ITEM 10: The Company proposes the appointment of Natacha Valla (who was a director
from 2016 to 2018 before joining the ECB). This appointment has the effect of
increasing the board's independence rate from 40% to 47% according to ECGS, which
is a significant improvement. We support the proposal.
ITEM 13 and 14: The Company's disclosure of remuneration granted is still weak and
not very much in line with market practices (especially for a CAC 40 company);
therefore, we do not support resolutions 13 and 14.
ITEMS 12, 16 and 17: As for the executive remuneration policies for 2020, there are no
negative changes. We therefore support them. However, these policies are still not
acceptable (problems of disclosure, excessive remuneration). Nevertheless, pursuant to
paragraph 2 of II of Article L. 225-100 of the French Commercial Code, only the rejection
of this resolution to approve the information report on remuneration would lead to a
suspension of directors' remuneration and would thus oblige the Board of Directors to
present a revised remuneration policy to the General Meeting of Shareholders. ECGS
would like to see the Board propose an amended remuneration policy and we therefore
recommend opposing this resolution 12.
LVMH Moet Hennessy Louis Vuitton is a manufacturer and retailer of luxury goods. Co. offers champagne and wines, cognac and spirits, fashion and leather goods, perfumes and cosmetics, watches and jewelery; and is engaged in selective retailing. Its operations are organized along five business segments: Wine and Spirits, Fashion and Leather Goods, Perfumes and Cosmetics, Watches and Jewelery, and Selective Retailing. Co. is also engaged in other activities (Media with Les Echos group, La Samaritaine and Luxury yacht with Royal Van Lent). Some of Co.'s brands are Moet & Chandon, Dom Perignon, Louis Vuitton, Fendi, Donna Karan, Parfums Christian Dior, Guerlain, Parfums Givenchy, and TAG Heuer.
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