The company is experiencing a change in governance structure: Mr. Daniel César Salles Vasques resigned as Chief Executive Officer and Director in October 2017. In this context, Mr. Daniel Julien was appointed Chairman and Chief Executive Officer and Mr. Olivier Rigaudy was appointed Deputy Chief Executive Officer on October 13, 2017, the latter retains his employment contract and his functions as Group Chief Financial Officer.
We are generally not in favor of the combination of the positions of CEO and Chairman. Exceptions to this role can be made if the company has implemented checks to the Chairman-CEO’s power (counter-powers). Whereas we were able to identify such measures at Teleperformance, we regret that the Chairman-CEO has not proposed eliminating the double voting rights regime, of which he is major beneficiary given his capacity as one of the Company’s largest shareholders.
Proxinvest recommends that shareholders oppose the €12M awarded to the outgoing CEO which consists of €9M «golden parachute» linked his non-competition agreement. The severance pertaining to Danile Julien is also egregious as it could pay him up to €9M. We voice our concerns regarding this severance in resolution 4.
The remuneration of the Chairman and Chief Executive Officer, Daniel Julien, reached € 4.71 million and that of Paulo César Salles Vasques, Chief Executive Officer, € 12.22 million for the 2017 financial year. Although the allocation of Perfromance shares did not every three years, the total remuneration of Messrs. Julien and Vasques in 2017 remains high. The company has therefore not taken into account the particularly high protest vote in 2017 shareholders who we strongly recommend to reoffend. Although we welcome the efforts made to reduce the amount of their total remuneration in 2017 (that of the CEO has been divided by 3, that of Vasques has decreased by 28.5%), but in reality this
decrease is due to non-compliance. allocation of bonus shares for the financial year ended December 31, 2017, as previously stated, the bonus share allocation plan is set every 3 years.
Whereas Daniel Julien has accepted a 30% reduction in his base salary for 2018, this reduction is completely offset by the significant increase in his bonus.
Teleperformance is engaged in outsourced customer experience management. Co. delivers integrated solutions to corporations and administrative bodies worldwide to manage all aspects of the customer-relations cycle on their behalf. Co.'s activities include four core business areas: customer care (these are services provided as part of customer service management); technical support; debt collection; and business information and marketing actions. As of Dec. 31, 2013, Co. had approximately 110,000 computerized workstations across 46 countries. Co.'s client includes industries like Telecoms, Internet, Financial services, Technology/media, Insurance, Government sector and Utilities.
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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Int'l Human Resources & Employment Services Groups are bottoming -- add exposure Our international Human Resources & Employment Services Groups (SV-10, -11, and -12) are showing signs of price and RS bottoms throughout Japan, Europe, and the UK... see charts below. We believe short-term pullbacks in the names highlighted today should be bought, particularly in light of the Fed hinting at increased flexibility and the potential for improving trade headlines. Today we highlight our favorite setups within our int'l HR & Employment Services Groups: Recruit Holdings Co., Ltd. (6098-JP), PERSOL ...
>The creation of the post of head of Sustainability (a first at the group level) reflects the weight of non-financial issues at group level. This new organisation should be backed by a genuinely sustainable development strategy and, thus, a harmonisation of the group’s actions and initiatives at this level. We think that the latitude afforded to the group’s subsidiaries has resulted in varying degrees of commitment on a certain number of social and environmental subj...
>La création d’un poste de directrice RSE groupe (une première) témoigne de la prégnance des sujets extra-financiers à l’échelle du groupe. Cette nouvelle organisation doit accoucher d’une authentique stratégie de développement durable et, ce faisant, d’une harmonisation des actions et initiatives du groupe en la matière. Nous avons le sentiment que la latitude donnée aux filiales a débouché sur un engagement à géométrie variable sur un certain nombre de sujets socia...
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 ...
NEGOCIATIONS SUR LA RESTRUCTURATION DE LA DETTE La situation financière de Bourbon est catastrophique. La capitalisation boursière s'est effondrée au fil du temps et n'atteint plus que 144 M€ à comparer à une dette de 1,3 Md€ à laquelle s'ajoute 1,2 Md€ de crédit-bail (dont environ 1 Md€ auprès de la banque chinoise ICBC). En janvier dernier, Bourbon annonçait avoir, avec ses créanciers (représentant 75% de la dette du groupe), renouvelé le waiver général, l'autorisant ainsi à suspendre l'exigibilité de ses loyers et de sa dette. Le 5 juin 2019, les principaux créanciers du groupe (comprenan...
Négociations sur la restructuration de la dette Proxinvest avait lancé l'alerte sur les conflits d'intérêts de Jacques de Chateauvieux et les conventions règlementées en partie a l'ori0gine de cette catastrophe Opposition au renouvellement du mandat d'administrateur de Jacques de Chateauvieux Conséquences sur l'emploi
La société propose de renouveler Thierry Petit et David Dayan, co-fondateurs de la société, qui se partagent les rôles de Président-Directeur Général et de Directeur Général délégué selon un mécanisme de présidence tournante tous les 2 ans. En raison de l’absence de séparation des fonctions de Président du conseil et de Directeur général, il semble que les actionnaires aient intérêt à émettre un signal négatif d'autant que le conseil n'est pas majoritairement composé de membres libres de conflits d'intérêt potentiels et que les deux co-fondateurs bénéficient de droits de vote double (résolutio...
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