Proxy Report - 25/04/2018
On June, 5th 2017, JCDecaux Holding acquired 16.36% of Eurazeo’s capital. This happened 1 month after Tikehau disclosed holding 7.6% of the company’s capital (including 5.1% from Sofina)
The Chairman of the Management Board’s mandate was not renewed; hence, on March, 19th 2018, Patrick Sayer quit his functions and was replaced by Virginie Morgon. His termination package comprises a severance payment (amounting to more than €4 M). He also keeps the benefit of his options and performance shares not yet vested (€5.1 M) as well as the benefit of his pension plan. His termination package (pension excluded) amount to €9,207,000, i.e. 460 times the French minimum wage, which is excessive.
We remind the company that, first of all, severance payment should happen only in case of forced departure, which is not the case here as this is just a mandate non-renewal.
Second of all, executives are highly paid partly to compensate the risk to be dismissed ad nutum. Paying a severance implies compensating the same risk twice, which is neither logical, nor in line with these severance principles.
Eurazeo is a listed investment company in Europe. Co. invests in French or other European companies in which it can exercise influence. Co. divides its operaion in five divisions: Holding company, Eurazeo Capital, Eurazeo PME, Eurazeo Croissance, and Eurazeo Patrimoine. Holding company focuses on investment in non-consolidated fund business; Eurazeo Capital invests in companies valued over Euro150,000,000 to Euro200,000,000; Eurazeo PME invests in enterprises valued at less than Euro150,000,000 to Euro200,000,000; Eurazeo Croissance targets companies with high growth potential in promising markets; and Eurazeo Patrimoine groups Co.'s real estate asset management and investment activities.
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