ITEM 8: The Company’s disclosure, although acceptable, does not meet the market best
practices and objectives to achieve in 2018 should have been disclosed. Moreover,
amounts at stake (€5.6 M, i.e. 159% of the median total CEO remuneration in the
Chemicals sector of the MSCI Europe) are excessive compared to market and sector
practices.
ITEM 9: Overall, changes proposed for the new remuneration policy are not significantly
negative. However, dealing with the criteria redundancy seems to be a way for the Board
to avoid dealing with the actual issues executives’ remuneration policies have at Air
Liquide. ECGS and shareholders already pointed out in the previous remuneration
policies that the fixed remuneration is excessive and that target and maximum bonuses
are too generous. But the company does not seem to be willing to deal with these issues.
Changes proposed will have an impact on the structure of the annual bonus: the
qualitative portion will have an increased weight. Thus the previous remuneration policy
was better. Therefore, we do not support this new remuneration policy.
L'Air Liquide is engaged in the market of gases for industry, health and the environment. Oxygen, nitrogen, hydrogen, and rare gases make up Co.'s core activities. Co. structures its activities in three segments: Gas and Services, Engineering and Technology, and Other activities. The Gas and Services segment comprises four business lines: Industrial Merchant, Large Industries, Healthcare and Electronics; Engineering and Technology designs, develops and builds industrial gas production plants for Co. and third parties; and the Other Activities segment develops welding and cutting edge technologies, and markets deep-sea diving and swimming equipment to professionals and privates individuals.
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 :
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.