performance metric, benchmark profit before tax. A second performance criteria will be used in the coming year. We note that the Company has adjusted ...
Leadership changes Vittorio Colao was succeeded by Nick Read who was appointed Chief Executive Designate on 27 July 2018 and became Chief Executive on 1 October 2018. Margherita Della Valle joined the Board as Chief Financial Officer on 27 July 2018. Item 15: Advisory vote on the Remuneration ReportThe structure is unsatisfactory. The maximum bonus and total incentive pay exceed guidelines. The quantum for the year was excessive. Pay weighted more towards rewarding long-term performance, but there are overlapping performance conditions as free cash flow was used for both the STI and LTI. A b...
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