Proxy Report - 15/05/2018
This year, the company submits to the shareholders' vote the remuneration of each of its Chairman and Chief Executive Officer for the fiscal years 2017 (ex-post) and 2018 (ex-ante).
Proxinvest regrets that the amounts awarded to the CEO are far too generous compared to those of his peers.
In addition, compensation disclosure and structure could be significantly improved: the group does not communicate the performance objectives for annual and multi-year bonuses, and the qualitative criteria represent 40% of the annual bonus, which makes it difficult to measure alignment with performance.
As with last year, the Board continues to boast an abysmal independence rate of 33%, which is very regrettable.
Bureau Veritas specializes in inspecting, testing, auditing or certifying products, assets (such as buildings, industrial infrastructure, equipment and ships) and management systems (particularly against ISO standards) based on regulatory or voluntarily adopted standards. Co.'s operations can be divided into eight businesses: ship classification; industry services; inspection and verification of equipment in service; construction services; certification of management systems or services; inspection and testing of consumer products; services related to customs control and international trade services; and inspection and testing of commodities.
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.
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