In item 4, the Board proposes to ratify the appointment of Mr. Francisco José Aljaro Navarro as CEO, to replace Mr. Reynés Massanet, who resigned in February 2018 and appointed as Chairman-CEO of Gas Natural. Mr. Aljaro Navarro has been the CFO of Abertis since 2005, and we have not identified any specific concerns over his appointment as CEO of the Company for the statutory term of 4 years. Hence, we recommend approval.
In item 6, the Board asks the shareholders to authorize the sale of Abertis' 57% stake in Hispasat to Red Eléctrica, for a minimum consideration of € 656 million. As Hispasat is the Spanish satellite communication operator, it is a national strategic asset and any changes in control are subject to the approval of the Spanish Government. The minimum price requested by Abertis for the sale of 57.0% of Hispasat corresponds to a valuation of € 1'150 million for the entire company, which is approximately 28% higher than the price agreed with Eutelsat in May 2017 for the acquisition of its 33.7% stake, which is still subject to a pending Government authorization (Red Eléctrica would replace Abertis in
the agreement at the same terms as those agreed with Eutelsat). In any case, the consideration for the sale of Hispasat shall be at least equal to the value at which it is recorded in Abertis' accounts, and the transaction will not result in any loss for the
Company. The controlling stake of Albertis in Hispasat may be used by the Spanish Government as a tool to interfere in the competing offers launched by ACS and Atlantia to acquire the Company. In our opinion, the sale of Hispasat will remove a potential
limitation to the free competition between ACS and Atlantia, allowing Abertis' shareholders to freely choose between the offers. Therefore, we recommend approval.
In item 8, shareholders are called to an advisory vote on the Annual Remuneration Report. The quality of disclosure was improved in the last year, through the disclosure of the performance conditions for the vesting of the annual bonus. However, we regret that the entire remuneration is paid in cash and there are no share ownership guidelines for executive members. Also taking into account that the severance payments, equal to 3 years of base salary plus annual bonus, exceed our voting policy limit of 2 years of remuneration, and the pension contributions are very high in our opinion (40% of the CEO's base salary), we recommend opposition.
Abertis Infraestructuras is the parent company of a group of companies engaged in the management of mobility and communications infrastructures operating in five sectors: motorway concessions, telecommunications, airports, car parks and logistics services. Its business purposes include the construction, maintenance and operation of motorways under concession in Spain and internationally; the construction of roads; ancillary construction activities, maintenance and operation of motorways, and communications and/or telecommunications for the mobility and transport of people, goods and information, under the necessary authorization, as the case may be.
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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In May 2018, Hochtief purchased 78.8% of Abertis shares through a public tender offer launched at € 18.36 per share. Hochtief increased its holding to 86.7% through market purchases made until June 13th. Taking into account that the Company holds 8.0% of the share capital in treasury shares, the minority shareholders that did not accept the offer made by Hochtief currently represent 5.3% of the share capital. On June 21st, Hochtief launched a purchase offer for the remaining 5.3% at the same price of the tender offer (€ 18.36 per share). The EGM is called to approve the delisting of Abertis' ...
Due to a reallocation of resources, Haitong Research is terminating coverage of ACS, FCC, Ferrovial, Sacyr, OHL and Abertis. Effective upon this termination of coverage, our last recommendations, fair values and estimates should not be relied upon going forward.
L'ensemble des rémunérations des dirigeants mandataires sociaux font l'objet des résolutions 6 à 11. La particularité d'Infotel est de présenter des politiques de rémunération ne comportant aucune part variable. Cette spécificité n'est pas en accord avec notre politique de vote. Toutefois, les mandataires sociaux dirigeants sont tous actionnaires à au moins 1,99% du capital et les montants sont raisonnables, ce qui atténue nos réserves et permet des recommandations positives. Les caractéristiques du conseil d'administration ne répondent pas à nos attentes en matière de gouvernance puisqu'il e...
Suite au transfert des titres de la Société sur Euronext Growth le 6 août 2018, la Société n’a plus d’obligation de se référer au Code de Gouvernance MIDDLENEXT auquel elle se référait depuis 2010 pour l’élaboration du rapport du Président sur le gouvernement d’entreprise, le contrôle interne et la gestion des risques prévu à l’article 225-37 du Code de Commerce et relatif à l’exercice clos le 31 décembre 2009. La société ne précise pas à quel code elle se réfère. Proxinvest avait déjà souligné l’année précédente que ce changement vers un marché moins règlementé était regrettable ; communicati...
Proxinvest veut attirer l'attentions sur quelques points majeures: D'une part, nous félicitons la Société pour la modification statutaire visant à réduire la durée du mandat des membres du Conseil de Surveillance de 6 à 3 ans. D'autre part, nous regrettons les montants des membres du Directoire (en cours) qui sont trop élevés par rapport à la médiane des rémunérations totales des dirigeants de leur indice. Enfin, nous encourageons la Société à améliorer le taux d'indépendance du Conseil, qui est pour le moment de seulement 25%.
Le conseil présente une majorité de membres non libres de conflits d'intérêts d’après Proxinvest à cause surtout de l’ancienneté des administrateurs qui dépasse notre seuil de 11 ans. Il est présidé par le Directeur général. Par ailleurs, les mandats d'une durée de 6 ans semblent trop longs car ils ne permettent pas aux actionnaires de se prononcer assez fréquemment sur la composition du conseil. Les différentes autorisations financières ne respectent pas la politique de vote de Proxinvest en termes de montants mais également en raison de leur possible utilisation en période d'offre publique. ...
ITEM 10: Benoit Bazin was designated Deputy CEO as of 1 January 2019. The company proposes therefore to approve its 2019 remuneration policy, as well as its post-employments benefits. Overall, his remuneration policy structure is more in line with our recommendations and amounts at stake are more moderate than the CEO’s. Thus we support it. Regarding his post-employments benefits, his severance indemnity and non-compete clause do not respect our Guidelines. However, his supplementary pension plan does. Thus, we support Item 12.
GOVERNANCE On 1 June 2018, Laurent Mignon left his position as Chief Executive Officer to become Chairman of the Management Board of BPCE, Natixis' main shareholder with 71% of the capital. He succeeded François Pérol as Chairman of the Board of Directors of Natixis and François Riahi became the new Chief Executive Officer. The Board remains composed of a majority of members who are not free of potential conflicts of interest, which makes it impossible to support most of the many co-optations and renewals proposed (resolutions 12 to 22). REMUNERATION Due to changes in governance, in a...
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