Nous alertons l'entreprise sur le manque d'indépendance de son conseil de surveillance. En effet, seulement 30% des membres du conseil sont considérés comme libres de conflits d'intérêt selon Proxinvest, tandis que la société estime que son conseil est indépendant à au moins 50%. La société devrait davantages suivre les recommandations de son code de gouvernance afin de juger de l'indépendance de son conseil avec plus de justesse.
La rémunération des dirigeants pose également problème sur plusieurs points : des problèmes de structure (augmentation non justifiée du fixe, rémunération actionnariale trop importante), des problèmes de transparence (concernant le "management agreement"), des problèmes de transparence (concernant les critères de performance du bonus annuel) et des problèmes de quantum, avec une rémunération totale potentiellement trop importante en comparaison des sociétés à capitalisation proche. Par conséquent, nous ne soutiendrons pas les résolutions 12 et 14.
Valneva, together with its subsidiaries, is focused on vaccine development and antibody discovery. Co. generates revenue from both its marketed product, a vaccine for the prevention of Japanese encephalitis (IXIARO®/JESPECT®), commercial partnerships around a portfolio of product candidates and licensed technology platforms (EB66® cell line, VIVA,Screen antibody discovery technology, and the IC31® adjuvant) developed by Co. Related business activities include product research and development, regulatory and clinical activities, manufacturing of commercial product and advanced clinical product candidates, as well as administrative, corporate development, and marketing and sales activities.
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The IEA has devised a scenario for decarbonising the cement industry in line with the 2°C target. While the global trajectory seems plausible, the considerable weighting of carbon capture raises questions. European cement makers are lagging behind but have the wherewithal to make a significant contribution to the industry’s low-carbon transition. Cf. report published this morning. - - ...
>GSK hands back rights for VLA15 - Valneva announced on the evening of Thursday, 20 June 2019, the end of the strategic alliance with GSK for VLA15, the Lyme disease vaccine candidate. This alliance was initially entered into between their respective predecessors Novartis (which has since sold its vaccines division to GSK) and Intercell (which has since merged with Vivalis to form Valneva) and the decision to terminate it was taken by mutual agreement between the two ...
L’AIE a construit un scénario de décarbonation de l’industrie du ciment en ligne avec l’objectif 2°. Si la trajectoire globale apparaît plausible, le poids considérable de la capture carbone interroge. Les cimentiers européens, en retard, disposent d’atouts pour s’affirmer dans la transition bas-carbone de l’industrie. - Cf. étude publiée ce matin. - ...
Item 3: Approve the Remuneration ReportThe remuneration structure is satisfactory, though accelerated vesting is possible. Potential and actual total variable remuneration exceed guidelines, but not very much. They are moderate in comparison with UK market practice. Overall, the quantum during the year was not excessive. We recommend shareholders vote in favor.
Item 3: Approve the Remuneration Report The structure is weighted more heavily towards short-term performance. One of the performance metrics for the LTI is the payment of sustainable dividends, which is not considered appropriate as executives can potentially influence the payout level. The LTI also includes relative TSR as a performance metric. Nevertheless, the quantum is not excessive and even maximum potential amounts are moderate. On balance, we recommend shareholders vote in favor. Item 4: Approve the Remuneration PolicyThe main concern with the Company's remuneration policy is that pa...
Item 2: Approve the Remuneration ReportThe remuneration structure is unsatisfactory. The main concern at the Company is that the potential maximum incentive pay including the bonus, matching shares on the deferred portion of the bonus and the LTI amounts to 1000% of base salary, which is considered grossly excessive. Actual incentive pay during the year was1.6 times the ECGS limit. Furthermore, variable remuneration is overly reliant on a single performance metric, benchmark profit before tax. A second performance criteria will be used in the coming year. We note that the Company has adjusted ...
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