TechnipFMC - AGM 01 May 2019
Item 1a: Mr Pilenko (Chairman) announced in January 2019 that he will retire after this 2019 AGM. The Board decided to designate Mr Pferdehirt (CEO) as Chairman. When Technip and FMC merged, they presented the split of functions as a way to balance powers and it was supposed to represent the fact that it was a merger between equals. Now that Mr Pferdehirt will be Chairman and CEO, there is no more balance and Technip and FMC do not seem to be equal anymore. Moreover the Board will comprise 5 ex Technip directors and 6 ex FMC directors; there again, there is no more balance. Finally, the executive committee currently comprises 5 members: they are all former FMC or former Schlumberger (where Mr Pferdehirt was before joining FMC).
Item 3: Mr Pilenko’s termination package, top hat compensation included, amounts to more than €16.1 M. Considering the company’s net loss in 2018 ($1.7 billion), its 16%-drop in revenues and its 61%-drop in share price since the merger, granting such an amount is like compensating a failure. Moreover, granting such excessive amounts could also jeopardize the company’s social cohesion which is already in a very bad shape (resignation, burn-out, suicide: /technip-asked-to-remedy-the-malaise-of-its-employees/). This golden parachute is totally inappropriate.
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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