Peugeot SA - AGM 25 April 2019
Resolutions 4 and 5 seek the appointment of two new members of the Supervisory Board: Gilles Schnepp, independent, and Thierry de la Tour d'Artaise, not independent according to ECGS (presented as independent by the company). The Board’s low independence rate leads us to recommend opposition to the second appointment (resolution 5). However, Gilles Schnepp's candidacy will be supported (resolution 4).
This year again, the company proposes to vote on a resolution allowing the allocation of anti-takeover warrants (“Bons Breton”), even though a similar resolution has been adopted with only 73.54% of the votes at the previous General Meeting (resolution 24).
The remuneration of the Chairman of the Executive Board amounts to € 7.6 million, an amount that is too high (resolution 9). On the other hand, the remuneration policy for the 2019 financial year includes some improvements, which allow us to support resolutions 6 and 7.
Peugeot is an automobile manufacturer (cars and light commercial vehicles), supported by two brands: Peugeot and Citroen. Co.'s activities are divided into four main segments: Automobile (Co. designs, manufactures and markets passenger cars and light commercial vehicles under Peugeot and Citroen brands), Finance (Co. provides retail and wholesale financing to customers and dealer networks), Automotive equipment (Co. produces Interior Systems, Automotive Seating, Automotive Exteriors and Emissions Control Technologies) and Other businesses (Co. produces scooters).
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