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Jehanne Leroy

Edenred - Assemblée Générale des actionnaires du 14 mai 2019

RémunérationsConcernant les rémunérations attribuées à Bertrand Dumazy, la société n’a apporté aucune amélioration à sa communication. Ainsi, pour les critères financiers, elle ne communique pas les taux de réalisation de chacun de ces critères, et pour les autres critères quantitatifs, elle ne communique pas clairement quel indicateur est utilisé. Cela ne permet pas à l’actionnaire de comprendre comment ont été fixés les montants attribués et donc de comprendre dans quelle mesure les montants attribués sont alignés avec les performances effectuées. De plus, la structure de la rémunération 201...

Expert Corporate Governance Service (ECGS)

ArcelorMittal - Assemblée Générale des actionnaires du 7 mai 2019

Après le retour aux béné?ces après une perte historique de près de 8 milliards USD, ArcelorMittal a décidé de proposer la mise en place d'un dividende de 0,20 $ cette année, doublé par rapport à 2018. La société, après des années très difficiles, a réussi à maîtriser son endettement et à procéder pour la deuxième année à une distribution, même si elle reste très modérée. Nous recommanderons donc l'approbation à la résolution III. Proxinvest déplore depuis plusieurs années le montant excessif de jetons de présence, qui dépasse les 100 000 € par personne, ce qui crée une réelle dépendance écono...

Expert Corporate Governance Service (ECGS)

Aperam - Assemblée Générale des actionnaires du

Cette année encore, au même titre que l'année dernière, en raison de nos fortes préoccupations liées à la gouvernance de la société ainsi qu'en raison de l'absence de communication de la rémunération individuelle du mandataire social dirigeant et de résolution permettant aux actionnaires de s'exprimer sur sa rémunération, la proposition demandant le quitus pour les administrateurs ne sera pas soutenue (résolution V). Le renouvellement de mandat de M. Lakshmi N. Mittal ne sera pas recommandé à cause du trop grand nombre de mandats (résolution VI).Par contre les renouvellements de mandat de de ...

Jehanne Leroy

Hipay - Assemblée Générale des actionnaires du 30 avril 2019

Nous rappellerons à la société, que selon l’article R225-73-1 du Code de commerce, l’ensemble de la documentation prévue doit être mise à disposition sur le site internet de la société pendant une période ininterrompue de 21 jours. Or, nous constatons que les documents préparatoires à l’AG n'ont été disponibles sur le site Internet que 15 jours avant l'assemblée générale. Ce manque de diligence et de respect de la loi est récurrent de la part de la société. La composition du Conseil est insatisfaisante. En effet, Benjamin Jayet maîtrise toute décision prise au sein du Conseil d'Administration...

Expert Corporate Governance Service (ECGS)

ArcelorMittal - AGM 07 May 2019

After a historic loss of nearly $ 8 billion in 2015, ArcelorMittal has decided to propose a dividend of $ 0.20 this year, doubled compared to 2018. The company, after difficult years, continues to control its debt and pays dividends for a second year, even if it remains very moderate. We will therefore recommend approval of the resolution III. For several years, ECGS has been complaining about the excessive amount of directors’ fees, which exceeds € 100 000  per person, as it creates a real economic dependence on the company. In addition, it is not indexed to real attendance. We therefore re...

Expert Corporate Governance Service (ECGS)

Edenred - AGM and EGM 14 May 2019

ITEM 5: The 2019 Chairman and CEO remuneration policy does not change compared to 2018. Thus, structure and amounts at stake remain too generous and this remuneration policy is not satisfactory.  ITEM 6: Regarding amounts granted in 2018, the company’s disclosure did not improve. Therefore, some information that could allow for a perfect understanding of amounts granted is missing. Moreover, the 2018 remuneration structure does not meet our recommendations. Finally, we note that the board should be more rigorous regarding the annual bonus and could be more challenging regarding LTI.

Expert Corporate Governance Service (ECGS)

Veoneer - AGM 08 May 2019

Veoneer is a company headquartered in Stockholm, Sweden, and incorporated in the State of Delaware, USA. It was spun-off from Autoliv Inc in June 2018. In general, Veoneer is in compliance with the regulations of Delaware relating to the organization and procedures of the Annual General Meeting. Under ITEM 2, shareholders are called to an advisory vote on the executive compensation. ECGS strongly regrets that 25% of the long-term incentive does not depend on any performance conditions and the policy specifically allows accelerated vesting of long-term incentives in the event of a change in co...

Expert Corporate Governance Service (ECGS)

Investment AB Kinnevik - AGM 06 May 2019

In general, Investment AB Kinnevik ("Kinnevik") is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEMS 15a-15f, the (re-)election of the board of directors is proposed. In view of concerns over aggregate time commitments, ECGS recommends to vote OPPOSE to the (re-)election of: Mr. Henrik Poulsen (ITEM 15c) and Ms. Charlotte Strömberg (ITEM 15d). Under ITEM 19a, the board of directors seeks approval of a LT incentive plan. Although ECGS has no concerns over the LT incentive plan as such, it does not approve of the ...

Expert Corporate Governance Service (ECGS)

Biocartis - AGM 10 May 2019

In general, BIOCARTIS is in compliance with the Belgian regulations relating to the organisation and procedures of the Annual General Meeting.  Under ITEM 6, the board of directors seeks approval of the Company's remuneration report. Although amounts at stake are very moderate compared to sector and market practice, ECGS has concerns over the poor disclosure of the company and the lack of LTI component. Thus ECGS recommends to vote OPPOSE.

Expert Corporate Governance Service (ECGS)

Tenaris - AGM 06 May 2019

As in previous years, we continue to have concerns regarding the overall governance of the Company. First of all, there is a lack of disclosure regarding executive compensation. Furthermore, we note that non-executives receive a fixed fee that does not appear to be linked with attendance, nor are the meetings and attendance rates at board meetings disclosed. Hence, we recommend shareholders to OPPOSE to ITEM 7 (approval to set the board of directors’ compensation). There is a lack of independent members and gender diversity on the board. ECGS considers 2 of the 11 directors to be independent...

Expert Corporate Governance Service (ECGS)

Schibsted - AGM 03 May 2019

In general, Schibsted is in compliance with the Norwegian regulations relating to the organisation and procedures of the AGM. Under ITEM 6, the board of directors seeks approval of the auditor's remuneration. In view of the substantial amount of non-audit fees, ECGS recommends to vote OPPOSE. Under ITEM 8b, the board of directors seeks approval to establish a LT incentive plan. ECGS notes that, under the Plan, members of the executive management will be entitled to performance in the event of below median peer group performance. In ECGS' view, the conditional grant of performance shares shou...

Expert Corporate Governance Service (ECGS)

Ferguson - EGM 29 April 2019

The Proposals are being implemented by way of a Jersey scheme of arrangement which requires two shareholder meetings to be held: a Court Meeting and the subsequent Scheme General Meeting. This report addresses the General Meeting. At the Court meeting held immediately prior to this General Meeting, shareholders were asked to approve a scheme of arrangement. Under the scheme, shares held in the Company will be exchanged for shares in New Ferguson at a one to one ratio. The shares in New Ferguson will have the same rights as shares in the Company. Shareholders will, thus, become shareholders of...

Florian Béchaz

Worldline - Assemblée Générale des actionnaires du 30 avril 2019

Notre estimation du nombre d'administrateurs libres de conflits d'intérêts potentiels (5) diffère du nombre de membres qualifiés d'indépendants par la société, soit 6 personnes. Le Conseil ne compte pas une majorité de membres indépendants, son taux d'indépendance étant de 41,67%. Nous regrettons que la Société ne profite pas de départ de ses administrateurs non-indépendants pour proposer en nomination des administrateurs libres de conflits d'intérêts. Par ailleurs, bien que Proxinvest ait félicité la société du respect de notre politique relative au plafond de 3 années de la rémunération lon...

Expert Corporate Governance Service (ECGS)

Weir Group - AGM 30 April 2019

Item 3: Approve the Remuneration Report The structure is unacceptable as pay is not sufficiently oriented toward the long-term.  Furthermore, while moderate in size, the LTI does not have performance conditions and, therefore, clearly does not serve to align pay with performance.  Even the plan's underpin is applied only at the discretion of the remuneration committee. The quantum is moderate.  However, given the concerns over the structure of remuneration, we recommend shareholders oppose.

Expert Corporate Governance Service (ECGS)

HeidelbergCement - AGM 09 May 2019

Item 5: Ernst & Young, Stuttgart, is proposed as auditor for the current financial year. We have no concerns over the ratio of non-audit/audit fees. However, we note that Ernst & Young has audited the Company since the financial year 1948 which significantly exceeds our maximum acceptable term of office. We therefore recommend opposing the re-election of Ernst & Young as auditor. Items 6a, 6b, 6c and 6e: We recommend to oppose the re-election of Fritz-Jürgen Heckmann, Ludwig Merckle, Tobias Merckle and Prof. Dr. Marion Weissenberger-Eibl to the Supervisory Board due to our concerns over the ...

Expert Corporate Governance Service (ECGS)

Boliden - AGM 03 May 2019

In general, Boliden is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEMS 16a-16g, the (re-)election of the board of directors is proposed. In view of concerns over aggregate time commitments, ECGS recommends to vote OPPOSE to the (re-)election of: Mr. Michael G:son Löw (ITEM 16c) and Mr. Anders Ullberg (ITEM 16f). Under ITEM 16h, the nomination committee proposes to re-appoint Mr. Anders Ullberg as Chairman of the board of directors. As already mentioned above, ECGS has various concerns over his re-appointment a...

Expert Corporate Governance Service (ECGS)

Millicom International Cellular - AGM 02 May 2019

Both Mr. Santo Domingo and Mr. Duffy stepped down from the Board in May 2018. ECGS notes that the Company has significantly improved the independence rate and percentage of women on board. After the AGM, there will be 75% of independent members on board compared to 50% for the previous years, which respects ECGS’ guidelines of 50% minimum. Furthermore, there will be 3 women on board (37.5%), compared to 12.5% in 2018, which respects ECGS’ guidelines of 30% minimum. ITEMS 8 to 14 and ITEM 16, the board seeks shareholder approval to re-elect all the Directors. Given the sufficient independence...

Expert Corporate Governance Service (ECGS)

Idorsia - AGM 03 May 2019

ITEM 1.2 - Advisory vote on the remuneration report. The transparency of the remuneration report is insufficient. The remuneration report is not in line with Ethos' guidelines. Ethos recommends to OPPOSE. ITEM 4 - Approve renewal and increase of authorised capital. The requested authority to issue shares, without tradable pre-emptive rights, for general financing purposes, exceeds 15% of the issued capital. In case of approval of the request, the aggregate of all authorities to issue shares without tradable pre-emptive rights for general financing purposes would exceed 20% of the issued share...

Expert Corporate Governance Service (ECGS)

Hannover Re - AGM 08 May 2019

General: In line with German law, the auditor of an insurance company like Hannover Re is not appointed by the AGM but the Supervisory Board. Item 5f: We recommend to oppose the re-election of Dr. Erhard Schipporeit to the Supervisory Board due to concerns over aggregate time commitments.

Expert Corporate Governance Service (ECGS)

Air Liquide - AGM 07 May 2019

ITEM 8: The Company’s disclosure, although acceptable, does not meet the market best practices and objectives to achieve in 2018 should have been disclosed. Moreover, amounts at stake (€5.6 M, i.e. 159% of the median total CEO remuneration in the Chemicals sector of the MSCI Europe) are excessive compared to market and sector practices. ITEM 9: Overall, changes proposed for the new remuneration policy are not significantly negative. However, dealing with the criteria redundancy seems to be a way for the Board to avoid dealing with the actual issues executives’ remuneration policies have at Ai...

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