Press releaseDuring its meeting today, the Board of Directors of Fimalac mainly set the amount of the Chairman and Chief Executive Officer's compensation and decided to cancel a certain number of shares.
1) Chairman and Chief Executive Officer's compensation
In compliance with the AFEP-MEDEF corporate governance recommendations, the Board of Directors of Fimalac today announced its decisions regarding the Chairman and Chief Executive Officer's compensation.
The decisions concerned the compensation due to Marc Ladreit de Lacharrière for the fiscal years ending September 30, 2010 and 2011 and were based on the recommendations of the Selection, Nominations and Remunerations Committee.
For the 2010 fiscal year, Mr. Ladreit de Lacharrière received fixed compensation of €1,300,000 from Fimalac and $500,000 from Fitch, unchanged from previous years. The Board of Directors decided to award him the same amounts for the 2011 fiscal year.
Mr. Ladreit de Lacharrière is also entitled to variable compensation of €769,000 from Fitch for the 2010 fiscal year. However, as was the case for the previous two years, he has declined to receive this compensation and asked for an equivalent amount to be donated by Fimalac to the "Culture & Diversité" Foundation.
2) Share cancellations
The Board of Directors decided to cancel 2,261,097 treasury shares, representing 7.27% of the 31,091,097 shares making up the Company's capital, in line with the authorization given by shareholders.
Fimalac's capital has therefore been reduced to a total of 28,830,000 shares, with shares remaining in treasury representing 1.1% of the new capital.
Marc Ladreit de Lacharrière's interest in Fimalac currently stands at 79.35%. The shares are held through "Groupe Marc de Lacharrière", a holding company that he controls on a 100% basis.