ITEMS 6 and 7: On December 2018, Elliott announced holding 2.5% of the capital of Pernod Ricard and, among other things, was asking for an improvement of the Group’s governance. Since their announcement, the following changes happened:
ECGS welcomes these improvements which meet comments and recommendations we have made for several years.
ITEM 9: Alexandre Ricard’s fixed remuneration increased by 15% (which we opposed in 2018). That led to an increase of 15% of his total remuneration while Group’s employees’ remuneration only increased by 1%. At the same time, the Equity ratio (measured over the single Company’s perimeter) increased by 19%. These significant increases, added to a redundancy plan, significantly impair the Group’s social cohesion. Thus, we do not support item 9 related to the Ex-post binding vote of remunerations granted to the Chairman and CEO.
Pernod Ricard produces and distributes wines and spirits. Co. produces aniseed products, vodka, whisky, cognac, rum, gin, liqueurs, champagnes and wines. Co.'s activity is organized around families of products built around brands. Its brands portfolio includes: ABSOLUT vodka, Ricard pastis, Ballantine's, Chivas Regal and The Glenlivet Scotch whiskies, Jameson Irish whiskey, Martell cognac, Havana Club rum, Beefeater gin, Kahlua and Malibu liqueurs, Mumm and Perrier-Jouet champagnes as well as Jacob's Creek and Brancott Estate wines. Co. is structured into four segments constituted by the following geographic regions: France, Europe (excluding France), Americas, Asia/Rest of the World.
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