Expert Corporate Governance Service (ECGS)
EUR 500.00 For Business Accounts Only

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 S.A.

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. 

Expert Corporate Governance Service (ECGS)

Other Reports on these Companies
Other Reports from Proxinvest
Other Reports from these Analysts

ResearchPool Subscriptions

Get the most out of your insights

Get in touch