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Directors compensation
(Data from 2008 to 2009 company reports )
Pierre-Henri Leroy
[email protected]
EUROSIF January 27 th. 2010
Diffusion : Soficom Diffusion, http://www.soficom-diffusion.com/accueil.htm
09
CAC 40
Average
Median
2008
1 790 718 €
1 252 349 €
2007
2 085 940 €
1 702 738 €
Evolution
-14%
-26%
2008 Evolution of the
global remuneration *
of Mgt. Committee
members (949 persons)
Source : Proxinvest
SBF 120
Average
Median
2008
1 222 363 €
942 452 €
2007
1 438 491 €
1 125 020 €
Evolution
-15%
-18%
2008, a strong drop in a crisis year
Source : Proxinvest
*Globale : Part salariale (fixe, variable et autres) et part actionnariale (stock-options et actions
gratuites estimées à la date d’attribution).
09
Index
fixed part
variable
Free shares
Stockoptions
CAC 40
0%
-13%
-25%
-20%
SBF 120
-1%
-17%
-50%
-10%
Mgt. Committee members
Components of the global
remuneration*
A drop in 2008 on conditional items
in line with a drop in company
earnings
*Globale : Part salariale (fixe, variable et autres) et part actionnariale (stock-options et actions
gratuites estimées à la date d’attribution).
09
CAC 40
Average
Median
2008
3 567 640 €
2 610 796 €
Source : Proxinvest
SBF 120
Average
Median
2008
2 445 594 €
1 695 856 €
Source : Proxinvest
*Globale : Part salariale (fixe, variable et autres) et part actionnariale (stock-options et actions
gratuites estimées à la date d’attribution).
CEO s Global remuneration
for 2008
constant index
A CAC 40 CEO earns on average
€ 3,6M€, i.e. 211 times the SMIC
French minimum wage
09
CAC 40
Average
Median
Évolution
-20%
-27%
Source : Proxinvest
SBF 120
Average
Median
Évolution
-18%
-24%
Source : Proxinvest
CEO s Global remuneration
for 2008
stable group
18% Drop of the SBF 120
CEO’s remuneration
10% of the CEOs still had an
increase from 2006 to 2008
despite drop in earnings
09
Five best paid
CAC 40 CEO s
Global remuneration for 2008
Cinq présidents exécutifs les mieux rémunérés en 2008
LVMH
1,68
2,32
2007
1,70
2,42
Lagardère SCA*
0,98
2007
0,92
AXA
0,60
2007
0,50
12,72
1,94
3,23
2007
0,99
1,51
0,92
2007
0€
7 CAC 40 CEO’s exceed the
Socially acceptable ceeling of
Proxinvest : 240 SMIC in 2008
1,43
3,40
2,79
Danone
0,92
9,82
12,27
1,05
Bouygues
12,80
3,01
5,96
1,50
3,19
1,50
3,19
2€
In 2007, 21 CEOS were
exceeding this limit
4€
Fixe
* Lagardère SCA : Voir annexe
6€
8€
Variable & autres
10 €
12 €
Stock options
14 €
16 €
18 €
Millions
Actions gratuites
Source : Proxinvest
09
Cinq présidents exécutifs les mieux rémunérés du SBF 120 hors CAC 40
Dassault Systèmes
0,90
0,89
2007
0,85
0,86 0,50
Teleperformance
1,56
2007
1,45
0,63
SBF 120
Five best paid CEO’s
5,71
6,73
Global remuneration for 2008
5,65*
1,25
9 SBF 120 not CAC 40 exceed
the Proxinvest 240 SMIC
ceeling
0,12
Atos Origin
5,13
0,15
2007
CGG Veritas 0,52 0,74
2007
Technip
2007
0,53
0,76
3,18
0,98
In 2007, there were 12
2,76
1,07
1,31
0,40 0,74
0,00
0,83
1,49
3,30
2,00
Fixe
4,00
Variable &
autres
6,00
Stock options
8,00
10,00
Millions
Actions gratuites
* Teleperformance : Ce montant inclus l’indemnité de départ de 4,9M€
Source : Proxinvest
09
Top pay 2009 ranking
1
LVMH – Bernard Arnault
LVMH - Bernard Arnault
130
120
€ 16,8M
110
EBITDA increasing
Stable net earnings
100
Drop of share price
90
Stable Bonus
80
Stock options represented 76% of total
2008 remuneration
70
60
2006
2007
EBITDA
RNPG
Cours de l'action
2008
Variable
Stock options
Total
Source : Proxinvest
09
Top pay 2009 ranking
2
Lagardère SCA - Arnaud Lagardère
Lagardère SCA – Arnaud
Lagardère
250,4
€ 13,3M
200,4
EBITDA increased
Earning increased
150,4
Share price dropped
100,4
Special treatement of the unlimited
managing partners dividend.
The cost of the management holding
Lagardère Capital Management dropped
50,4
0,4
2006
2007
EBITDA
RNPG
Cours de l'action
2008
Variable
Total
Autres
Source : Proxinvest
09
Top pay 2009 ranking
3
Dassault Systèmes - Bernard Charlès
Dassault Systèmes – Bernard
Charlès
120
115
€ 8,1M
110
105
EBITDA increased
100
RNPG increased
95
Drop of share price
90
Higher fixed and variable pay, no lisible
criteria
A generous free shares grant with no
conditions of performance
85
80
75
2006
2007
EBITDA
RNPG
Cours de l'action
Variable
2008
Actions Gratuites
Stock options
Total
Source : Proxinvest
09
Rémunération salariale moyenne par pays des présidents exécutifs
(en millions d'euros)
M illio n s
European CEOs
4,5
4,5
Indice composite : DJ Eurostoxx
50 + top 10 British and Swiss
firms .
3,7
3,1
3,1
Sample Population : 70 persons.
2,5
2,3
Share related remuneration not
included .
2,0
1,5
Belgique
Stong impact of Novartis and
Banco Santander
Pays-bas
France
Italie
Indice
composite
Angleterre
Allemagne
Espagne
Suisse
Source : Proxinvest
09
Cinq présidents non exécutifs les mieux rémunérés du SBF 120
Non executive chairmen
Lindsay Owen-Jones (L'Oréal)
2 000 000 €
2007
2 000 000 €
Daniel Julien*
(Teleperformance)
On average a non executive CAC 40
chairman makes 864 225 €.
1 597 406 €
1 749 231 €
895 884 €
No control from the AGM
2007
1 851 570 €
Jean-François Dehecq (SanofiAventis)
1 300 000 €
2007
1 305 146 €
Yves-Thibault de Silguy (Vinci)
750 000 €
2007
750 000 €
Thierry Desmarest (Total)
1 100 000 €
2007
1 151 706 €
- €
1 067 035 €
645 930 €
Refusal of three big companies’
boards (Sanofi-Aventis and Total) to
passe vote on the compensation of
top executives
979 853 €
910 000 €
866 071 €
1 709 708 €
523 800 €
970 500 €
1 002 780 €
969 430 €
1 112 199 €
1 195 472 €
500 000 € 1 000 000 € 1 500 000 € 2 000 000 € 2 500 000 € 3 000 000 € 3 500 000 € 4 000 000 € 4 500 000 €
Fixe
Variable &
Autres
Actions
gratuites
*Teleperformance : cette rémunération inclus la rémunération au titre des fonctions de
Directeur Général de TP Group Inc.
Stock
options
Source : Proxinvest
09
Jeton moyen par pays
300 000 €
Average attendance fees in
Europe
250 000 €
FSTE Eurofirst 300
200 000 €
Including the non-executive
chairmen remunerations when no
other management functions in the
company.
150 000 €
100 000 €
50 000 €
-
€
Aut
Nor
Irl
Fra
Suè
P-B
Dan
Port
Belg
Lux
All
Fin
R-U
Sui
It
Source : Proxinvest
Esp
09
Rémunération salariale moyenne des présidents non exécutifs
em millions d'euros
M illions
Non-executive chairmen
in Europe
3,64
DJ Eurostoxx 50 plus top 10
Spanish and British companies
Sample : 56 persons
Three French non executive
chairmen among the largest paid
Paradox : top paid chairmen in
Europe and lowest average
Directors pay in Europe
1,32
1,14
0,82
0,24
Pays-bas
0,25
Allemagne
0,86
0,93
0,34
Belgique
Indice
composite
Suisse
Angleterre
France
Italie
Espagne
Source : Proxinvest
09
- Better disclosure of individual remuneration for
executive and independent directors ;
- Better conditions of performance regarding share
remuneration plans ;
Positive impact of
the AFEP-MEDEF
October 2008
recommendations
- Departure indemnity limited to 24 remuneration
- But:
Still insufficient disclosure of executive committees
figures and some individual items (pensions )
09
-Stock Options Plans average approval rate: 84%
(refusal at Saft Groupe, withdrawals at TF1 and
Carrefour).
Decisive impact of
the 2009
shareholders vote
- Share plans average approval rate: 81%
(withdrawals at Danone and Carrefour).
- Severance pay average approval rate: 82%
(refusals at CGG Veritas and Bull).
09
- Control stock-options and share plans :
-Request performance conditions unless MDs are excluded
from the plan;
How should investors
improve their control
over remuneration ?
•Control seriousness of performances criteria;
•ceeling for each MD beneficiary (no more than 0.1%
of capital in stock-options grant et 0.03% for share
grants).
- Control total pay: oppose differed pay items when
the CEO’s total pay exceeds 240 SMIC, or € 4,3
M€ for 2010 ;
- Request the inclusion of non-executive chairmen
pay into total attendance fees or in related party
transactions report
-Use Proxinvest pay simulator
Proxinvest 2010 voting
policy
09