Expert Corporate Governance Service (ECGS)
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Etude de l'AG du 20/04/2017

Under agenda items 2 and 3, the Board of Directors requests approval of the updated Remuneration Policy and Long Term Incentive-plan. Although we welcome some of the changes as improvements to the policy, the weighing of the LTIP performance criteria have become less balanced, the maximum level under the LTIP have increased to exceed levels in our guidelines, the vesting of any outstanding unvested shares under the LTIP may still be accelerated in case of termination of employment and the CEO is entitled to quite a generous benefit scheme. Accordingly, we disagree with this proposal and recommend shareholders OPPOSE.

Under agenda item 4, an advisory vote on the report of the Remuneration Committee for the year under review is requested. The remuneration policy did not change compared to last year and therefore our concerns are mainly the same as last year. Given our concerns over the number of plans and the level of (maximum) pay-out, we recommend OPPOSE.

Under agenda item 22, the Board of Directors requests authorization to maintain the delay in calling meeting other than AGM's from 21 to 14 days, which limits the time available to shareholders to prepare for the meeting. As this proposal is not in the shareholders- -interest, we recommend OPPOSE.


RELX is a holding company. Through its subsidiaries, Co. operates in four market segments: Scientific, Technical and Medical, which is a global information and analytics business that helps institutions and professionals advance healthcare, open science, and improve performance for the benefit of humanity; Risk and Business Analytics, which provides customers with solutions and decision tools that combine public and industry specific content with advanced technology; Legal, which is a provider of legal, regulatory and business information and analytics; and Exhibitions, which the events business improve the power of face-to-face through data and digital tools.


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