Proxy Report - 04/05/2018
Gilles Michel, CEO, will resign on the 4th of May, 2018. Conrad Keijzer, appointed as deputy Chief Executive Officer on March 8, 2018, will be designated as Chief Executive Officer of the Group. We welcome the separation of functions (resolutions 7 and 10). The Board will decide at its meeting on May 4, 2018 to coopt a new independent female member who is currently being selected.
2017 remuneration for Gilles Michel : The Company has made a concerted effort to improve transparency this year by disclosing performance criteria weightings and achievement rates for the bonus. However, given the lack of a real long-term remuneration and an excessive variable remuneration, the remuneration structure is unsatisfactory. Moreover, quantum is too high. Therefore, we recommend that shareholders oppose resolution 6.
2018 remuneration policies for Gilles Michel and Conrad Reijzer: Gilles Michel will not receive a severance payment but will be entitled to a supplementary defined benefit (“Top Hat”) pension plan. Regretfully, the annuity associated with said Top Hat plan was not disclosed, in contradiction with the Macron Law (“Loi Macron”). Additionally, no information is provided regarding a potential LTIP grant.
The remuneration policy for Conrad Keijzer, incoming CEO, will include a new element (“impatriation bonus”) and the LTIP ceiling will be increased. Thus, we expect quantum to be higher next year.
Therefore, we recommend that shareholders oppose resolution 5.
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).
Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.
Proxinvest main services are :
- Proxy reports
- Definition and monitoring of client customized voting guidelines
- Corporate Governance Data and Rating
- Thematic research
- Engagement support
Proxinvest has been a pioneer and champion of good corporate governance and has grown into a recognised expert in the field.
Proxinvest is independently-owned and only works for investors : Proxinvest does not provide consulting services to the companies it covers, mitigating related risks to its clients and ensuring the independence of our analysis. As a result Proxinvest is able to take a robust, independent, engaged and unconflicted view of the companies in which our clients invest.
As Managing Partner of Expert Corprate Governance Service Ltd (ECGS), Proxinvest has built a large network of corporate governance experts to support clients in corporate governance analysis worldwide.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.