Report
Jehanne Leroy
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Proxy Report - 17/05/2018

Mr Lemoine, who chaired the Management Board for 9 years, left as of December 231st 2017. He was replaced by André François-Poncet.
Following his departure he received a severance amounting to €5,418,000, which is excessive.
Performance shares and stock options that were granted to him in 2017 were cancelled. However, the company did not prorate the non-yet vested performance shares and options that were granted to him previously.

Regarding the 2018 remuneration policy of the Management Board Member and Chairman, we appreciate that performance measurement period is now over 3 years for the performance shares. However, we regret that this improvement was not made for the options.

Finally, at the end of this 2018 AGM, the Chairman of the Board, François de Wendel will leave his position, as well as Ms Dominique Hériard-Dubreuil, Vice-Chairman. They will be replaced by Nicolas ver Hulst and Gervais Pellissier respectively.

Underlying
Wendel

Wendel is an investment company specializing in acquiring long-term holdings in industrial and services companies. Co.'s activities can be divided into six main divisions. Through Bureau Veritas, Co. provides conformity assessment services and certification. Through Stahl, Co. is engaged in high performance coatings and leather finishing products. Through Saint-Gobain, Co. manufactures, transforms and distributes construction materials. Through Legrand, Co. specializes in electrical and digital building infrastructures. Through Deutsch, Co. provides high-performance connectors. Through Materis, Co. provides specialty chemicals for construction.

Provider
Proxinvest
Proxinvest

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Jehanne Leroy

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