Bureau Veritas - AGM and EGM 14 May 2019
This year, the Company seeks shareholder approval for the remunerations of the Chairman as well as the CEO for 2018 and 2019.
ECGS regrets that the amounts granted in 2018 were excessive for both the Chairman and the CEO, while the amounts for 2019 are excessive for the CEO, compared to peers.
Moreover, Didier Michaud-Daniel’s remuneration is unsatisfactory regarding several elements. On one hand, the Company does not disclose the objectives in terms of performance for the annual bonuses. On the other hand, qualitative criteria represent 40% of the annual bonus. Hence, it is difficult for shareholders to understand the link between performance and the remuneration.
ECGS notes that this year, the percentage of independent directors on board improved significantly from 33% to 50%. However, we still consider that the Company does not have a sufficient number of independent directors.
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.
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