Faurecia - AGM and EGM 28 May 2019
The mandates of the statutory auditors are coming to an end. It is therefore proposed to renew the mandate of Ernst & Young and to approve the appointment of Mazars to replace PriceWaterhouseCooper. The latter will be supported, but the renewal of Ernst & Young in office for 36 years will not be supported.
Of the five appointments and cooptations proposed, only two will be supported. Indeed, three candidates are considered as non-independent by ECGS while the Board presents a majority of members who are not free of potential conflicts of interest (resolutions 7 to 11).
The main change in the Chief Executive Officer's remuneration policy is the increase in the fixed remuneration (+9%), which had already been increased in 2017 (+9.5%) and 2018 (+10%), which does not respect the spirit of the Afep-Medef's recommendations. As a result, the attributable amounts of the bonus, long-term and total may also increase. Due to the inflationary nature of this new compensation policy, we recommend that shareholders oppose to Resolution 13.
Faurecia is an automobile equipment supplier based in France. Co.'s activities can be divided into four business units: Automotive Seating (design of vehicle seats, manufacture of seating frames and adjustment mechanisms, and assembly of complete seating units); Emissions Control Technologies (design and manufacture of exhaust systems); Interior Systems (design and manufacture of instrument panels, door panels and modules, and acoustic components); and Automotive Exteriors (design and manufacture of front ends and safety modules). Some of Co.'s customers are PSA Peugeot Citroen, VW Group, Renault-Nissan, Ford Group, BMW and GM Group.
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