Etude l' AG du 28/07/2017
Vodafone has been fined £4.6m by The Office of Communications (Ofcom) for ‘serious and sustained’ breaches of consumer protection rules. Ofcom carried out two investigations into the Company resulting in the Company being fined £3.7m for taking pay-as-you go customers’ money without providing a service in return; and £925,000 for flaws in its complaints handling processes. Please see the attached report for further details.
In addition, the Company and its subsidiaries are currently involved in a number of legal proceedings including inquiries from, or discussions with, governmental authorities that are incidental to their operations. This includes litigation in India for transfer of telecom licenses between subsidiary companies to Vodafone India Ltd and Vodafone Mobile Services Ltd and the failure to provide adequate points of interconnection to Reliance Jio and litigation in Spain related to fines levied for abuse of their dominant market position. These fines are suspended until judicial review is concluded. Please see the attached report for further details.
Item 16: Approve the Remuneration Report. The structure is weighted more towards rewarding long-term performance, the payout is adequately aligned with performance, and accelerated vesting in the event of a change of control is not possible. However, the quantum is grossly excessive and adjusted FCF is used as a criterion for both the bonus and LTIP. Moreover, performance conditions for the LTIP do not appear to be challenging.
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