Etude de l'AG du 27/04/2017
We note that the Company has failed to submit the statutory auditor's report on related party transactions to shareholders for a vote. Moreover, this report contains a service agreement between the Company its largest shareholder Artémis, worth €3.2 million. Even more concerning is the abence of details regarding services furnished and whether such services are paid at the going rate or otherwise.
The Company submits its 2017 remuneration policy to a binding ex-ante vote in Resolution 8. This policy increases base salary, as well as modifies the vesting conditions of pluri-annual compensation, however the Company has failed to modify them in such a way that we believe them to be challenging. Furthermore, under this policy the Deputy CEO, will be able to recieve an exceptional bonus worth €1.2 million for his role at Puma (a Company subsidiary) in 2012/2013. Given all of these elements we believe the potential remuneration of both the Chairman-CEO and Deputy to CEO to be largely excessive.
We oppose once again, the compensation paid out in fiscal year 2016 to both executive officers in the non-binding ex-post compensation votes in Resolutions 9 and 10, due to the excessive nature of the total remuneration and the unchallenging nature of performance conditions for the pluri-annual compensation.
Kering is engaged in the retail industry, particularly luxury fashion brands. Co.'s operations can be divided into two segments: Luxury and Sport & Lifestyle divisions. The Luxury division includes brands such as Gucci, Bottega Veneta, Yves Saint Laurent, Balenciaga, Boucheron, Sergio Rossi, Alexander McQueen, Girard-Perregaux & JeanRichard, & Stella McCartney. In addition, Co. offers Leather Goods, Shoes, Ready-to-wear, Watches, and Jewelry & Other products. The Sport & Lifestyle division designs & develops footwear, apparel & accessories and includes brands like Puma, Volcom and Electric among others.
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.