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Expert Corporate Governance Service (ECGS)
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Etude l' AG du 28/07/2017

Item 3: Approve the remuneration report. There are concerns over the structure of remuneration.  However, the quantum is not excessive and even maximum potential amounts are moderate.  The LTI includes relative TSR as a performance metric and performance metrics are considered sufficiently challenging.
 
Item 4: Approve the remuneration policy. The changes proposed to the Remuneration Policy strengthen the alignment between pay and performance as they pivot variable compensation more towards long-term performance and do not increase the total quantum beyond the limits set out in our guidelines.  Nevertheless, the structure is not weighted more towards rewarding long-term performance in normal situations and accelerated vesting in the event of a change of control is possible.
 
Items 14 and 15:  Appoint the auditor and authorise the Board to approve their remuneration.  Non-audit fees are considered excessive and may undermine auditor independence.

Underlying
United Utilities Group

United Utilities Group is a water company. Through its subsidiary, United Utilities Water Limited, Co. provides water and wastewater services to peoples in the North West of England.

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
Expert Corporate Governance Service (ECGS)

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