Edenred – AGM 7 May 2020
Press release of 7/4/20
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- Dividend reduced from 0.87 € to 0.70 €.
- CEO's waiver of 25% of his compensation to be paid in 2020. This remuneration will be paid into a fund intended to support Edenred's ecosystem in the face of the consequences of the Covid-19 epidemic.
ITEM 8: The Company proposes to replace the defined benefit pension scheme (whose rights are now frozen) by a defined contribution scheme. First of all, ECGS regrets a lack of transparency of the company: indeed, the estimated annuity attached to the previous defined benefit pension scheme is not disclosed, which does not comply with the Macron Law and does not allow the shareholders to control the valuation of the transfer of these amounts to the new scheme. In addition, the contribution rate of 21% estimated on the basis of the 2020 remuneration may appear high in view of the recommendations of British investors on the subject (25% of the fixed remuneration and not 21% of the total fixed + variable).
This new pension scheme is no longer a regulated commitment and its implementation is subject to the approval of the new remuneration policy. As this scheme does not comply with our principles, we do not support resolution 8.
Edenred designs and delivers services to clients, companies or public sectors, enabling them to offer beneficiaries additional purpose-directed purchasing power, such as the Ticket Restaurant® meal voucher, and provides prepaid corporate services. Co.'s product offering ensures that allocated funds are used as intended, allowing its clients to manage: Employee benefits (Ticket Restaurant®, Ticket Alimentacion®, Ticket CESU, Childcare Vouchers®, etc.); Expense management process (Ticket Car®, Ticket Clean way®, Repom®, etc.); and Incentive and rewards programs (Ticket Compliments®, Ticket Kadeos®, etc.). Co. also supports public institutions in managing their social benefits programs.
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