Wendel – AGM 2 July 2020
Remunerations
In September 2019, Mr. Gautier left the Company. Following his departure, he was
awarded an indemnity under his employment contract (€1,737,333) as well as an
indemnity under his mandate (€1,737,333) and a settlement agreement of €132,000,
i.e., in total, a departure package of €3,606,666 (representing 26 months of fixed +
variable 2019, which exceeds our 12-month limit). Although it is significant that the
options and performance shares granted to him in 2019 have lapsed due to his
departure, the departure package is nevertheless excessive.
The new Member of the Management Board, David Darmon, benefits, until the
expiration of his US employment contract on July 31, 2020 at the latest, from an
expatriation allowance of $80,621 per month to compensate for the additional costs
related to his situation in the United States. This allowance ($967,452 per year!) appears
disproportionate to the remuneration of the person concerned. It is also a form of
guaranteed fixed remuneration not linked to performance, which is problematic when
added to the basic fixed remuneration and other benefits in kind.
Wendel is an investment company specializing in acquiring long-term holdings in industrial and services companies. Co.'s activities can be divided into six main divisions. Through Bureau Veritas, Co. provides conformity assessment services and certification. Through Stahl, Co. is engaged in high performance coatings and leather finishing products. Through Saint-Gobain, Co. manufactures, transforms and distributes construction materials. Through Legrand, Co. specializes in electrical and digital building infrastructures. Through Deutsch, Co. provides high-performance connectors. Through Materis, Co. provides specialty chemicals for construction.
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