Proxy Report - AGM 23/01/2018
ITEM 4: At the end of this 2018 AGM, Michel Landel, CEO since 2005, will retire and will be replaced by Denis Machuel. As he retires, Mr Landel is not entitled to the benefit of his severance agreement. However, in November 2017, the company implemented a non-compete agreement. Non-compete agreement must be implemented when the executive officer arrives in the Company, not when he leaves it. Moreover, in this case, this agreement is put in place while Mr Landel announced his retirement (hence he lost the benefit of his severance agreement). Therefore, this non compete agreement looks like a retirement benefit.
ITEMS 15 and 16: The company's disclosure on the CEO remuneration policy is quite complete. However, a major feature is not disclosed: the fixed salary. As this is the amount on which all the other components are based, this failure is a major lack of disclosure as it prevents shareholders from clearly understanding amounts at stake and the future structure of the CEO’s remuneration.
Sodexo is a services company which partners with companies, institutions and local authorities. Co. designs, manages and delivers Quality of Life services. Co.'s offers are: On-Site Service Solutions (Co.'s services are: Corporate, Defense, Justice Services, Remote sites, Health Care, Seniors, Education and Sports and Leisure), Benefits and Rewards Services Solutions (Co.'s offers focus on the following services: recruit and retain employees and increase their motivation; mobilize teams around quantitative or qualitative objectives; ensure delivery of Public Benefits), and Personal and Home Services (services in childcare; tutoring and adult education; concierge services and senior care).
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