Airbus Group - AGM 16 april 2020
ITEM 6: For the first time shareholders are asked to approve the remuneration policy and not just the changes proposed. Therefore, it is the first time they can either support this global remuneration policy, if deemed acceptable, or sanction it if not. Even if changes proposed are positive, this remuneration policy still has some major weaknesses and cannot be supported. Thus, we recommend shareholders to oppose.
ITEMS 8 and 7: the company proposes to elect 2 directors: Mark Dunkerley and Stephan Gemkow. As they are independent, do not have an excessive number of mandates and bring specific competences to the Board, we support their elections. However, we note that these elections do not help Airbus improving its Board gender diversity (25% female directors). This rate is below CAC 40 practice (40% as required by French Law) and below ECGS Guidelines (30%). It is also below the ratio mentioned in the Dutch Law to be expected in spring 2020. Therefore, there is a high risk that Airbus Nomination committee and Boards will have to designate in a hurry some female directors to respect this threshold.
Airbus is an European Aeronautic Defense and Space company whose core business is the manufacturing of commercial aircraft, civil and military helicopters, commercial space launch vehicles, missiles, military aircraft, satellites and defense systems and defense electronics and the rendering of services related to these activities. Co. organizes its businesses into the following five operating divisions: Airbus Commercial, Airbus Military, Eurocopter, Cassidian and Astrium. In addition, Co.'s Other Businesses division engages in the development, manufacturing, marketing and sale of regional turboprop aircraft and aircraft components.
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