Fraud InvestigationThe deferred prosecution agreement (DPA) entered into by Tesco states that there was false accounting at Tesco Stores Ltd. in 2014 and names the former executives, Carl Rogberg, Chris Bush and John Scouler, as involved in "falsifying or concurring in the falsification of accounts." However, all three former executives have now been acquitted. Please see the attached report for further details.Equal Pay ClaimThe claim has been brought by law firm Leigh Day which claims it could apply to more than 200,000 employees of the Company with estimated pay shortfalls of as high as £20,000. The claim has been brought under the Equality Act 2010 which only requires that a claimant can compare themselves to a member of the opposite sex earning more in a role they believe is of equal value to theirs. In distribution centres, where employees are mostly male, staff can earn in excess of £11 an hour where pay for store staff, who are usually women, is commonly around £8 an hour.
Item 2: Approve the Remuneration Report The remuneration structure is unsatisfactory. The Company has increased the maximum LTI award from 250% of base salary, which was equal to the maximum bonus, to 275%. Although pay is now weighted toward the long-term, it would have been preferable to reduce the size of the bonus, which exceeds our limit of 150%. Furthermore, the Remuneration Committee adjusted the LTIP targets during the year, which does not meet best practice. We recommend shareholders oppose.
Items 17 and 18: To reappoint Deloitte LLP as auditor of the Company and authorize the Board to approve their remunerationGiven that non-audit fees are considered excessive and may undermine auditor independence, we recommend that shareholders oppose these resolutions.
Item 19: Approve the 2019 Deferred Bonus PlanAlthough deferral of the bonus can align executives' interests with the long-term, pay at the Company is now sufficiently aligned with the long-term while the maximum bonus still exceeds guidelines. Given the size of the bonus, we recommend shareholders oppose.
Tesco is a retailer. Co. and its subsidiaries are engaged in retailing and associated activities in the U.K. and Republic of Ireland; and Czech Republic, Hungary, Poland, Slovakia, Malaysia, and Thailand. Co. provides retail banking and insurance services through Tesco Bank in the U.K. Co. sells and services of motor and home insurance policies underwritten by Tesco Underwriting Limited, or in a minority of cases by a third-party underwriter. As of Feb 25 2017, Co. had a total of 6,809 stores worldwide, including 256 franchised stores.
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The general evaluation of TESCO PLC. (GB), a company active in the Food Retailers & Wholesalers industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date July 12, 2019, the closing price was GBp 242.10 and its potential was estimated at GBp 261.24.
Tesco PLC is a British groceries retailer founded back in 1919 in UK, Welwyn Garden City,where it is currently headquartered. The company operates through hypermarket andconvenience store concepts, as well as wholesale business. In addition to groceries retail,Tesco PLC provides retail banking and insurance business services. With the food retail,company operates in UK and Ireland, Central Europe (Poland, Hungary, Slovakia andCzech Republic) and Asia (Malaysia and Thailand). UK and Ireland is the main revenuegenerating business (70% of sales in 2018). Tesco PLC employs around 321 thousandemplo...
Il est proposé de modifier les statuts afin de créer la fonction de censeur et de nommer à ce poste le groupe L’Oréal, via son fonds d’investissement BOLD Business Opportunities for L’Oréal Development, qui a participé à une augmentation de capital en juin 2019 lui permettant de devenir le premier actionnaire de la société avec 17,3% du capital et des droits de vote. Bien qu'il soit légitime que le principal actionnaire de la société siège au conseil, le choix d'y figurer en tant que censeur ne sera pas soutenu. En effet, Proxinvest n'est pas favorable à la présence d'un censeur au sein du co...
Il est proposé une offre publique de rachat auprès de tous les actionnaires de la société au prix de 6,50 € portant sur 18,84% du capital. Selon la société, cette offre constitue une opportunité offerte aux actionnaires de céder leurs actions avec une prime et de trouver une liquidité que le marché ne leur offre pas aujourd’hui. Il est positif de donner aux actionnaires la possibilité de céder leurs actions. Cependant, cette opération d'OPRA pose la question de l'absence de projets d'investissements rentables identifiés par la société. Par ailleurs, le problème de liquidité soulevé semble inc...
On 28 June 2019, the Company announced that it has entered into an agreement with Motion Acquisition Ltd pursuant to which Motion Acquisition Ltd will acquire the entire issued and to be issued share capital of the Company, other than the Company shares owned or controlled by Kirkbi. Motion Acquisition Ltd is owned by Kirkbi, a wholly owned subsidiary of KIRKBI A/S, the private holding and investment company of the Kirk Kristiansen family which manages the LEGO brand, private equity giant Blackstone Core Equity Partners and Canadian pension fund CPPIB. The announcement comes just weeks after...
Under ITEM 7, the board of directors seeks approval to distribute an extraordinary dividend of SEK 6.00 per share. Although the proposed extraordinary dividend is covered by the proceeds of the divestment of Tele2’s equity stake in Kazakhtelecom (approx. SEK 1.6 billion), the repayment of the shareholder loan (SEK 2.1 billion) and the merger of the Company’s Dutch operations (SEK 1.9 billion), ECGS has general concerns over Tele2’s profit distribution and dividend policy. ECGS notes that dividends have been uncovered by EPS and/or FCF for five of the past 6 years. In addition, the Company has ...
The Company operates a dual listed company structure. Standard UK shareholder rights apply to Investec plc shareholders. Investec Ltd is incorporated and listed in South Africa. A Special Voting Share enables the shareholders of Investec plc to vote on the resolutions proposed at meetings of Investec Ltd, and has the equivalent number of votes as the number of ordinary shares in issue of Investec Ltd as at the meeting date. For this reason, we have provided voting recommendations for those resolutions proposed to Investec Plc shareholders and Investec Ltd shareholders. Leadership The Compan...
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