Charles Pinel
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Proxy Report - 20/04/2018

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.

Proxinvest main services are :

  • ​Proxy reports
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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. 

Charles Pinel

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