Jean-Pierre Clamadieu ayant annoncé son départ pour prendre la présidence du conseil d'Engie, le processus de sélection d'un successeur est en cours, M. Clamadieu assurant temporairement la poursuite de ses fonctions.
Proxinvest observe que Solvay continue d'afficher une bonne progression dans ses résultats cette année, ce qui lui permet d'augmenter son dividende, qui passe à 3,60 € par action. Solvay a continué à démontrer qu'une société familiale pouvait disposer d'un conseil d'administration majoritairement independent (56% d'indépendance) avec une séparation des fonctions de Président et Directeur Général. Proxinvest note toutefois un taux de féminisation de seulement 37,5%, ce qui reste insuffisant.
La société a pu expliquer à Proxinvest les raisons de l'absence de conditions de performance sur les stock-options à la lumière du contexte belge (cf. résolution 2). Proxinvest félicite la société pour l'amélioration de sa transparence sur les rémunérations et les évolutions de politique de rémunération, notamment l'ajout d'un critère de performance lié aux réductions des émissions de carbone pour l'acquisition des Performance Share Units. La rémunération totale excède malheureusement légèrement la rémunération maximale socialement acceptable de Proxinvest.
Solvay is engaged in chemical and plastic businesses worldwide. Co. offers chemical products such as advanced materials, barium strontium, calcium chloride, caustic soda, chlorinated products, fluor, peroxygen products, polyglycerols, precipitated calcium carbonate, soda ash, and sodium bicarbonate. It also provides specialty polymers, such as Spire ultra polymers, Solviva biomaterials, and sulfone polymers. Co. structures its activities around five operating segments: Advanced Formulations, Advanced Materials, Performance Chemicals, Functional Polymers and Corporate & Business Services, each with its own specific business model and each comprised of Global Business Units (GBUs).
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 :
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.
A director at Solvay SA bought 2,000 shares at 86.100EUR and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board mem...
We recently held our 14th Sustainability Forum, a unique platform for SRI investors to meet with companies to discuss CSR themes and to assess their strategies in light of prevailing trends and long-term challenges. Among the key recurring themes this year were the formulation of an overarching “raison d’être”, defining carbon targets in line with the 2°C trajectory (SBT - science based targets), the circular economy and talent retention. - - >A “raison d’être” approach: a...
Nous avons organisé, pour la quatorzième fois, notre Sustainability Forum, un évènement unique permettant aux investisseurs ISR de rencontrer les entreprises sur les thématiques E, S et G et d’en évaluer la stratégie à l’aune des tendances et des enjeux de long terme. Nous relevons des thématiques particulièrement récurrentes pour ce millésime : la formulation d’une raison d’être structurante, la définition d’objectifs carbone s’alignant sur une trajectoire 2° (SBT – Science Base...
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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