The heat of the Parisian streets does not seem to have deterred the loyal shareholders of Veolia from joining the Mutuality for the annual meeting of the world number one in environmental services. This now late period for the AGM of a large Cac 40 group (explained by the acquisition of the international assets of Suez in January) has at least one advantage: there is no other meeting at the same time!
The readers of Investir, in any case, have not lost the habit of sending us their credentials. After signing up in a flash, we collected 209 mandates, representing 72,666 shares, added to the…3 titles held by our weekly.
After recalling the resolutions on the agenda and the 2021 accounts (the dividend is set at 1 euro, an increase of 43%), the new director of human resources went up to the podium for a short presentation. Isabelle Calvez, in fact, has the particularity of being one of the 50,000 Suez employees who joined Veolia during the merger on January 18. His predecessor at Veolia asserted his retirement rights. ” Suez employees felt warmly welcomed “by an ex-competitor with whom they share” a common culture “, which facilitates the bringing together of the teams. ” My colleagues and I are fully invested in the success of this merger. “, assured Isabelle Calvez.
A 12-year term
The “highlight” of the session is however the handover between Antoine Frérot, the CEO, and the future general manager Estelle Brachlianoff, even if the change of governance is formally scheduled for July 1.
” It is with great emotion that I speak today “, declared Antoine Frérot, who will retain the sole chairmanship of the board of directors from next month. ” 12 years ! I gave my first speech to you 12 years ago, and our group was not doing well. Stone by stone, we straightened and consolidated the building, then we embellished and enlarged it. » Returning to the takeover of approximately 60% of the former competitor Suez, ” the first challenge of the rapprochement was to unite today to stay ahead of tomorrow “, summed up Antoine Frérot, before presenting the one who will succeed him at the helm of the world number one in water and waste.
Estelle Brachlianoff, since 2005 in the group
” Estelle has had important responsibilities in the group for 17 years. She has been assisting me for four years as deputy general manager in charge of operations. During the preparation of the Impact 2023 strategic plan, the Covid crisis and the merger with Suez, she carefully prepared for her new responsibilities. “, underlined Antoine Frérot. Visibly moved at the end of his speech, the one who is still CEO received a real “standing ovation” from the room. His mandate as director was renewed for four years, with a resolution voted by 96.4%.
” I grew up in this house. Your group is a unique company, Antoine Frérot was a great CEO who shaped Veolia “, continued Estelle Brachlianoff, who will also join the board of directors at the end of that meeting (her appointment was voted by 97.7%). Before sharing the platform with Antoine Frérot for the question and answer session, the next boss of the group drew up some perspectives for the “new Veolia”, enlarged by Suez. ” Today, everything is in place, the teams are working together. We are also reaping the first fruits. Our priority is to maintain our very good results, despite inflation and the geopolitical context. »
The roadmap given for 2022 has been confirmed. On a like-for-like basis, compared to the cumulative figures of Veolia and 60% of Suez, activity remains expected ” in solid growth EBITDA should increase by 4 to 6% (a cautious increase, which takes into account the consequences of the war in Ukraine, and the current net profit should be around 1.1 billion euros. Cost reductions are , they, targeted at 350 million.” We must complete the cost and revenue synergies committed [avec Suez] to prepare the next strategic plan which will start in 2024 “, also specified Estelle Brachlianoff. ” The merger with Suez gives us an unparalleled scale of action, capable of providing more ecological solutions in more territories.. »
No stock bonus for the merger with Suez
The general secretary of the Helman le Pas de Sécheval group, who led the legal part of the meeting by “visio”, because in case of contact, provided from the start of the meeting that resolution no. 12 had become devoid of purpose and was therefore cancelled. It provided for an exceptional bonus in shares for the benefit of the CEO, as part of his compensation planned for this first half of 2022. But, “ the shareholders are very divided » on this bonus granted for the success of the merger with Suez, « Antoine Frérot has decided to give it up “said the Secretary General.
Resolution n°13, concerning the future compensation of the one who will only be Chairman of the Board of Directors (i.e. the July-December 2022 semester), was voted by only 71.2%, a low score compared to the rest of the agenda.