Expert Corporate Governance Service (ECGS)
EUR 492.40 For Business Accounts Only

Etude de l'AG du 04/05/2017

Item 2: Approve the Remuneration Report. The structure is unsatisfactory given especially the size of the bonus. Pay does not appear to be aligned with performance given the decision to award 100% of bonus shares despite below target revenue performance. Variable remuneration was excessive.

Item 3: Approve the Remuneration Policy. ECGS has concerns over the potential maximum variable remuneration under both the short and long-term programmes (up to 725% of base salary), especially in the light of continued increases in base salary.

Furthermore, potential and actual short-term incentives outweigh long-term incentives. This is a concern as it means that the variable pay framework does not provide an adequate alignment between executive pay and shareholder long-term interest.

Shareholders should not that 41% of shareholders voted against the Remuneration Report at the 2016 AGM, and we regret that the Company appears to have ignored their concerns.

Item 14: Re-elect the Chairman. The UK Code considers that the Chairman should be independent on appointment. However, he was not independent upon appointment. In addition, following his appointment, he has served as Chairman & CEO and Executive Chairman from 2004 to Dec. 2014. The company breaches the applicable corporate governance code recommendation that the Chairman of the


Inmarsat is a provider of global, mobile satellite communications solutions. Co.'s operating segments are aligned to five market-facing business units including maritime, which is focused on worldwide commercial maritime services; enterprise, which is focused on worldwide energy, industry, media, carriers, and Machine to machine services; aviation, which is focused on commercial, business and general aviation services; U.S. Government, which is focused on U.S. civil and military government services; and global government, which is focused on worldwide civil and military government services.


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