SES - AGM 2 april 2020
ITEMS 13 and 15: the company still refuses to disclose the individual remuneration amounts of its executives and directors while the SRD II directive has been transposed in Luxembourg Law (by the Law of 1 August 2019) and specifically provides it. On this matter, the Company told us that, as securities listed are not shares but Fiduciary Depositary Receipts (“FDR”), the Company would not have the obligation to enforce the Law of 1 August 2019. However, it has decided to comply voluntarily with the provisions of the law by proposing a vote on the remuneration Policy and the remuneration Report.
This strengthens our critics towards FDR. We remind shareholders that holders of the company’s FDRs will be represented at the meeting by Banque et Caisse d’Epargne de l’Etat acting as fiduciary and, unless the fiduciary has received specific instructions from the FDR holder, the fiduciary will vote in favour of the proposals submitted by the Board. This misrepresents voting results and could be considered as auto control and a kind of shareholders’ rights spoliation.
SES is engaged as a provider of satellite-delivered services. As a strategic management company, Co. operates through a unique network of leading satellite operators around the world. This network comprises the fully-owned SES ASTRA in Europe and SES AMERICOM in the U.S., as well as participations in regional satellite operators. SES ASTRA is European direct-to-home satellite operator. SES AMERICOM operates a fleet of 17 satellites serving the Americas, Europe and the Asia-Pacific region. AsiaSat provides transponder capacity for broadcast, broadband and telecommunications services in the Asia-Pacific region.
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