In item 2.i, shareholders are called to a binding vote on the remuneration policy. All the performance criteria used to calculate variable remuneration are disclosed and long-term targets are quantified, but we regret that the criteria used to calculate the annual bonus are too generically disclosed. Furthermore, in our opinion the discretionary power of the Board to define the final bonus is excessive (40% of the bonus depends on qualitative assessments, plus the power to increase/decrease the final payment by 50% of the fixed remuneration). In addition, the CEO's variable remuneration is capped at 14.7 times his base salary, significantly above our voting policy limit of 450% (when the base salary is below the median of European peers, which is the case of Anima) and the annual bonus is capped at 180% of the fixed remuneration, above our voting policy limit of 150%. Therefore, we recommend shareholders to OPPOSE.
In item 2.ii, we also recommend shareholders to OPPOSE the compensation paid in 2020 (advisory vote), because the Company has not provided for a clear disclosure of each quantitative KPI used to calculate the annual bonus or the level of achievement of targets. Furthermore, in our opinion the Board has excessive discretionary powers to define the final bonus (we note that quantitative targets were not met in both 2019 and 2020, but the all the qualitative targets were considered as met and the multiplying factor was applied).
Due to our concerns over the amount of the CEO's incentive, which is capped at 12.9 times his fixed remuneration for the 2021-2023 cycle, we recommend shareholders to OPPOSE the Performance Shares Plain in item 3, as well as the authorization to increase the share capital to service the Plan in item 1 of the Extraordinary Agenda.
Anima Holding is a holding company. Through it's wholly-owned subsidaries, Co. is engaged in the provision of asset management services in Italy through a network of distributors under more than 130 commercial agreements. Co. is active in the formation, development, promotion and management of financial products under the Anima brand, as well as the provision of individual portfolio management services to retail and institutional customers. Co. outsources a number of services to contractors. These include a number of back-office activities for collective investment undertakings (CIUs), including the pension fund, and the main individual portfolio management positions.
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The general evaluation of ANIMA HOLDING (IT), a company active in the Asset Managers industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 2 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date March 29, 2022, the closing price was EUR 4.17 and its potential was estimated at EUR 4.75.
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked. This compares to the total dividends of 5 cents per share in FY20. The Board has confirmed that, in...
A director at Anima Holding Spa sold after exercising options/sold 27,780 shares at 4.487EUR and the significance rating of the trade was 54/100. 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 lis...
Le 1er aout 2020, Pekka Lundmark a remplacé Rajeev Suri en tant que Directeur général. Nous recommandons l’opposition au rapport de rémunération (résolution 10) en raison des préoccupations suivantes :- Utilisation du résultat opérationnel non-IFRS comme indicateur de performance alors que le rapport annuel indique l'utilisation du " résultat opérationnel " (trompeur).- Indemnité de départ de 5,12 millions d'euros pour l'ancien Directeur général, M. Suri, .excessive - Absence de justification du golden Hello du nouveau Directeur général- Rémunération totale du Directeur général de 8,02 M€ (ho...
In item 4, shareholders are called to a binding vote on the remuneration policy for the Corporate Bodies. Overall remuneration amounts are reasonable, but we have serious concerns over the variable remuneration structure:- it exclusively depends on annual results, without a clear alignment with long-term interests of shareholders,- the percentage of annual bonus depending on qualitative assessments (50%) is above our voting policy limit of 20%,- individual weightings of quantitative KPIs are not disclosed,- the CEO's annual bonus is capped at 200% of his base salary, which is above our voting ...
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