Proxy Report - 16/05/2018
Tout comme l’an dernier dans le cadre de la politique de rémunérations 2017, la société proposé cette année une augmentation du fixe pour 2018. Si cette hausse est certes peu significative (+3,9%), afin d’éviter tout effet inflationniste malvenu au regard des rémunérations déjà très généreuses du Président Directeur général, il aurait fallu qu’elle soit compensée par l’abaissement des bonus cible et maximum. Or, la société n’a pas compensée cette hausse. Ainsi, la rémunération maximum du Président Directeur général est désormais de 5,8 M€ €, ce qui est, bien évidemment, excessif.
La société proposé également de modifier les avantages postérieurs à l’emploi du dirigeant. Si le durcissement des conditions de performance est salué, il n’en demeure pas moins qu’ils ne semblent pas suffisamment exigeants. En effet, l’objectif à atteindre est un écart moyen sur 3 ans du ROCE-WACC de 300 bp. Or, sur les 3 dernières années, cet écart s’est établi à 340 pb (390 pb en moyenne sur 5 ans). Par ailleurs, au regard des rémunérations du dirigeant, lui attribuer des avantages postérieurs à l’emploi aussi généreux n’est pas acceptable.
L'Air Liquide is engaged in the market of gases for industry, health and the environment. Oxygen, nitrogen, hydrogen, and rare gases make up Co.'s core activities. Co. structures its activities in three segments: Gas and Services, Engineering and Technology, and Other activities. The Gas and Services segment comprises four business lines: Industrial Merchant, Large Industries, Healthcare and Electronics; Engineering and Technology designs, develops and builds industrial gas production plants for Co. and third parties; and the Other Activities segment develops welding and cutting edge technologies, and markets deep-sea diving and swimming equipment to professionals and privates individuals.
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