Vittorio Colao was succeeded by Nick Read who was appointed Chief Executive Designate on 27 July 2018 and became Chief Executive on 1 October 2018. Margherita Della Valle joined the Board as Chief Financial Officer on 27 July 2018.
Item 15: Advisory vote on the Remuneration ReportThe structure is unsatisfactory. The maximum bonus and total incentive pay exceed guidelines. The quantum for the year was excessive. Pay weighted more towards rewarding long-term performance, but there are overlapping performance conditions as free cash flow was used for both the STI and LTI. A bonus has been paid though the Company made a loss for the year. Accordingly, we recommend that shareholders oppose this resolution.Item 16: To appoint Ernst & Young LLP as auditor of the companyPricewaterhouseCoopers LLP (PwC) were first appointed in 2014. However, the Company held an audit tender during the year because a company for which a number of PwC partners are acting as administrators is considering litigation against the Group. As a result of this audit tender, Ernst & Young LLP are proposed for appointment as auditor. Although this is not a typical reason to rotate the auditor, it appears that the intention is to ensure the independent auditing of the Company without risks from this situation. The Company has stated that going forward they anticipate having an audit tender every ten years. We recommend shareholders vote in favor.
Vodafone Group provides mobile and fixed telecommunication services including: access charges, voice and video calls, messaging, interconnect fees, fixed and mobile broadband and related services such as providing televisual and music content, connection fees and equipment sales. Co. provides a range of consumer products and services including mobile, fixed voice, broadband and television, financial as well as other services to operators outside its footprint. Co. also provides a range of enterprise products and services including total communications such as mobile, fixed and a suite of converged communications services, internet of things, cloud and hosting and carrier services.
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Cette crise aura été l’occasion pour les télécoms de démontrer leur résilience opérationnelle et leur aspect stratégique. Nous upgradons à l’Achat Proximus et Orange BE, Iliad et DT restent nos top pick, Telefonica souffre de sa présence au Latam. - >Peu d’impact opérationnel - Tous les feedbacks que nous avons sur ce point sont unanimes, les télécoms sont particulièrement immunes opérationnellement à la crise sanitaire actuelle, les gens sont confinés chez eux et ré...
La société propose une série de résolutions (14 à 19) en vue d'effectuer des augmentations de capital. Ces autorisations sont toutes maintenues en période d'offre publique. Ces autorisations peuvent dès lors constituer une arme forte de protection du capital, et Proxinvest s'oppose à toute autorisation d'augmentation de capital maintenue en période d'offre publique, en raison de leur possible utilisation comme dispositif anti-OPA. Nous recommandons donc l'opposition aux résolutions 14 à 19. Aussi, la communication de la société concernant la politique de rémunération du Président Directeur Gé...
La société propose de renouveler les 3 membres du Conseil. Le conseil ne compte aucun membre libre de tout conflit d'intérêt potentiel, ce qui n'est pas acceptable. Proxinvest attendra donc que le conseil propose la nomination de candidats administrateurs indépendant. Aussi, le taux de féminisation est nul, et de la même manière, Proxinvest attendra de la société une représentation plus équilibrée des hommes et des femmes au conseil. Nous recommandons donc l'opposition à la résolution 7. La société propose une série d'autorisations financières dans les résolutions 11 à 14. Celles-ci sont main...
Proxinvest attire l'attention des actionnaires sur plusieurs points. Tout d'abord le changement d'actionnariat a entrainé des modifications dans le conseil. Proxinvest apprécie le fait que la société propose des candidats indépendants au conseil. De ce fait l'ensembles des nominations, cooptations et renouvellements des résolutions 11 à 17 seront soutenues par Proxinvest. Ensuite Proxinvest s'oppose à la rémunération Ex-Post, de la directrice Générale puisque que cette dernière ne respecte pas notre politique de vote.
General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by postal vote or by granting authority to the proxies designated by the Company. One of the major shareholders, Roland Oetker, is the former President and since 2008 the Honorary President of DSW, the local partner of ECGS. This report has been prepared using standard ECGS guidelines. Evotec was founded 19...
In general, Danske Bank is in compliance with the Danish regulations relating to organisation and procedures of the Annual General Meeting. Under ITEM 4f it is proposed to re-appoint Ms. Carol Sergeant as Vice Chairman of the board of directors. Although she is considered independent, ECGS does NOT approve of the re-appointment of any board members who were part of the board of directors at the time of the money laundering scandal in Estonia. Accordingly, ECGS recommends to vote OPPOSE. Under ITEM 7 authorisation is sought to repurchase own shares. Although the authority requested woul...
General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by postal vote or by granting authority to the proxies designated by the Company. Item 2: Management and Supervisory Board are proposing a dividend of EUR 1.10 per share (increased by 733.33% from EUR 0.15) which corresponds to a payout ratio of 53.40% per share (EPS: EUR 2.06). In view of the recent events rel...
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