Proxy Report - 17/04/2018
ITEM 4: The board proposes to renew the Chairman and CEO, Xavier Huillard. Proxinvest and the ECGS do not support the combination of Chairman and CEO functions. However, some exceptions can be made taking into account the Chairman and CEO’s influence on the company’s governance, stock performance and environmental performance. In Mr Huillard’s case, he maintained a fair shareholders democracy, the board has now a majority of independent members, the share price performance is quite fair (and way better than the CAC 40), and we commend the company’s environmental performance. Hence, we support his re-election.
ITEM 13: Mr Huillard’s new remuneration policy for 2018-2022 is not satisfactory. His fixed remuneration is increased by 20%, without counterpart (decreasing the maximum bonus for example). It will highly exceed the index and sector medians. His maximum total remuneration will now be €9.36 M vs €4.33 M previously (+116%). This is not acceptable.
Vinci is engaged in building, civil engineering and facilities management. Through its subsidiaries, Co. is engaged in five divisions comprising of: the Building division which provides retail solutions including construction and fit-out in both the retail and commercial sectors; the Civil Engineering division; the Air division which provides program management, engineering and construction services to customers with airport infrastructure requirements; the Technology division; and the VINCI Facilities division which provides facilities management, repair and maintenance and small works in both the private and public sectors.
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