Schneider Electric. – AGM 23 April 2020
ITEMS 5 and 10: Emmanuel Babeau, Deputy CEO, will leave the company on April 30, 2020. In the context of his departure, a compensation policy specifically applicable to his departure is proposed to the shareholders. In connection with Mr. Babeau's departure, the Board decided to modify his non-competition covenant "in order to protect the best interests of the Company". His current commitment (of 1 year) is therefore replaced by a commitment now extended to 2 years with an extended scope. Emmanuel Babeau would waive the indemnity compensating for his former non-competition undertaking, but would be entitled to retain the benefit of the performance shares not yet vested in proportion to his presence within the Group. Although this policy in the context of his departure has a higher cost than the previous one, in view of the extension of the scope of application, we support it.
ITEMS 12 and 14: At the end of this meeting, Léo Apothéker will no longer be considered by the company as free of any conflict of interest due to the seniority of his mandate. He will therefore leave his position as Lead Director to Fred Kindle, who will also become Chairman of the Governance and Compensation Committee.
Schneider Electric is engaged in energy management. Co. is organized into four areas: Buildings and Partner, Infrastructure, Industry and IT; and operates in four principal markets: non-residential & residential buildings, utilities & infrastructure, industry & machine manufacturers and data centers & networks. The non-residential and residential buildings market includes end-users, property developers, design firms, and systems integrators. The utilities and infrastructure market includes energy operators. The industries market serves end users and companies, and engineering firms. The data centers and networks contain servers that process and store digital data in secure rooms.
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