Gecina – AGM 23 April 2020
ITEM 16: At the end of this meeting, subject to the approval of the appointment of Jérôme Brunel as director, the latter will be appointed Chairman of the Board to replace Bernard Carayon, who has reached the statutory age limit and will resign. We support the appointment of Mr. Brunel as Chairman of the Board.
ITEMS 7 to 10 and 32: The 2019 and 2020 remuneration of the members of the Board, the Chairman and the CEO do not call for any particular comment on our part. However, we do not support resolution 32 related to the authorization to grant free shares as the proposed performance conditions allow for vesting in the event of underperformance, which does not comply with our voting policy.
ITEM 20: The Company proposes to amend its bylaws in order to modify its statutory disclosure thresholds, and, in particular, the time limit for disclosing the crossing of thresholds by decreasing it from 5 to 4 days. This 4-day period is extremely restrictive for investors, and does not comply with our voting policy (15 days). Furthermore, while the threshold declaration system contributes to greater transparency on shareholding, information on the crossing of statutory thresholds should not be kept for the exclusive benefit of the company's management, but should be publicly disclosed without delay on the company's website. However, the company does not disclose the crossing of thresholds that it receives either on its website or in its registration document; it therefore reserves this information for its sole benefit.
Gecina is a rental real estate company. Co.'s purpose is to operate individual rental properties or group of properties located mainly in France. Co.'s properties include commercial assets (offices and retail outlets), residential assets, logistics assets, hotels and healthcare facilities. Co. is organized around two main sectors and one ancillary segment: Economic sector comprising the commercial segment (offices and retail outlets), the portfolio of logistics properties and of hotel buildings; Demographic sector comprising traditional residential units (housing units property holding), portfolio of students residences and of healthcare facilities; Ancilary segment of real estate services.
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