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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 ...

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)

Tomra Systems - AGM 06 May 2019

In general, Tomra Systems ("Tomra") is in compliance with the Norwegian regulations relating to the organisation and procedures of the Annual General Meeting.Under ITEM 7 and ITEM 8, shareholders are called to approve, respectively, the remuneration guidelines (advisory vote) and the long-term incentive scheme (binding vote). Even though beneficiaries are required to invest 25% of the long-term incentive in Tomra shares, the incentive is 100% paid in cash and it depends on only one absolute performance metric (EPS). ECGS is not in favour of "cash-based" long-term incentives, and it considers t...

Expert Corporate Governance Service (ECGS)

Hammerson - AGM 30 April 2019

Item 2: Approve the Remuneration Report The structure is not satisfactory. Of particular concern, accelerated vesting in the event of a change of control is possible and severance provisions exceed guidelines.  There is a strong overlap between the performance criteria used for the STI and the LTI. There was no bonus for the year due to poor performance and at the request of the CEO. Accordingly, we recommend that shareholders oppose this resolution.  Items 5, 12 and 13: Re-elect the Chairman of the Audit Committee, Re-appoint the Auditor and Authorize the Board to pay the Auditor's fees We...

Expert Corporate Governance Service (ECGS)

Scatec Solar - AGM 30 April 2019

In general, Scatec Solar is in compliance with the Norwegian regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 9a, shareholders are called to an advisory vote on the remuneration policy. Although ECGS considers the aggregate level of executive compensation fairly moderate, it does not approve of long-term incentive plans that do not operate one or more challenging performance conditions. ECGS therefore recommends to vote OPPOSE. Under ITEM 9b, the Board of Directors seeks approval of a (restricted) stock option plan. As already mentioned above,...

Charles Pinel

InterParfums - Assemblée Générale des actionnaires du 25 Avril 2019

Les mandats des commissaires aux comptes arrivent à expiration à l'issue de la présente Assemblée Générale. Il est proposé de ne pas renouveler les mandats des commissaires aux comptes suppléants, ce qui est positif (résolutions 6 et 8). En revanche, les commissaires titulaires sont proposés au renouvellement alors qu'ils ont atteint ou dépassé notre limite de 15 ans d'ancienneté (résolutions 5 et 7). Seule la rémunération de Philippe Benacin due au titre de son mandat de Président-Directeur Général est concernée par la politique de rémunération et soumise à l'approbation des actionnaires (ré...

Jehanne Leroy

Lisi - Assemblée Générale des actionnaires du 26 Avril 2019

Si le taux d'indépendance du Conseil d'admnistration connaît une légère amélioration en 2019 (28,57% à l'issue de la présente assemblée contre 23,08% en 2018) il reste particulièrement bas, ainsi la société accuse un certain retard par rapport aux pratiques de la place. Par ailleurs, la communication de la société concernant les rémunérations du Président du Conseil ainsi que celles du Directeur Général et du Directeur Général Délégué, pourrait être améliorée. D'une part, concernant la rémunération attribuée en 2018, la société ne communique ni les objectifs qui devaient être atteints, ni les...

Expert Corporate Governance Service (ECGS)

Aggreko - AGM 25 April 2019

Item 2: Approve the Remuneration Report The structure is considered unsatisfactory.  Although the reduction in the maximum LTI award from 300% to 250% reduces the quantum to a more acceptable level for the UK market, variable remuneration is still overly determined by EPS.  It is not considered best practice to rely on EPS as it can potentially be influenced by executives.  We recommend shareholders oppose.  Item 18: Authorise Share Repurchases EPS is used as a performance condition.  It accounts for 80% of the bonus and 50% of the LTI, which is above our limit of 50% of variable remunerati...

Expert Corporate Governance Service (ECGS)

GEA Group - AGM 26 April 2019

Item 2: We recommend to oppose the dividend proposal. The dividend is neither covered by earnings nor by free cash flow, the latter for a third consecutive year. We therefore consider a dividend payment inappropriate at this time. Item 3: We recommend to oppose the discharge of the Management Board due to the frequent profit warnings in recent financial years, which in our view raise fundamental concerns over the reliability of the Management Board's forecasting ability and its communication to stakeholders. Item 6: We recommend to oppose the election of Colin Hall to the Supervisory Board d...

Expert Corporate Governance Service (ECGS)

Huhtamaki - AGM 25 April 2019

In general, Huhtamäki is in compliance with the Finnish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 10, the Nomination Committee of the Board of Directors proposes to keep unchanged the fixed fees of Board members, but to increase by almost 50% the attendance fees per meeting held by the Board and Committees. We regret that no justifications have been provided for the proposed increase. Also considering that the Company's non-executive fees are at the upper level of Finnish market practice for a company with the size and complexity of Huht...

Florian Béchaz

Lagardère - Assemblée générale des actionnaires du 10 mai 2019

Cette année encore, la société ne propose pas de résolution d'approbation du rapport spécial sur les conventions réglementées qui comprennent toujours une convention importante avec Lagardère Capital Management. Contrairement à la recommandation 24,1,3 du code AFEP-MEDEF pour les sociétés en commandite par action, la rémunération d'Arnaud Lagardère est loin "des mêmes règles de rémunération applicables aux sociétés anonymes" puisqu'il est propriétaire d'une société qui génère une marge sur une convention réglementée et la société n'a toujours pas modifié ses dispositions statutaires en matière...

Expert Corporate Governance Service (ECGS)

BasicFit April 18th, 2019

In general, Basic-Fit is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting.ECGS recommends to vote FOR all proposals. There are no further peculiarities.

Expert Corporate Governance Service (ECGS)

Cerved Group April 16th, 2019

In item 3, shareholders are called to an advisory vote on the remuneration policy. The aggregate variable remuneration of the CEO may exceed our voting policy limit of 300% of the base salary (it is capped at 470%), but it is substantially linked to long-term performance (the 3-year incentive represents 85% of variable remuneration). Also taking into account that the CEO's fixed remuneration is reasonable (€ 500'000), we recommend approval. In item 5, we recommend that shareholders oppose the authorization to purchase treasury shares. Although, the terms of the authorization are in line with ...

Florian Béchaz

Europcar Mobility Group 26 Avril 2019

Proxinvest attire l'attention des actionnaires sur les points suivants : Tout d'abord sur la composition du Conseil de Surveillance, qui est d'après Proxinvest, non majoritairement indépendant avec seulement 36% d'indépendance. En effet Proxinvest regrette que la société n'ai pas saisi l'occasion pour intégrer de nouveaux membres totalement indépendants. Ensuite concernant les rémunérations des membres du Directoire, Proxinvest note le fait que la société a décidé pour les critères des rémunérations long-terme ont une partie sur 3 années, cependant 40% de ces rémunérations restent appréciées...

Expert Corporate Governance Service (ECGS)

Aalberts Industries April 17th, 2019

In general, Aalberts Industries ("Aalberts") is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting.ECGS recommends to vote FOR all proposals. There are no further peculiarities.

Expert Corporate Governance Service (ECGS)

Lenzing April 17th, 2019

General: The Lenzing Group is an international producer of high-quality fibers and filaments from the renewable raw material wood with environmentally friendly and innovative technologies. These fibers form the basis for a wide range of textile and nonwoven applications, and are also used in work and protective wear and in industrial applications. As of 31 December 2018, B&C Privatstiftung via B&C Industrieholding GmbH held 50% + 2 shares and Oberbank AG held 3.8% of the Company's shares.In financial year 2018, Group revenues decreased by 3.7% to EUR 2.2bn, EBIT decreased by 36.0% to EUR 237....

Expert Corporate Governance Service (ECGS)

UBI Banca April 12th, 2019

The EGM held on 19 October 2018 approved the transformation of UBI Banca's corporate governance, from the two-tier to the one-tier system. The changes will be effective after the AGM. In item 2, the AGM is called to appoint the members of the Board of Directors and the Audit Committee, on slates of nominees submitted by shareholders holding, even jointly, at least 1.0% of the share capital. The Board will comprise 15 Directors, 5 of which will be members of the Audit Committee. Only one slate of nominees was submitted, by a group of shareholders cumulatively holding 10.3% of shares (sub-item ...

Expert Corporate Governance Service (ECGS)

Amer Sports April 11th, 2019

In general, Amer Sports is in compliance with the Finnish regulations relating to the organisation and procedures of this Extraordinary General Meeting. On December 7, 2018, Mascot Bidco Oy (a consortium comprising Mascot, Anta Sports, FountainVest Partners, Anamered Investments and Tencent) announced a public tender offer to acquire Amer Sports. The consideration to be paid amounts to EUR 40.00 per share (payable in cash) and represents a premium of 39% compared to the closing price before the announcement.Mascot Bidco is expected to own approximately 94.98% of the voting rights in Amer Spor...

Florian Béchaz

M6, 25 Avril 2019

Proxinvest attire l’attention des actionnaires sur les points suivants : Tout d’abord les rémunérations attribuées au titre de 2018, résolutions Ex Post, rencontrons des recommandations négatives du fait que la société ne communiquent pas les taux d’atteintes de chacun des critères de performance pour la rémunération variable. Concernant les politiques de rémunération, Proxinvest recommande l’approbation des politiques du fait de l’amélioration en termes de transparence et l’inclusion d’un critère lié au RSE.

Florian Béchaz

TF1, 18 Avril 2019

Proxinvest attire l’attention des actionnaires sur tout d’abord le renouvellement de Gilles Pélisson, Président Directeur Général de TF1. Proxinvest recommande de ne pas soutenir ce renouvellement au regard du fait que le cours de l’action est en baisse et de l’absence de contre-pouvoir au sein du conseil. Proxinvest regrette par ailleurs que la rémunération sous forme d'options de M. Gilles Pélisson soit en options de la société Bouygues. En effet, l'effet incitatif est ainsi déporté sur la holding et non sur la société dirigée, TF1. De plus l'un des critères de performance pour la rémunérat...

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