Euronext to put to vote proposed changes to CEO remuneration at EGM on October 8th

Maria Nikolova

The company proposes to increase the fixed annual remuneration of the CEO and Chairman of the Managing Board from €725,000 to €825,000.

Euronext NV (EPA:ENX) will be holding an extraordinary general meeting (EGM) on October 8, 2019, with the agenda including voting on a proposal to amend the remuneration policy with regards to its CEO.

The remuneration structure will remain composed of the fixed salary, a short term incentive in a form of cash reward and a long-term incentive in the form of equity and benefits in kinds.

It is proposed to (i) increase the fixed annual remuneration of the CEO and Chairman of the Managing Board from €725,000 to €825,000, (ii) to keep the short term incentive target unchanged, and (iii) to increase the long term incentive % target from 100% to 150%.

Euronext notes that the company is fundamentally different from what it was in June 2014 when it was listed and when the current CEO’s remuneration level was set. In particular, since its IPO in 2014, Euronext has more than tripled its market capitalization, from €1.4 billion in 2014 to €4.9 billion at end of July 2019. The company has also welcomed two new European exchanges in its federal model with the Irish Stock Exchange and Oslo Børs VPS acquisitions.

Further, Euronext notes that it has expanded its global footprint to 6 new locations, and grown from 760 FTEs to more than 1,000 FTEs.

Also, Euronext has diversified its financial structure, with two bond issuances supported by a S&P credit rating.

In order to reflect this increased complexity of the company and its environment, and to remain competitive in Euronext reference market, as well as to provide an appropriate ratio between the variable and fixed remuneration components and accentuate the long-term value creation for the company in accordance with the Dutch Corporate Governance Code recommendations, Euronext proposes the amendments to the remuneration policy.

Apart from the above-mentioned amendment, there will be no change in the remuneration policy in connection with the proposed remuneration of CEO, and the unchanged articles of the policy will continue to apply.

In the event that the shareholders do not vote in favor of the resolution, the principles currently active and approved by the AGM on May 15, 2018 would continue to apply.

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