The Company operates a dual listed company structure. Standard UK shareholder rights apply to Investec plc shareholders. Investec Ltd is incorporated and listed in South Africa. A Special Voting Share enables the shareholders of Investec plc to vote on the resolutions proposed at meetings of Investec Ltd, and has the equivalent number of votes as the number of ordinary shares in issue of Investec Ltd as at the meeting date. For this reason, we have provided voting recommendations for those resolutions proposed to Investec Plc shareholders and Investec Ltd shareholders.
Items 1 - 14: Re-elect the Board of Directors. There is insufficient independent representation on the Board. There are several non-executive directors who are not independent due to family relationships, former service at the Company, former service at the auditor, or board tenure. The lack of independence also affects the Remuneration Committee, which does not meet ECCGS guidelines as it is not wholly independent. Furthermore, there is insufficient gender diversity on the Board.
Item 15: Approve the Remuneration Report. The structure is considered unacceptable given the use of the fixed share awards to avoid the cap on executive pay, excessive incentive payments and the possibility for accelerated vesting. Furthermore, there are concerns that performance targets are not sufficiently challenging and the quantum is excessive.
Items 20, 21 and 32: Appoint the joint auditors. The auditor's tenure exceeds our tenure limit of 10 years. Ernst & Young Inc (EY) and KPMG Inc are joint external auditors of Investec Ltd. They have served as joint auditors at least since the company's listing in 2002. This exceeds ECGS guidelines and may undermine auditor independence.
Investec is an international specialist bank and asset manager that provides a range of financial products and services in three principal markets, U.K. and Europe, South Africa and Asia/Australia as well as certain other countries. Co. has three main areas of activity: Asset Management, which provides investment capabilities through active segregated mandates or mutual funds to clients; Wealth & Investment, which provides investments and savings, pensions and retirement, and financial planning; and Specialist Banking, which provides services for both personal and business needs right across Investment, Corporate and Institutional Banking, and Private Banking activities.
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The independent financial analyst theScreener just awarded an improved star rating to INVESTEC (GB), active in the Investment Services industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date July 17, 2020, the closing price was GBp 174.45 and its expected value was estimated at GBp 164.32.
The group operates a dual listed company structure. Standard UK shareholder rights apply to Investec plc shareholders. Investec Ltd is incorporated and listed in South Africa. A Special Voting Share enables the shareholders of Investec plc to vote on the resolutions proposed at meetings of Investec Ltd. Investec proposes to approve a demerger of its Asset Management business, called “Ninety One Businessp”Under the UK legal requirements and due to the groupns duallisted company structure (DLC), the approval will be sought at a general meeting of Investec plc and a general meeting of Investec L...
Feasibility Study Results in December to be a Catalyst for this Junior
Proxinvest souligne que la société propose la ratification de la cooptation de deux nouveaux administrateurs libre de conflit d'intérêts, en résolution 8 et 9. Ainsi, le conseil devient majoritairement indépendant, ce qui est une amélioration, notable en termes de gouvernance. Nous recommandons donc l'approbation des résolutions 8 et 9.La rémunération attribuée à Yazid Sabeg s'élève ainsi à 455 000 euros, soit 292% de la médiane des Présidents de conseil des 250 premières sociétés cotées françaises. Or Proxinvest est défavorable à l'attribution de rémunération excédant cette médiane.Par conséq...
General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by postal vote or by granting authority to the proxies designated by the Company. Item 2: In view of the recent events relating to COVID-19, ECGS is in favour of postponing decisions on the dividend, reductions or suspensions that would allow companies to avoid liquidity risks or not generate risk for their surviv...
General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by postal vote or by granting authority to the proxies designated by the Company. LEG Immobilien is one of Germany's leading listed real estate companies with around 136,000 rental properties and more than 365,000 residents. The Company has seven branch offices in North Rhine-Westphalia, providing personal local c...