Kering – AGM 16 June 2020
Updates:
Press release of 10/4/20
():
- François-Henri Pinault gives up 25% of his 2020 fixed salary
- François-Henri Pinault and Jean-François Palus waive their entire 2020 bonus.
Amendment of the URD:
- Dividend reduced from €11.5 to €8 per share
ITEM 10: Although the company proposes an improvement in its compensation policy for 2020, a change that justifies our support of resolution 13, the fact remains that the executive compensation policy includes several negative points (see resolution 13) and that this policy, overall, does not satisfy us. If resolution 10 is defeated, the Company will be obliged to propose a new policy and suspend the payment of directors' fees. Since we believe that the compensation policy must be thoroughly reviewed, we therefore recommend the rejection of this resolution in order for the Board to propose a new acceptable policy.
ITEMS 11 and 12: The Company's transparency regarding the compensation awarded is appreciable, since it allows a clear understanding of the amounts awarded. However, the amounts remain excessive. Furthermore, while the changes in the vesting conditions for long-term compensation are appreciable, the fact remains that allowing 50% of rights to vest if only 1 of the performance conditions progresses is not in line with CAC 40 practices and is not acceptable.
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.
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