Report
Jehanne Leroy
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Proxy Report - 17/04/2018

ITEM 4: The board proposes to renew the Chairman and CEO, Xavier Huillard. Proxinvest and the ECGS do not support the combination of Chairman and CEO functions. However, some exceptions can be made taking into account the Chairman and CEO’s influence on the company’s governance, stock performance and environmental performance. In Mr Huillard’s case, he maintained a fair shareholders democracy, the board has now a majority of independent members, the share price performance is quite fair (and way better than the CAC 40), and we commend the company’s environmental performance. Hence, we support his re-election.

ITEM 13: Mr Huillard’s new remuneration policy for 2018-2022 is not satisfactory. His fixed remuneration is increased by 20%, without counterpart (decreasing the maximum bonus for example). It will highly exceed the index and sector medians. His maximum total remuneration will now be €9.36 M vs €4.33 M previously (+116%). This is not acceptable.

Underlying
Vinci S.A.

Vinci is engaged in building, civil engineering and facilities management. Through its subsidiaries, Co. is engaged in five divisions comprising of: the Building division which provides retail solutions including construction and fit-out in both the retail and commercial sectors; the Civil Engineering division; the Air division which provides program management, engineering and construction services to customers with airport infrastructure requirements; the Technology division; and the VINCI Facilities division which provides facilities management, repair and maintenance and small works in both the private and public sectors.

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
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  • 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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