Report
Jehanne Leroy
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Proxy Report - 17/05/2018

ITEMS 9 to 14: The main object of this AGM is the Acquisition of Westfield by Unibail-Rodamco. This operation is strategically consistent and financially acceptable for Unibail’s shareholders. Impacts of shareholding and on governance are also acceptable as the shareholding will remain widespread and the Supervisory Board will still have a majority of independent members.

ITEMS 25 and 26: However, in the event of completion of the Transaction, the remuneration policy of Management Board members will be modified. It will mainly integrate increases of the fixed remuneration (+25% for the Chairman of the Management Board) and of the maximum bonus (+66.67). Hence, the maximum total remuneration will increase from €4 M to €5.6M (+40.6%).
To adopt inflationary American practice is not acceptable and we do not support these resolutions.

Underlying
WFD Unibail-Rodamco

Unibail Rodamco SE is a France-based commercial property investment company operating in the commercial real estate industry. The Company is engaged in the development, construction, and management of real estate in Europe. Its assets portfolio is divided into three main business segments: Shopping Centers, which include shopping centers in France, Spain, the Netherlands, Denmark, Sweden, Finland, Poland, the Czech Republic, Slovakia and Austria; Offices, comprising a number of business premises, warehouses and workshops located mainly in the Paris central business district and La Defense; and Convention and Exhibition complexes in Paris through two companies, Viparis and Comexposium, which are jointly owned by the Company and the Paris Chamber of Commerce and Industry (CCIP). Viparis manages a portfolio of venues in Paris, while Comexposium operates as an event organizer in France.

Provider
Proxinvest
Proxinvest

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Analysts
Jehanne Leroy

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