The next shareholders' meeting of BME, scheduled for April 29, will take place in exceptional circumstances. Not only because of the current pandemic of coronavirus, what has led the CNMV to rethink the current model of the boards. Also because in your case it occurs in the midst of a tender offer for the Swiss group Six, which this Thursday approved the CNMV.
At that meeting, the CEO of BME, Javier Hernani, will not only bring its shareholders a increase in their remuneration, for exceptional reasons. It also seeks to increase the remuneration of its management team, which would reach a million euros, as indicated by knowledgeable sources.
As for what was drafted in the notice of the meeting, the documentation published by BME already includes an improvement in the remuneration of directors. This, according to the report of the Appointments and Remuneration Committee “must be aligned with the general strategy, the values and the long-term interests of the company and its actions, for which reason it seems appropriate to foresee the possibility of receiving, at certain times (…) extraordinary variable remuneration"
As for what moments it refers to, it states that "when, in the judgment of the Board of Directors and the Appointments and Remuneration Committee, there are singular and exceptional circumstances that justify it."
In addition, the aforementioned report indicates that this additional remuneration model "allows BME to retain the most outstanding professionals and that they are most necessary for the successful development of their activity."
Regarding the takeover bid for Six, the Swiss group indicates in the brochure of its offer that “there is no agreement or commitment”Of the Swiss firm with the counselors BME or its management team, in relation to their appointment or removal as directors or executives.
Six remarks that "intends to generally keep jobs group employees ”, without significant changes during the 12 months after the settlement of the offer. Afterwards it will do a detailed review of the business and the personnel. In addition, it does clarify that it will expand the management team.
Further, Six yields and will maintain the headquarters (the one in Madrid and the autonomous communities) for 10 years, "Except in the event of changes in business or economic conditions that, in Six's reasonable opinion (…) and in consultation with the CNMV, advise adopting a different approach".
. (tagsToTranslate) Hernani (t) requests (t) board (t) extra remuneration (t) (t) to (t) reward (t) direction (t) Category: All (t) Category: Company News (t) Category : Pulsos (t) Category: Sectorial: Finance