Report
Jehanne Leroy
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Etude de l'AG du 17/05/2017

Pour 2017, la société propose d’augmenter la rémunération fixe de M. Caine à 700 000 €. En contrepartie, elle propose d’abaisser les bonus cible et maximum à 100% et 135% du fixe (contre 109% et 163% en 2016). Il aurait été préférable que cette augmentation du fixe soit plus progressive et lissée dans le temps de façon à ce qu’elle soit moins brutale et plus linéaire.
En sus, il est proposé la mise en place d'une composante long-terme à la politique de rémunération du premier dirigeant.

Ainsi, la rémunération 2017 présente une structure plus proche des recommandations de Proxinvest que celle qui avait cours jusqu'à présent.

Par ailleurs, les montants restent tout à fait raisonnables (la rémunération maximum 2017 de 2 122 500 € représente 80% de la médiane du SBF 120) et la société indique qu'en 2017, elle améliorera sa communication (elle communiquera les taux de réalisation individuels des critères financiers du bonus).

Nous soutenons donc la résolution 7 portant sur le vote contraignant ex ante de la politique de rémunération 2017 du Président Directeur Général.

Underlying
Thales S.A.

Thales is an electronics and systems group, serving defense, aeronautics, transport, space and security markets. Co.'s operations can be divided into four operating segments: Aerospace (Avionics, Space), Transportation (Ground Transport Systems), Defence & Security (Secure Communications & Information Systems Land and Air Systems, Defence Mission Systems), and DCNS. Co. designs and delivers systems for all four environments: air, land, sea and space. These systems detect and assess threats, manage information, support command decisions and control engagements through to threat neutralization. Co. is active in ground transportation; air transport; navigation systems.

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
  • Definition and monitoring of client customized voting guidelines
  • Corporate Governance Data and Rating
  • Thematic research
  • Engagement support

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
Jehanne Leroy

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