La société soumet au vote des actionnaires la cooptation d'une administratrice, Eléonore Sidos, en remplacement d'un administrateur indépendant démissionnaire. Nous regretons que la société ai choisi une administratrice membre de la famille du dirigeant, car le taux d'indépendance du conseil chute à 45,45%, ce qui est inférieur aux exigences de notre politique de vote.
De plus, conformément aux exigences de la loi Sapin 2, la société soumet au vote des actionnaires sa politique de rémunération du Président Directeur Général et du Directeur Général Délégué. Si les montants et les plafonds établis ne sont pas excessifs, le manque de transparence de la société est notable concernant les critères de performance et le montant de la rémunération fixe.
Vicat specializes in the production and marketing of cement, ready-mixed concrete and aggregates. Co. is also engaged in other activities which are: transport brokering (transporting materials and merchandise to large work sites) and contract work, production of prefabricated concrete products, fabrication of building products and paper. Co.'s business is divided into four segments: Cement, Ready-Mixed Concrete, Aggregates and Other Products and Services. Co.'s activities are conducted in eleven countries across Europe, North America Asia, Africa and the Middle East such as: France, U.S.A., Italy, Switzerland, Turkey, Egypt, Senegal, Mali, Mauritania, Kazakhstan and India.
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.
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Proxinvest attire l’attention des actionnaires sur les points suivants : Tout d’abord le conseil d’administration n’est pas majoritairement libre de conflits puisque Proxinvest comptabilisé seulement 4 membres libres de conflits d’intérêts sur 11 membre du conseil soit 36,36% d’indépendance. Ensuite concernant la rémunération des dirigeants, la société fait encore preuve d’un manque de transparence au sujet des rémunérations variables et exceptionnelles.
In general, Volvo is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEMS 14.1-14.10, the (re-)election of the board of directors is proposed.In light of concerns over aggregate time commitments, ECGS recommends to vote OPPOSE to the (re-)election of: Ms. Martina Merz (ITEM 14.7). Under ITEM 18, the board of directors seeks approval of the Company's executive remuneration guidelines. Although no (material) changes are proposed, ECGS is missing an actual LT component (with a performance measurement period of at least...
In item 5.1, the Board proposes to reduce the number of members from 18 to 16, by not fulfilling the vacancies created by the end of the mandate of 2 independent Directors. We strongly regret that the Board size is achieved through a lower independent representation. As we have concerns over the lack of independence (44%) and the excessive representation of major shareholders (50% of Directors with 40.6% of the share capital through a shareholders' agreement) on the Board, we recommend opposition. Due to our concerns over the composition of the Board, we also recommend that shareholders oppos...
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