Suez - AGM and EGM 14 May 2019
At the end of this General Meeting, Jean-Louis Chaussade will resign as Chief Executive Officer and will replace Gérard Mestrallet as Chairman of the Board of Directors.
Bertrand Camus - who has spent most of his career at Suez - will be the new CEO.
It should be noted that the Appointment and Governance Committee met 17 times in 2018.
Consequently, four remuneration policies are proposed at the Meeting. We support two of them (resolutions 10 and 13) but recommend opposition to the one on the compensation of the Chairman of the Board for the period from 14 May to 31 December 2019 (resolution 11) due to the significant increase in compensation attributable to the Chairman. The same will apply to the new CEO: although it is commendable that the long-term share has become within variable compensation, the bonus should have been reduced rather than increased. This new remuneration policy could result in excessive amounts being allocated compared to executives of comparable companies (resolution 14).
Among the five appointments and reappointments to the Board is Bertrand Camus, who will be supported due to the separation of the functions of Chairman and Chief Executive Officer and despite the lack of members free of conflicts of interest (resolution 7).
Suez is active in each stage of the water and waste cycles. Co. is organized around three main segments: Water Europe (water distribution and treatment services, particularly under concession contracts, to individuals, local authorities and industrial clients); Waste Europe (waste collection and treatment services for local authorities and industrial clients; these services include collection, sorting, recycling, composting, energy recovery and landfilling for both non-hazardous and hazardous waste) and International (water, waste and engineering services, with a special focus on risk-management resulting from specific local environments by setting up partnerships).
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