Cellnex Telecom - AGM 26 March 2021
Shareholders holding at least 100 shares registered five days before the date of the AGM may attend the Meeting. The Company encourages remote attendance, and will stream the event on their website.
In item 5.1, it is proposed to approve the maximum level of aggregate amount of the Directors' remuneration for financial year 2021. Despite understanding the proposed 10% increase, we have concerns over the high fees for non-executive Directors: the average fee of €220’000 is equal to 177% of the median at European Telecommunication Services companies. Hence, we recommend opposition.
In item 5.2, shareholders are called to approve the Remuneration Policy for 2021 to 2023. Main changes relate to an increase in fixed remuneration for the CEO and in the long-term variable incentive, the possibility to link ESG targets into the long-term metrics and the fact that malus and clawback provisions will now be applicable for 12 months compared to 6 months in the previous policy. Non-executive Directors’ compensation is in line with market practice; however, we consider the CEOs overall remuneration to be too high, and that the Board's discretionary power to adjust the annual bonus undermines the performance metrics set out to measure the short-term goals. Hence, we recommend opposition.
Cellnex Telecom SA is a Spain-based company engaged in the wireless telecommunications (telecom) business. Its activities are divided into three segments: Broadcasting infrastructure, Telecom site rental, as well as Network services and other. The Broadcasting infrastructure division comprises distribution and transmission of television (TV) and frequency modulation (FM) radio signals, operation and maintenance (O&M) of radio broadcasting network, as well as over-the-top (OTT) radio services, among others. The Telecom site rental division provides access to wireless infrastructure, primarily through infrastructure hosting and telecom equipment co-location, mainly for mobile network operators and other wireless and broadband telecom network operators. The Network services and other division offers connectivity services for a variety of telecom operators and radio communication, among others. The Company also develops 5th generation mobile networks (5G) through Alticom BV.
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