Etude de l'AG du 03/05/2017
This year, Imerys till proposes to its shareholder to vote the compensation due to Gilles Michel for 2016, but also to vote on the remuneration policy for 2017 (Sapin II law). It’s disappointing for us to remark that nor the communication, nor the transparency about the remuneration of the first executive of the company wasn’t improved. Moreover, the total remuneration due to the Chairman and CEO for 2016 is still higher than its peers of the SBF 120, and even if we do not have all information to have a clear view of what it will be for 2017, it’s very likely that the same problem will remain for the next year. Therefore, we will not support the resolutions 5 and 6.
The independence rate of the board being quite low (35%), we won’t support two directors (Paul Desmarais III and Colin Hall) up for renewal, out of 4 directors proposed for this General Meeting.
As it was also the case last year, Vivendi proposes to vote on two plans: one stock option and an allocation of restricted share for employees and/or executive directors. Not only this authorization has a ceiling which is too high, but also there are no performance conditions attached to the allocation for the executive director. As of this, Gilles Michel being the only executive director, he could be granted up to 30 M and 4.8 M€ for the restricted share and stock option. Those amounts are obviously unacceptable. As a consequence we will oppose resolutions 23 and 24.
Imerys is engaged in the production and the processing of minerals. Co.'s operations can be divided into four business groups: Minerals for Ceramics, Refractories, Abrasives and Foundry (minerals mainly for floor tiles, sanitaryware, porcelain, mobile energy as well as high-temperature and abrasive industries); Performance and Filtration Minerals (plastics, rubber, coatings, sealants and adhesives, health, beauty and filtration of nutrition liquids); Pigments for Paper (filler and coating products for paper) and Materials and Monolithics (construction materials in clay and slate and monolithic products and solutions for high-temperature industries).
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