Covivio – AGM 23 April 2020
For the compensation granted to executives for 2019, despite a compensation structure in line with our recommendations and rather acceptable amounts at stake, the company's communication remains deficient on its non-financial "quantitative" criteria since it does not allow the shareholder to clearly establish that the amount of the bonus is indeed well aligned with the performance achieved. As it stands, the shareholder can only verify the performance of 50% of the bonuses, i.e. the part linked to the financial criteria. Therefore, we recommend the opposition to resolutions 11, 12, 13 and 14.
Regarding the compensation policy for the Chairman of the Board, the total compensation planned for 2020 of €400,000 would represent 151% of the median compensation of the non-executive Chairmen of the SBF 80. According to our voting policy, the compensation of non-executive Chairmen should not exceed the median of their index. As is the case here, this policy is not acceptable. We therefore recommend opposition to resolution 6.
Also, ECGS underlines the good level of independence of the Board, with 60% of members being independent, after the ratification of the cooptation of Alix d'Ocagne, as well as the renewal of Catherine Soubie and Patricia Savin. ECGS therefore supports resolutions 15 to 18.
Fonciere des Regions is a long-term real etaste investor with a focus on office assets. Co.'s portfolio includes investment properties and properties under development. Co. holds a range of real estate assets, to collect lease payments and benefit from appreciation in the assets held. Co.'s activities can be divided into five segments: Office Markets in France; Office Markets in Italy; Logistics; Business Premises; and Car Parks.
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