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Galp Energia is a holding company. Through its subsidiaries, Co. operates in the following segments: exploration and production, with activities relating to exploration, development and production of hydrocarbons, particularly in Angola, Brazil and Mozambique; refining and marketing, which owns refineries in Portugal and also includes activities relating to the retail and wholesale commercialization of oil products; and gas and power, which covers the purchasing, commercialization, distribution and storage of natural gas and electric and thermal power production. As of Dec 31 2014, Co. had proved and probable reserves of 638.0 million barrels of oil equivalent.
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EM Breakout -- Add Exposure The laundry list of market characteristics consistent with historical bull markets continues to grow, helping support our ongoing belief that global equities are in the early stages of a broad-based advance. • US Dollar; EM Equities. The US dollar (DXY) exhibits signs of rolling over, something we outlined as increasingly likely in our 12/10/19 Int'l Macro Vision strategy. This is bullish for global equities -- especially EM -- and has paved the way for the MSCI EM index to break above key resistance. Add exposure... see chart below and page 2. • Europe and Japan...
Feasibility Study Results in December to be a Catalyst for this Junior
The Pause that Refreshes? We continue to believe the weight of the evidence points to a new leg higher for global equities, a viewpoint that is supported by the several international markets that are breaking out to new highs or making bullish inflections since our previous Int'l Compass (10/31/19). While developments continue to lean bullish, global equities have rallied substantially since the start of October, making it perfectly reasonable to expect some consolidation of recent gains which would allow for a more meaningful move higher. • New Highs or Bullish Inflections. The number of in...
Item 2: Advisory vote on the remuneration report. The positive features of the remuneration overwhelm our moderate concerns about its quantum and the insufficient challenge of some LTI targets. The remuneration is weighted more towards rewarding long-term performance, the payout is adequately aligned with performance, and the quantum may be explained by the Compass group's strong performance. Item 13: The re-election of Mrs Vittal previously recorded a high level of total dissent of 22% due to over-boarding concerns. This year, Mrs Vittal has reduced the number of directorships which now fall...
Item 6: We recommend to oppose the revised remuneration system for the Management Board due to our concerns over the structure of remuneration being paid under the system: The maximum total remuneration (excluding pension benefits and benefits in kind) may reach as much as ~643% of base salary which significantly exceeds ECGS guidelines according to which the maximum total remuneration should generally not exceed 400% of base salary.
Item 2: Advisory vote on the remuneration report. Despite the Board's discretion to reduce the bonus outcome, the executive remuneration level is excessive: the base salary exceeds peer medians and the total pension benefit is 30% of the CEO's base salary. This does not meet the new UK Corporate Governance Code provisions, the recommendation of the Investment Association to reduce pensions and our acceptable maximum level for the UK market. Despite challenging performance conditions, the CEO's remuneration is excessively weighted towards variable incentives. The main performance criterion - Ad...