Eutelsat Communications - AGM 05 November 2020
Renewal of the term of office of Mr. Rodolphe Belmer as director (resolution 6) :
Rodolphe Belmer is also Chief Executive Officer of the company. ECGS then carries out a specific analysis. The company indicates that he holds 2,000 shares of the company (valued at €16,440 on 10/09/2020 (€8.22), i.e. 18% of the average annual directors' fees and 2.5% of his fixed compensation). The level of investment in shares of Mr. Rodolphe Belmer, Chief Executive Officer, is clearly insufficient and does not comply with ECGS' voting policy requiring the director to invest during his first mandate a minimum of six months of his fixed remuneration in shares of the company. Due to the low shareholding of Mr. Rodolphe Belmer and the loss of shareholder value since his appointment, we recommend shareholders to oppose.
Renewal of the Fonds Stratégique de Participations as Director (resolution 7) :
Although the Fonds Stratégique de Participations is considered by ECGS as not being free of potential conflict of interest, the Board is however composed of a majority of members free of potential conflict of interest (60% according to ECGS). Therefore, the level of independance does not raise any concern. Furthermore, ECGS acknowledges the legitimacy of the Fonds Stratégique de Participations to sit on the Board as it is the company's second shareholder. We recommend approval.
Eutelsat Communications is a private telecommunications satellite operator involved in the design, establishment, operation and maintenance of satellite telecommunications systems covering a large geographical area (extended Europe (including North Africa and the Middle East), sub-Saharan Africa, parts of America and Asia). Co. provides its customers broadcasting capacity and associated services to transmit TV programmes via satellite, cable or Internet Protocol (IP) networks. As of June 30, 2013, Co. owned and operated 31 satellites in geostationary orbit and 4 satellites in inclined orbit.
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