Klepierre – AGM 30 april 2020
In terms of governance and transparency, Klépierre is to be commended. This is due in particular to the separation of the functions of Chairman of the Board and Chairman of the Management Board, as well as the Board's high level of independence (55.56%).
In addition, the company communicates its remuneration criteria well.
It should be noted that there is no exceptional compensation for the coming year.
Concerning the dividend, although the payout rate is particularly high compared with previous years and exceeds our criteria, the dividend is covered by cash flow and is consistent with Klépierre's policy. However, we have some reservations about the sustainability of a payout of 80% of net cash flow in a slower economic climate.
Klepierre specializes in the development, rental, and asset management of real estate properties in 13 Continental Europe countries. Co. also provides services to third party customers. Co.'s properties include shopping centers, office buildings and shops. It structures its operation into business segments and geographic regions: Shopping centers are structured into 6 operating segments, and the remaining two operating segments are Retail Assets and Office Buildings. As of Dec 31 2013, Co.'s portfolio comprised 91 centers in France/Belgium, 25 centers in Scandinavia, 35 centers in Italy, 76 centers in Spain/Portugal, 23 centers in Central Europe, and 6 centers in other countries.
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