Euronext says all resolutions passed at EGM

Maria Nikolova

The resolutions include the re-appointment of Stéphane Boujnah as a member of the Managing Board and CEO.

Euronext NV (EPA:ENX) has just reported the results of its Extraordinary General Meeting (EGM) held earlier today. Euronext announced that all the items on the agenda were approved.

These items were as follows:

  • 1. Appointment of Nathalie Rachou as an independent member of the Supervisory Board;
  • 2. Appointment of Morten Thorsrud as an independent member of the Supervisory Board;
  • 3. Re-appointment of Stéphane Boujnah as a member of the Managing Board and CEO;
  • 4. Appointment of Håvard Abrahamsen as a member of the Managing Board;
  • 5. Appointment of Simone Huis in ‘t Veld as a member of the Managing Board;
  • 6. Amendment of the remuneration policy.

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.

The fixed annual remuneration of the CEO and Chairman of the Managing Board will increase from €725,000 to €825,000; the short term incentive target will be kept unchanged, whereas the long term incentive % target will be raised from 100% to 150%.

When explaining the rationale for the changes, Euronext noted 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.

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