Item 2: Advisory vote on the Remuneration Report The structure is not satisfactory. The main concern is that incentive pay is not weighted more heavily towards long-term performance. Furthermore, both potential and actual incentive pay was excessive and exceed ECGS guidelines. Alignment with performance has not been definitively demonstrated, given disclosure on bonus targets and clarity over the remuneration committee's level of discretion in determining the bonus. We recommend shareholders oppose.
Items 13 and 14: Appoint the auditors and authorise the board to determine the auditors' remuneration The auditor's tenure exceeds our tenure limit of 10 years. Ernst & Young LLP have been the Groupns statutory external auditor since 1973, which was one year before the Group was listed on the London Stock Exchange. A tender for the audit role was undertaken during the year under review. A resolution will be proposed at the 2020 AGM for shareholders to approve the appointment of KPMG LLP. Although the concerns over the tenure of the auditor are mitigated by the tender held during the year and plans to rotate the auditor, three-year aggregate non-audit fees exceed guidelines. For this reason, we recommend that shareholders oppose both of these resolutions.
3i Group is an investment company with two complementary businesses: Private Equity, which invests in companies with an Enterprise Value of Euro100.0million to Euro500.0 at acquisition in its primary investment markets of northern Europe and North America; as well as Infrastructure, which invests in economic infrastructure and greenfield projects in developed economies, principally in Europe. Co.'s private equity business is focused on three sectors: consumer, industrial and business and technology services. Co. invests primarily in northern Europe and North America.
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.
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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.
Rating Action: Moody's assigns Baa1 to 3 i Group's new senior unsecured notes; outlook changed to negative. Global Credit Research- 26 May 2020. London, 26 May 2020-- Moody's Investors Service, has assigned a Baa1 rating to 3 i Group plc's new proposed senior unsecured notes, and affirmed the company's Baa1 issuer rating and the Baa1 ratings on 3 i's outstanding senior unsecured notes.
The independent financial analyst theScreener just lowered the general evaluation of 3I GROUP PLC. (GB), active in the Speciality Finance industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date April 3, 2020, the closing price was GBp 688.40 and its target price was estimated at GBp 653.98.
A director at 3i Group bought 45,000 shares at 780p and the significance rating of the trade was 91/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board members ...
La société propose une série de résolutions (14 à 19) en vue d'effectuer des augmentations de capital. Ces autorisations sont toutes maintenues en période d'offre publique. Ces autorisations peuvent dès lors constituer une arme forte de protection du capital, et Proxinvest s'oppose à toute autorisation d'augmentation de capital maintenue en période d'offre publique, en raison de leur possible utilisation comme dispositif anti-OPA. Nous recommandons donc l'opposition aux résolutions 14 à 19. Aussi, la communication de la société concernant la politique de rémunération du Président Directeur Gé...
La société propose de renouveler les 3 membres du Conseil. Le conseil ne compte aucun membre libre de tout conflit d'intérêt potentiel, ce qui n'est pas acceptable. Proxinvest attendra donc que le conseil propose la nomination de candidats administrateurs indépendant. Aussi, le taux de féminisation est nul, et de la même manière, Proxinvest attendra de la société une représentation plus équilibrée des hommes et des femmes au conseil. Nous recommandons donc l'opposition à la résolution 7. La société propose une série d'autorisations financières dans les résolutions 11 à 14. Celles-ci sont main...
Proxinvest attire l'attention des actionnaires sur plusieurs points. Tout d'abord le changement d'actionnariat a entrainé des modifications dans le conseil. Proxinvest apprécie le fait que la société propose des candidats indépendants au conseil. De ce fait l'ensembles des nominations, cooptations et renouvellements des résolutions 11 à 17 seront soutenues par Proxinvest. Ensuite Proxinvest s'oppose à la rémunération Ex-Post, de la directrice Générale puisque que cette dernière ne respecte pas notre politique de vote.
General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by postal vote or by granting authority to the proxies designated by the Company. One of the major shareholders, Roland Oetker, is the former President and since 2008 the Honorary President of DSW, the local partner of ECGS. This report has been prepared using standard ECGS guidelines. Evotec was founded 19...
In general, Danske Bank is in compliance with the Danish regulations relating to organisation and procedures of the Annual General Meeting. Under ITEM 4f it is proposed to re-appoint Ms. Carol Sergeant as Vice Chairman of the board of directors. Although she is considered independent, ECGS does NOT approve of the re-appointment of any board members who were part of the board of directors at the time of the money laundering scandal in Estonia. Accordingly, ECGS recommends to vote OPPOSE. Under ITEM 7 authorisation is sought to repurchase own shares. Although the authority requested woul...
General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by postal vote or by granting authority to the proxies designated by the Company. Item 2: Management and Supervisory Board are proposing a dividend of EUR 1.10 per share (increased by 733.33% from EUR 0.15) which corresponds to a payout ratio of 53.40% per share (EPS: EUR 2.06). In view of the recent events rel...
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