Proxy Report - 25/05/2018
ITEMS 4 and 5: While modifications in pension plans proposed in 2017 have been rejected, the company maintained it, which shows the lack of consideration the company has for its shareholders. This year, new changes are proposed. Despite slight decreases proposed, we still strongly believe that the CEO, and even more the Chairman, should not have benefit from new entitlements. Therefore, we maintain our strong opposition to these new pension plans and we strongly regret the company’s lack of respect for its shareholders’ decision.
ITEM 13: the company proposes to increase by 33% the fixed remuneration of the CEO. However, as counterparts, the company proposes to decrease the target and maximum bonuses, and to decrease in the ceiling of performance shares in value. This now perfectly meet our recommendations for the French Market. Therefore, we recommend approval.
Safran designs, develops and manufactures high technology electronics through three businesses: Aerospace, Defense and Security. Aerospace includes Aerospace Propulsion (propulsion systems for commercial aircraft, military transport, training and combat aircraft, rocket engines, civil and military helicopters) and Aircraft Equipment (mechanical, hydromechanical and electromechanical equipment); Defense (optronic, avionic and electronic systems); and Security (biometric technologies for fingerprint, iris and face recognition, identity management products, access management and transaction security, including tomographic systems for detection of dangerous or illicit substances in baggage).
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