Proxy Report - 14/06/2018
This is the first AGM of the Company since the merger between Technip and FMC in 2016.
The post-merge board, which will remain the same until the 2019 AGM, comprises only 43% of independent members and 21% of women while Technip’s board before the merger had 75% of independent member and 42% of women. We regret these declines in fair governance.
We also regret that, as the company is no longer governed by French Law, items 2 and 3 on 2017 remunerations are only consultative (i.e. a rejection would have a limited impact).
Likewise, item 4 proposes a vote on the remuneration policy for the 3 upcoming years, instead of an annual binding vote as per the French law. We also deeply regret that in this policy, the company retains the discretion to make all adjustments deemed necessary without any prior approval by shareholders. This remuneration is quite unclear as the company does not disclose amounts at stake for each of the covered years, or annual bonus and LTI performance criteria. Thus, the company asks its shareholders to approve a remuneration policy which actually does not comprise enough information to allow for an informed vote.
TechnipFMC is global leader in oil and gas projects, technologies, systems, and services. Co. offers subsea, surface, onshore, and offshore solutions for oil and gas projects. Co. serves customers worldwide. With Co.'s technologies and production systems, integrated expertise, and comprehensive solutions, Co. is transforming Co.'s clients' project economics. Co. is uniquely positioned to deliver greater efficiency across project lifecycles from concept to project delivery and beyond. Through innovative technologies and improved efficiencies, Co.'s offering unlocks new possibilities for Co.'s clients in developing their oil and gas resources.
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