Rémy Cointreau: Responsible and Civic Solidarity Measures
Regulatory News:
Rémy Cointreau (Paris:RCO):
At the start of its 2020/21 fiscal year, the Group wanted to make some strong, responsible and civic decisions for the coming months. Some of these decisions will be submitted to a vote by its shareholders at its General Meeting scheduled for July 23rd, 2020. These measures will complete the aid currently being provided to our communities around the world, shared in a previous press release.
Rémy Cointreau benefits from solid economic and financial fundamentals, which allow it to cope with the public health crisis. Thus, loyal to its humanistic values, it is important, for the Group, to participate in the national and international effort. The decision taken, from the start of the confinement, to maintain until the end of April the basic salary of its 1,900 employees worldwide, and in particular that of its 720 employees located in France, has now been extended until the end of May, without resorting to any government support, especially the partial unemployment subsidies.
As this feeling of civic responsibility is embodied by the women and men of the Group, efforts will also be made by each of them, from employees to members of the Board of Directors. Thus, the general and individual increases negotiated in France with the social partners that should have initially been applied in January and July, will be postponed until October 1st, 2020. The members of the executive committee, for their part, decided on a freeze to their fixed compensation for the next twelve months and a very substantial cut in their variable compensation regarding the year 2019/20. The annual performance action plan, initially scheduled for January, has also been postponed indefinitely. Finally, the members of the Board of Directors agreed to a reduction in their attendance fees, paid in 2020/21.
In addition, and upon a proposal from the Board of Directors, the Group will propose to its General Meeting to grant a dividend of ? 1.00 per share for the year 2019/20, a substantial drop compared to the ? 2.65 paid last year (which included an exceptional dividend of ? 1.00). It will also offer an option to pay the dividend in cash or in shares for the entire dividend distributed. In this context, the Group's majority shareholder has already expressed its wish to opt for a full payment in shares.
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