Etude de l'AG du 04/05/2017
Item 1
Lagardère still does not submit the Statutory Auditor’s Special Report on Regulated Agreements and Commitments with Related Parties for approval to the General Meeting. This report includes an agreement amounting to €26 M (€27.1 M in 2015) and could constitute a masked remuneration granted to Arnaud Lagardère for €700,000. In this way, Lagardère SCA has not respected Article L225-40 of the French Code of Commerce.
Item 4
The Company still does not recognize the entire remuneration granted to Arnaud Lagardère. He obtained €700,000 in the form of a profit margin on the regulated agreement (with Lagardère Capital & Management) and an additional €1,756,000 as statutory dividend for his role as General Partner.
Items 4 to 7
The structure of the remunerations does not follow good governance principles. Firstly, the variable remuneration of Deputy CEOs is defined with qualitative criteria by 50%.
Moreover, the performance criteria for STI and LTI are similar, which is not challenging.
Lagardere Groupe is a holding company. Through its subsidiaries, Co. is engaged in the media industry (news, education, culture and entertainment businesses). Co.'s main activities in the media industry can be divided into four separate divisions. Lagardere Publishing includes Co.'s Book Publishing and e-Publishing businesses. Lagardere Active encompasses Co.'s Magazine Publishing, Audiovisual (Radio, Television, Audiovisual Production), Digital and Advertising Sales Brokerage businesses. Lagardere Services encompasses the Travel Retail and Distribution businesses. Lagardere Unlimited specializes in sports and entertainment.
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