Report
Expert Corporate Governance Service (ECGS)
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Etude l' AG du 20/07/2017

Item 2: Approve the Remuneration Report. Although the quantum is considered acceptable.  The structure of the executive remuneration is unacceptable given the discretion of the committee over the bonus, the maximum bonus, the lack of long-term orientation and excessive pension contributions. In addition, vesting of LTI at threshold performance is 50% (in breach with market practices) and there is a lack of disclosure of targets used under the LTIP and the annual bonus.
 
Item 5: Re-elect the Chairman. His potential aggregate time commitments exceed ECGS guidelines as he serves as Chairman of three listed companies. It is especially important for the Chairman to have sufficient time to dedicate to the Board.
 

Underlying
Royal Mail

Royal Mail is a delivery company. Co. delivers letters and parcels across the U.K. Co.'s operations and networks comprised of: UK Parcels, International & Letters (UKPIL) and General Logistics Systems (GLS). UKPIL comprises Co.'s main U.K. and international parcels and letters delivery businesses under the Royal Mail and Parcelforce Worldwide brands. It supports the provision of services for the collection, sorting and delivery of parcels and letters by Co. GLS is Co.'s European parcels business. It operates parcel delivery networks in Europe. The GLS network covers 41 European countries and nation states through a combination of wholly-owned companies and partner companies.

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
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  • Corporate Governance Data and Rating
  • Thematic research
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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
Expert Corporate Governance Service (ECGS)

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