Ipsen – AGM 29 May 2020
Governance
On 18 December 2019, Ipsen announced that David Meek has resigned as the company's CEO and will step down from the Board of Directors, effective 31 December 2019. The Board has decided to appoint Aymeric Le Chatelier, currently CFO as Interim CEO to replace David Meek as of 1 January 2020. The Board has asked the Nominations Committee, chaired by Carol Xueref, to conduct a search process in order to identify the future CEO.
Remuneration
As a result of his resignation, David Meek lost his rights to the 2018 and 2019 LTIP and to the supplementary defined benefit pension, but entitled to a non-competition clause equivalent to one year's fixed and variable compensation (resolution 6).
With regard to the 2019 remuneration of the CEO, the failure to communicate the achievement rates of each of the financial criteria related to the bonus constitutes a fundamental flaw for ECGS (resolution 16).
The 2020 remuneration policy is very general, which is understandable given the search for a new CEO. However, under these conditions, it is difficult for the shareholders to approve it since the fixed remuneration is not disclosed even though it serves as the basis for the calculation of the annual bonus. The amounts involved can not therefore be estimated, especially as the amount of LTIP remuneration could potentially be very high (resolution 13).
Ipsen is global biotechnology specialty care company. Co. engages in research, development, manufacture and sale of pharmaceutical products for human healthcare. Co.'s product portfolio includes pharmaceutical products marketed around the world to specialists working in its targeted therapeutic areas (oncology, endocrinology, neurology and haematology). These products are specialist care drugs. Co. also markets products in other therapeutic areas including gastroenterology, cardiovascular and cognitive disorders. These products are primary care drugs. Co.'s brand names include Decapeptyl®, Somatuline®, Dysport®, Nutropin Aq®, Smecta®, Forlax®, Nisis®,Adrovance®, Exforge® and Adenuric®.
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