Deux résolutions soumettent au vote des actionnaires les politiques de rémunération du Directeur Général et du Président du conseil pour 2017 (articles L225-37-2 et L225-82-2 du Code de commerce créés pas la loi n°2016-1691 du 9 décembre 2016 dite Loi « Sapin 2 »). Cependant, la société ne fournit aucune information concernant la politique de rémunération pour 2017. Il semblerait que la société fasse une confusion entre la résolution issue de la loi Sapin II qui soumet au vote la politique de rémunération pour 2017 et la résolution Say on Pay du code Afep-Medef qui soumet au vote les rémunérations attribuées au titre de l’exercice 2016.
Par ailleurs, la société manque énormément de transparence concernant les rémunérations attribuées à son Directeur Général. En effet, elle ne justifie pas le versement d’une prime exceptionnelle de 25 000 € et ne valorise pas une attribution d’actions gratuites.
Le montant des jetons de présence est très élevé au regard de la taille du conseil et de la société. Ils servent principalement à rémunérer de façon très importante le Président et le Vice-Président.
Porduits Chimiques Auxiliaire et de Synthese (PCAS) and its subsidiaries produces and markets fine chemicals and specialty chemicals, offering a complete range of services. Its products include molecules and active ingredients designed to meet specific characteristics and performance criteria defined by or in partnership with customers. Co. is supported by extensive R&D capabilities and flexible and polyvalent production facilities. Co. markets its products to five global target markets: pharmaceutical synthesis and dosage forms, aroma chemicals-cosmetics, photochemistry and new technologies, industrial specialty chemicals and fine inorganic chemistry.
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Item 3: Approve the Remuneration ReportThe remuneration structure is satisfactory, though accelerated vesting is possible. Potential and actual total variable remuneration exceed guidelines, but not very much. They are moderate in comparison with UK market practice. Overall, the quantum during the year was not excessive. We recommend shareholders vote in favor.
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 ...
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