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.
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.
Mauna Kea is a medtech focused on in vivo microscopic imaging. The group aims to revolutionise diagnosis via its Cellvizio® system. Indeed, Cellvizio® presents a unique value proposition by facilitating the real-time observation of tissues at a microscopic scale and helping physicians to accurately target biopsies. The current share price, which reflects the temporary negative impact of COVID-19 on the company's business, presents an attractive entry point to play the extension of the...
Proxinvest attire l'attention des actionnaires sur certains points. Proxinvest regrette que la société continue d'associer le quitus à l'approbation des comptes sociaux et de l'approbation des dépenses non déductibles. En effet, Proxinvest aurait pu soutenir ces deux approbations si elles avaient été dissociées. Ensuite Proxinvest ne soutient pas les conventions règlementées avec les membres du conseil. De ce fait, Proxinvest s’oppose à la résolution 4. Le conseil n‘est pas majoritairement d’après Proxinvest, de ce fait nous ne soutenons pas les résolutions 11 et 12.
Proxinvest attire l'attention des actionnaires sur plusieurs points. Tout d'abord sur la composition du conseil. Proxinvest estime que le conseil n'est pas majoritairement indépendant. De plus les mandats sont d'une durée de 6 années ce qui ne respecte pas notre durée de 4 années. De ce fait, nous ne pouvons soutenir les renouvellements. Par ailleurs Proxinvest note que la transparence de la société concernant le rapport de rémunération pourrait être améliorée.
Proxinvest attire l'attention des actionnaires sur plusieurs points. Tout d'abord la société indique : "Au titre de l’exercice 2019/20, Pascal Imbert et Patrick Hirigoyen ont pris la décision de renoncer à leur part variable et les membres du Conseil de surveillance et des Comités à 25% de leur rémunération ;". De plus Pascal Imbert et Patrick Hirigoyen ont décidé de renoncer à une large partie de leurs rémunérations variables versées en 2019-2020 au titre de l'exercice précédent. Ces décisions sont liées à la situation exceptionnelle. Dans cette même optique la société décide de ne pas vers...
General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by postal vote or by granting authority to the proxies designated by the Company. Item 2: On 17 March 2020, the Management Board and the Supervisory Board initially resolved in light of the COVID-19 pandemic to propose to the AGM that the net profits of financial year 2019 shall be fully carried forward to new acc...
Covid-19 – Dividend As a result of the pandemic and the current UK government restrictions on travel and indoor public gatherings, shareholder attendance at the Company’s AGM will not be possible this year. Any changes to the Meeting will be communicated to shareholders before the Meeting through the Company’s website and, where appropriate, through an announcement to the London and Johannesburg stock exchanges. As part of the Group’s broad response to maintaining its liquidity position through the crisis and to maximize its support in tackling Covid-19, the Board has taken the prudent and a...
General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by postal vote or by granting authority to the proxies designated by the Company. Item 2: Management and Supervisory Board are proposing a dividend of EUR 0.65 per share (increased by 18.18% from EUR 0.55). In view of the recent events relating to COVID-19, ECGS is in favour of postponing decisions on the dividend...
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