Expert Corporate Governance Service (ECGS)
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Cofinimmo - AGM 08 May 2019

Mr. Xavier Denis, Chief Operating Officer and Director of the Group, resigned from his position as Director on 21 May 2018, and from his position as Chief Operating Officer on 31 May 2018.

Under ITEM 2, the board seeks shareholder approval of the remuneration report for the financial year 2018. We note that the Company does not have a long-term incentive plan in place, it has a discretionary stock option plan. Furthermore, this plan does not operate clearly disclosed performance conditions. Hence, ECGS recommends to OPPOSE.

Under ITEM 9, the board seeks shareholder approval for new nominee Benoit Graulich. ECGS notes that biographical details concerning Benoit Graulich are only available in Dutch, which we consider as a lack of transparency. Shareholders should not have to translate this type of information and it should be available in English (and French, since Cofinimmo is a Belgium Company). However, he is considered as independent and we recommend to APPROVE.

Cofinimmo S.A.

Cofinimmo is a fixed capital real estate investment trust. Co. specializes in rental property. Its core investment segments are office property and nursing and care institutions. The portfolio also includes a Distribution property networks segment. Most of Co.'s assets are in Belgium. The foreign part consists of nursing homes/ clinics and the MAAF agencies network in France and the Pubstone portfolio in the Netherlands. Co.'s operations are organized into four segments: Offices, Nursing homes/Clinics, Distribution property networks, and Public-Private Partnerships.


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