Cie Financiere Richemont | Proxy voting and governance recommendation
Compagnie Financiere Richemont's (JSE: CFR) corporate governance is ranked as ‘adequate' with a score of 2.58 out of 5 (FY'17: 2.53). There was an improvement in the independence of the compensation committee and a reduction in the remuneration of the executive chairman. We penalise the Group for its capital structure and management's succession risk with Johan Rupert (68 years) as executive chairman. CFR applies the Swiss Code of Best practice for corporate governance which lags behind global best practice and King IV guidelines.
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