Michelin - AGM 17 May 2019
GOVERNANCE
Since 18 May 2018, Michelin has had three General Partners: Jean-Dominique Senard, Managing Chairman, whose term of office was renewed on 31 October 2014 for a four-year term, Florent Menegaux, appointed at the General Shareholders' Meeting of 18 May 2018, and the company Société Auxiliaire de Gestion (SAGES), non-manager. In addition, the General Shareholders' Meeting of 18 May 2018 appointed Yves Chapot as General Manager. Florent Menegaux will succeed Jean-Dominique Senard as Managing Chairman at the end of this General Meeting.
REMUNERATION
As in the previous financial year, the company does not submit to the vote a remuneration policy for the 2019 financial year (in line with the Sapin II Law) because it is a SCA (partnership limited by shares) and is therefore not affected by this law. However, this meeting proposes an advisory vote on the remuneration of the Managing Chairman, Jean-Dominique Senard, the General Partner Florent Menegaux and the General Manager, Yves Chapot. Due to its status as a SCA, Michelin remains one of the few French CAC40 companies whose shareholders cannot make a binding decision on executive compensation.
The company's transparency has improved significantly compared to the previous financial year with the communication of the achievement rates for each bonus criterion. This improvement is the result of ECGS' long-term involvement to the company. As a result of this improvement, as well as moderate amounts for a CAC40 company and an alignment with performance that seems genuine, all resolutions on executive compensation will be supported (resolutions 6 to 8).
Compagnie Generale des Etablissements Michelin is active in the tire and mobility-related service markets. Co. manufactures, distributes and sells tires for all kinds of vehicles, publishes maps and guides and operates a number of services. Co.'s operates in three segments: Passenger car/Light truck tires and related distribution; Truck tires and related distribution and Specialty businesses segment including tires for specialty vehicles and maps and guides. Co. distributes its products through two tire distribution networks: Euromaster (Europe) and TCI (U.S.A.) and its brands include Michelin, BFGoodrich, Kleber, Uniroyal, Warrior, Kormoran, Riken, Taurus and Tigar.
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