Report
Expert Corporate Governance Service (ECGS)
EUR 1000.00 For Business Accounts Only

Antofagasta – AGM 20 May 2020

tem 2: Remuneration report

 

As in previous years, although the CEO is not a Director, Antofagasta voluntarily discloses his remuneration. This year, the CEO's remuneration is submitted to the shareholder approval following the implementation of the European Shareholders'Rights Directive II. While the quantum of the CEOns remuneration is not excessive, we regret that the remuneration is weighted more towards rewarding short-term performance. And we can not accept executive LTIP without performance conditions.

 

Item 3: Remuneration policy

 

The Committee said that market conditions and remuneration structures available in Chile were a central consideration when setting the CEOns remuneration. We note the absence of the pension benefit, shareholding requirements and "phantom shares", we do not support the proposed policy allowing restricted grants to the CEO and excessive variable remuneration.

 

Item 5: Re-elecion of Mr. Jean-Paul Luksic

 

Chairman of the Board and of the Nomination committee while the gender diversity is only 20%, below our requested minimum.

 

Item 6: Re-election of Mr. Ollie Oliveira

 

Mr. Ollie Oliveira, in line with the UK Code and our guidelines, is considered affiliated by ECGS because his board membership exceeds time limit for independence. However, he is member of the Audit Committee and Senior Independent Director. Our policy recommends to oppose an election in such case.

Underlying
Antofagasta plc

Antofagasta is a Chilean copper mining group engaged in the discovery, development and operation of copper mining assets. Co. operates four copper mines in Chile, two of which also produce significant volumes of by-products. In addition to mining, Co. has a transport division that provides rail and road cargo services in northern Chile primarily to mining customers, including to some of Co.'s own operations. Co. is organized into two business divisions based on their products: Mining and Railway and other transport services. The mining division is split by mine and exploration activity. The transport division provides rail cargo and road cargo together with a number of ancillary services.

Provider
Proxinvest
Proxinvest

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.

Proxinvest main services are :

  • ​Proxy reports
  • Definition and monitoring of client customized voting guidelines
  • Corporate Governance Data and Rating
  • Thematic research
  • Engagement support

Proxinvest has been a pioneer and champion of good corporate governance and has grown into a recognised expert in the field.

Proxinvest is independently-owned and only works for investors : Proxinvest does not provide consulting services to the companies it covers, mitigating related risks to its clients and ensuring the independence of our analysis. As a result Proxinvest is able to take a robust, independent, engaged and unconflicted view of the companies in which our clients invest.

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. 

Analysts
Expert Corporate Governance Service (ECGS)

Other Reports on these Companies
Other Reports from Proxinvest

ResearchPool Subscriptions

Get the most out of your insights

Get in touch