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MarketScreener Homepage  >  Equities  >  Euronext Amsterdam  >  Heineken Holding N.V.    HEIO   NL0000008977

HEINEKEN HOLDING N.V.

(HEIO)
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Proxy adviser Glass Lewis recommends rejecting Heineken CEO pay-off

04/07/2021 | 12:14pm EDT

BRUSSELS, April 7 (Reuters) - Proxy adviser Glass Lewis & Co has recommended Heineken NV shareholders vote against three proposals to be put to them later this month because of what it regards as excessive severance pay for its former chief executive.

Jean-Francois van Boxmeer stepped down in June 2020, a year earlier than scheduled, and received a payment of 5.52 million euros ($6.56 million), with Heineken also taking on a related 7 million euros of tax, according to the company's annual report.

The report was published just after Heineken announced plans to cut 8,000 jobs to restore profit margins.

Glass Lewis said in a report dated April 3 that the severance payment far exceeded the one year of salary limit recommended by the Dutch Corporate Governance Code. Van Boxmeer received a base salary of 1.25 million euros in 2019.

Heineken said it had decided to honour Van Boxmeer's employment contract from 1984, before the existence of the corporate code, and that it had always made this known in previous annual reports.

It added that the current board and executive team had voluntarily cut 20% of their salaries from May to December 2020, in light of the impact on business of the COVID-19 pandemic, and that all their bonuses for 2020 had been cancelled.

Glass Lewis recommends voting against the remuneration report at the annual shareholder meeting on April 22, as well as against the discharge of the supervisory board and the re-appointment of one of the board's members.

The proposals should however pass given that Heineken is controlled by the Heineken family via Heineken Holding . Mexican conglomerate Femsa is the second largest shareholder in both Heineken NV and Heineken Holding NV as a result of Heineken's purchase of its brewing business in 2010.

($1 = 0.8411 euros) (Reporting by Philip Blenkinsop; editing by David Evans)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
FOMENTO ECONÓMICO MEXICANO, S.A.B. DE C.V. 0.20% 162.91 End-of-day quote.8.36%
HEINEKEN HOLDING N.V. -0.25% 78.7 Real-time Quote.2.40%
HEINEKEN N.V. -0.72% 91.1 Real-time Quote.0.59%
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Financials
Sales 2021 22 441 M 26 714 M 26 714 M
Net income 2021 1 910 M 2 274 M 2 274 M
Net Debt 2021 12 955 M 15 422 M 15 422 M
P/E ratio 2021 23,5x
Yield 2021 1,44%
Capitalization 22 726 M 27 006 M 27 053 M
EV / Sales 2021 1,59x
EV / Sales 2022 1,47x
Nbr of Employees 84 394
Free-Float 35,1%
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Technical analysis trends HEINEKEN HOLDING N.V.
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TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 5
Average target price 87,42 €
Last Close Price 78,90 €
Spread / Highest target 31,8%
Spread / Average Target 10,8%
Spread / Lowest Target -4,94%
EPS Revisions
Managers and Directors
NameTitle
Jean-François M. L. van Boxmeer Chief Executive Officer & Non-Executive Director
Laurence Debroux Chief Financial Officer
Maarten Das Non-Executive Chairman
Ronald den Elzen Chief Digital & Technology Officer
Annemiek M. Fentener van Vlissingen Independent Non-Executive Director
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