Expert Corporate Governance Service (ECGS)
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Etude l' AG du 14/07/2017

 Item 3: Approve the Remuneration Report. Although the structure is weighted more towards rewarding long-term performance and the LTI includes relative TSR as a performance metric, total variable remuneration exceeds 300% of base salary and performance metrics are not considered sufficiently challenging.  Furthermore, both benefits and pension contributions were excessive.
Item 4: Approve the Remuneration Policy: The structure of remuneration is not considered acceptable given the excessive maximum bonus, the use of qualitative criteria for the STI in excess of ECGS guidelines and the payment of excessive benefits. 
Item 12: To amend the Long Term Incentive Plan 2009. It is proposed is to change the period applicable for the individual participation limits from 12 months to the duration of the Company’s accounting period.
There are no concerns over the proposed amendment to the LTIP.  The current LTIP has a maximum award of 200% of base salary, which is relatively low.  The performance conditions are ROCE, TSR and EPS and targets are fully disclosed.  There are no concerns over dilution.


DCC is a procurement, sales, marketing, distribution and business support services company. Co. operates across four separate divisions: DCC Energy, which is involved in the sales, marketing and distribution of oil and liquefied petroleum gas; DCC Healthcare, which provides products and services to healthcare providers and health & beauty brand owners; DCC Technology, which is involved in the sales, marketing and distribution of technology products; and DCC Environmental, which provides a range of waste management and recycling services.


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