Mediaset Espana Comunicacion – AGM 10 June 2020
In item 5, it is proposed to set the number of Directors at 13, within the limits recommended by the CNMV, while there are only 12 members at present. We understand the difficulties of finding a suitable candidate with the obstacles the pandemic presents and we acknowledge that the vacancy will be filled and voted upon by next year's AGM. Since we have serious concerns over the Board's level of independence and female representation (both at 25%), we urge the Company to nominate a new female independent Director.
In item 8, shareholders are called on an advisory vote on the 2019 Director's Remuneration Report. We regret that 100% of the CEO's annual bonus depends on financial markers without any long-term objectives and that the Chairman receives variable remuneration despite not being considered executive. Overall, compared to European peers, Mediasets' Directors' remuneration is excessive and there is a lack of alignment between pay and performance. Hence, we recommend that shareholders oppose.
Gestevision Telecinco is a television network company based in Spain. Co. heads a group of dependent companies, which form the Telecinco Group. Through its subsidiaries, Co. is engaged in the management and commercial exploitation of a television network. Co.'s television network acquires, produces, and distributes audiovisual content. Co. also sells the network advertising airtime, carried out by its subsidiary. In addition, Co. is involved in the sale of other advertising products; production of news programs; the production and sale of audiovisual property rights; and teleshopping.
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