Report
Jehanne Leroy
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Rexel - Assemblée générale des actionnaires du 23 mai 2019


Rémunérations
Contrairement à l'année dernière, les montants attribués cette année au premier dirigeant semblent plutôt en ligne avec les performances réalisées. Aussi, bien que les montants en jeu soient quelque peu généreux, en raison d'une bonne transparence de la part de la société, et d'un bon alignement des montants attribués avec les performances e la société, nous soutenons la résolution 9 relative aux rémunérations 2018 du Directeur Général.
En revanche, concernant la politique de rémunération 2019, les seuls changements apportés par la société concernent le poids des critères financiers du bonus. Elle ne propose donc pas de remédier aux autres problèmes de la politique de rémunération du Directeur Général, et notamment les bonus cibles et maximum excessifs, mais aussi, et surtout la possibilité, dans le cadre de la rémunération long-terme, d'acquisition en cas de sous-performance. Nous ne soutenons donc pas cette nouvelle politique de rémunération.

Underlying
Rexel S.A.

Rexel distributes low and ultra-low voltage electrical products to contractors, industrial and commercial customers (industrial and commercial companies, municipalities, public entities, parts manufacturers and panel builders). Its products are used for new installations, or maintenance & repair of existing installations. Its products covers Electrical Installation Equipment, Conduits and Cables, Lighting, Security & Communication, Climate Control, Tools, White & Brown Products. Co. also offers services to its customers, such as logistics & distribution, technical assistance & training. Co. operates mainly in four geographical areas: Europe, North America, Asia-Pacific and Latin America.

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.

Proxinvest main services are :

  • ​Proxy reports
  • Definition and monitoring of client customized voting guidelines
  • Corporate Governance Data and Rating
  • Thematic research
  • Engagement support

Proxinvest has been a pioneer and champion of good corporate governance and has grown into a recognised expert in the field.

Proxinvest is independently-owned and only works for investors : Proxinvest does not provide consulting services to the companies it covers, mitigating related risks to its clients and ensuring the independence of our analysis. As a result Proxinvest is able to take a robust, independent, engaged and unconflicted view of the companies in which our clients invest.

As Managing Partner of Expert Corprate Governance Service Ltd (ECGS), Proxinvest has built a large network of corporate governance experts to support clients in corporate governance analysis worldwide. 

Analysts
Jehanne Leroy

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