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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Vodafone has issued its Q1 trading statement which shows better than expected service revenue trends, and all of the FY EBITDA and FCF guidance has been re-iterated.
Feasibility Study Results in December to be a Catalyst for this Junior
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ECGS notes that as a result of the Covid-19 pandemic the AGM will be held as an electronic meeting only. Consequently, it will not be possible to attend the AGM in person. In general, Prosus is in compliance with the Dutch regulations relating to the organization and procedures of the AGM. Under ITEM 2 an advisory vote on the Company’s executive remuneration report is requested. ECGS notes that the total variable salary granted in the year under review, corresponding to 1062% of annual base salary, exceeds the maximum threshold under its guidelines. Accordingly, ECGS recommends to vote OPPOS...
The general meeting is convened to approve a sale of Direct Energy, Centricans North American energy supply, services and trading business, to NRG Energy for $3.625 billion in cash (equivalent to approximately £2.85 billion) on a debt free, cash free basis. We agree that the proposed cash offer is reasonable considering the current market circumstances and the group’s needs in urgent action in light of the Covid-19 impact on earnings and unbearable indebtedness. The disposal of Direct Energy will simplify the group’s structure and will allow focusing on a new strategy enabling the transition t...
Le rapport spécial des commissaires aux comptes ne comporte aucune convention, ni nouvelle, ni ancienne. L'absence de conventions au rapport spécial est, sauf opéra on non signalée aux commissaires aux comptes, le signe d'une bonne autonomie du projet de l'entreprise et d'une meilleure intégrité économique du groupe, surtout pour un groupe familial (résolution 4). Proxinvest estime que le taux d'indépendance du Conseil est très insuﬃsant (23%). Notons toutefois qu'André Delion, membre libre de conﬂits d'intérêts potentiels, assure désormais la présidence du Conseil depuis le 22 août 2019.Quan...