Applus seeks to re-elect four directors and amortize 5% of its capital at its board

Proposes a new remuneration policy in full relief of Basabe

MADRID, 27 May. (EUROPA PRESS) -

Applus has convened its ordinary shareholders' meeting this Friday with the re-election of four directors and the redemption of 7.1 million own shares, equivalent to 5% of the share capital, as highlights on the agenda.

The company has called the meeting for June 27 on first call and June 28 on second call, although it has warned shareholders that it is expected to be held on the second date, according to the documentation published in the National Market Commission of Securities.

The shareholders must ratify the re-election of Christopher Cole as independent director, as well as the appointments of Brendan Conolly and Marie-Françoise Madeleine in the same condition.

Likewise, the re-election of the president of the advisory councils of KPMG Spain and Quironsalud, Ernesto Gerardo Mata, as another external, will also be put to a vote. Gerardo has been on the Applus board since 2007.

The owners of the company must also re-elect Deloitte as auditor of the accounts, as well as give their approval to the remuneration, management and accounts reports for the 2021 financial year, as well as a new remuneration policy.

The firm's board will also submit a new remuneration policy to a shareholder's referendum to adapt it "to the best market standards, requests from investors and shareholders and proxy-advisor recommendations" in the process of taking over from the head of the company after the announcement retirement of the CEO, Francisco Basabe.

In the fixed section, the director general director will maintain the 750,000 euros of remuneration, while the salary of the financial director will increase to 360,000.

In the variable, the company proposes to introduce sustainability criteria so that the result of the executive directors' bonus comes to depend 55% on the adjusted operating profit, 30% on the adjusted operating cash flow and 15% on four sustainable criteria .

The amount of the general director's variable will be 80% of his fixed salary, that is, 600,000 euros, while the financial director will receive 70%, which is equivalent to 252,000 euros with the increase in this new policy, to be paid in 65 % in cash and 35% in puttable stock options.

Managers may receive up to a maximum of 150% of their salary in the event of exceeding the variable objectives.

Likewise, the company has also updated the long-term incentive plan to adapt it to the objectives of the strategic plan between 2022 and 2024 with the inclusion of sustainability.

In this case, the main criteria to be met are total shareholder return (30%), adjusted earnings per share (50%), return on capital employed (10%) and sustainability (10%), while the CEO may receive up to 90% of his salary in shares of this plan and the financial director 50%.