Etude de l'AG du 10/05/2017
ITEM 12: Despite a high opposition rate on Mr Brandicourt's Say on Pay in 2016 (36.74% opposition rate), the company did not improve its disclosure which remains significantly below market practices.
This does not allow shareholders to understand amounts granted regarding performance achieved. For example, Revenue and Business Net Income grew between 1.2 and 2.5% over the year, which is not that significant. However, the company decided that the global achievement rate for these financial criteria was 194.1%. This seems quite generous for such small performance.
ITEM 4: The Board proposes to modify Mr Brandicourt's pension plan which has never been approved by shareholders. This is quite incoherent and shows some major flaws in the company’s governance. Moreover, we note that performance condition introduced does not seem to be challenging.
Sanofi is an integrated, global healthcare company focused on patient needs and engaged in the research, development, manufacture and marketing of healthcare products. Two segments make up Co.'s business: Pharmaceuticals and Vaccines. The Pharmaceuticals segment covers research, development, production and marketing of medicines, consisting of flagship products, plus a broad range of prescription medicines, generic medicines, and consumer health products. The Vaccines segment includes research, development, production and marketing of vaccines in five areas: pediatric vaccines, influenza vaccines, adult and adolescent booster vaccines, meningitis vaccines, and travel and endemic vaccines.
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