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Corporate Governance 1 2 3 4 5 OUR OPERATIONAL CONSOLIDATED SES S.A. ANNUAL ADDITIONAL COMPANY AND STRATEGIC FINANCIAL ACCOUNTS INFORMATION REPORT STATEMENTS CORPORATE GOVERNANCE SHAREHOLDER STRUCTURE The Company has issued two classes of shares: A­shares and B­shares. Each share is entitled to one vote. However, one B­share SES has been listed on the Luxembourg Stock Exchange since 1998 carries 40% of the economic rights of an A­share. and on the Euronext Paris Stock Exchange since 2004. The ratio of A­shares to B­shares must be maintained at 2:1 as Shareholder Structure as of 3 February 2020 T11 required by the Articles of Incorporation. 1 SES Shareholders Number of Shares % Voting Shareholding % Economic Participation A-SHARES A Shares Nouvelle Santander Telecommunications S.A. 6,500,000 1.13% 1.41% A­shares are defined as shares held by private and institutional investors. Kerla S. à r.l. 2,600,000 0.45% 0.57% Other Shareholders 941,238 0.16% 0.20% The listed security is the Fiduciary Depositary Receipt (“FDR”), listed FDRs (free float) 373,416,362 64.92% 81.15% on the Luxembourg and Euronext Paris Stock Exchanges. Each of Total A Shares 383,457,600 66.67%2 83.33%2 these is backed by one A­share and has all the rights attached to that share, except the right of attending General Meetings of sharehold­ B Shares ers. BCEE 62,572,893 10.88% 5.44% In order to attend a General Meeting, at least one registered share SNCI 62,565,085 10.88% 5.44% must be held. Voting rights may be exercised by notifying the Fidu­ Etat du Grand-Duché de Luxembourg 66,590,822 11.58% 5.79% ciary (Banque et Caisse d’Epargne de l’Etat) of the voting intention. Total B Shares 191,728,800 33.33%2 16.67% B-SHARES Total Shares (Actual) 575,186,400 The State of Luxembourg holds a direct 11.58% voting interest in the Total Shares (Economic) 460,149,120 company and two indirect interests, both of 10.88%, through two state­ owned banks, Banque et Caisse d’Epargne de l’Etat and Société 1 Significant shareholdings as of 3 February 2020 (Most recent available data); shareholder structure is updated regularly at link to website 2 All figures have been rounded up to the second decimal, which may result in a rounding difference of the total percentage for A and B­shares. Nationale de Crédit et d’Investissement. These shares constitute the company’s B­shares. A B­share has 40% of the economic rights of an A­share or, in case the company is dissolved, is entitiled to 40% of the net liquidation proceeds paid to A­shareholders. The B­shares are not listed on any exchange and do not back a tradable security. ANNUAL REPORT 2019 REPORT ANNUAL SES 57 1 2 3 4 5 OUR OPERATIONAL CONSOLIDATED SES S.A. ANNUAL ADDITIONAL COMPANY AND STRATEGIC FINANCIAL ACCOUNTS INFORMATION REPORT STATEMENTS RESTRICTIONS ON OWNERSHIP INFORMATION EXCHANGE IN REGARD TO INVESTOR RELATIONS CORPORATE GOVERNANCE No A­shareholder may hold, directly or indirectly, more than 20%, 33% SES’ dedicated Investor Relations function reports to the Chief Finan­ or 50% of the company’s shares unless he has obtained prior approval The company communicates transparently with its shareholders via cial Officer and works closely with the CEO. Its purpose is to develop from the meeting of shareholders in accordance with the procedure the corporate governance section of its website and through the and coordinate the group’s external financial communications and described here below. Such limit shall be calculated by taking into dedicated e­mail address [email protected]. In line with Luxem­ interactions with equity and debt investors, investment analysts, account all the shares held by the A­shareholder. bourg law, the company allows shareholders to receive all corporate credit rating agencies, financial journalists and other external audi­ documentation, including the documents for shareholder meetings, ences, to monitor stock market developments, and to provide feed­ A shareholder or a potential shareholder who envisages to acquire by in electronic format. back and recommendations to the SES SLT. whatever means, directly or indirectly, more than 20%, 33% or 50% of the shares of the company (a ‘demanding party’) must inform the In this context, the SES website contains a regularly updated stream The Head of Investor Relations, is responsible for the definition and Chairperson of the Board of the company of such intention. of information, such as the latest version of the company’s main gov­ execution of SES’ active Investor Relations programme and partici­ ernance documents, including the articles of incorporation, the cor­ pation in investor conferences and similar events. Investor Relations The Chairperson of the Board will inform the government of Luxem­ porate governance charter (including the charters of the various com­ also works closely with the Chief Legal Officer to ensure that the bourg of the envisaged acquisition. The government may oppose the mittees set up by the Board) and the separate sections on the group’s external communications are compliant with all applicable acquisition within three months from such information if it determines composition and the mission of the Board, the Board’s committees legal and regulatory requirements. that such acquisition would be against the general public interest. and the Executive Committee1. The SES Investor Relations team will be pleased to assist you with In case of no opposition from the government of Luxembourg, the The SES website also contains the SES Code of Conduct and Ethics, any questions you may have in relation to SES. Further, the SES Board shall convene an extraordinary meeting of shareholders which the SES Dealing Code, the financial calendar and any other informa­ IR Website contains information on all recent financials, analyst may decide at a majority provided for in article 67­1 of the law of 10 tion that may be of interest to the company’s shareholders. coverage, financial calendar and company news and is updated on a August 1915, as amended, regarding commercial companies, to regular basis. authorize the demanding party to acquire more than 20%, 33% or 50% of the shares. If the demanding party is a shareholder of the company, it may attend the general meeting and will be included in the count for the quorum but may not take part in the vote. ANNUAL REPORT 2019 REPORT ANNUAL 1 The Executive Committee is internally called the Senior Leadership Team (SLT). SES Therefore, going forward the term SLT will be used instead of Executive Committee. 58 1 2 3 4 5 OUR OPERATIONAL CONSOLIDATED SES S.A. ANNUAL ADDITIONAL COMPANY AND STRATEGIC FINANCIAL ACCOUNTS INFORMATION REPORT STATEMENTS CHAIRMAN’S REPORT ON CORPORATE THE ANNUAL GENERAL MEETING OF from the FDR holder, the fiduciary will vote in favour of the proposals GOVERNANCE SHAREHOLDERS submitted by the Board. One or more shareholders owning together at least 5% of the shares of SES have the right to add items on the The company follows the ‘Ten Principles of Corporate Governance’ Under Luxembourg company law, the company’s annual and / or agenda of the AGM and may deposit draft resolutions regarding items adopted by the Luxembourg Stock Exchange (its home market), extraordinary general meetings represent the entire body of share­ listed in the agenda or proposed to be added to the agenda. This as revised in 2017. holders of the company. They have the widest powers, and resolutions request will need to be made in writing (via mail or e­mail) and passed at such meetings are binding upon all shareholders, whether received no later than the twenty­second day preceding the AGM and SES also complies with the governance rules for companies listed in absent, abstaining from voting or voting against the resolutions. will need to include a justification or draft resolution to be adopted Paris, where the majority of the trading in SES FDRs takes place. In at the AGM. The written request must include a contact address to the instance of conflicting compliance requirements, SES follows the The meetings are presided over by the Chairperson of the Board or, which the company can confirm receipt within 48 hours from the rules of the home market. in his absence, by one of the Vice Chairperson of the Board or, in their receipt of the request. absence, by any other person appointed by the meeting. Any share­ SES meets all the recommendations made by the ‘Ten Principles’ holder who is recorded in the company’s shareholder register 14 busi­ No later than fifteen days preceding the AGM, the company will then except with regard to Recommendation 3.9, which states that the ness days before the meeting is authorised to attend and to vote at publish a revised agenda. committees created by the Board should only have advisory powers. the meeting. An A­shareholder may act at any meeting by appointing The SES Board has delegated some decision­making powers to the a proxy (who does not need to be an A­shareholder). The meeting may deliberate validly only if at least half of the A­shares Remuneration Committee. For the full details of these powers, see the and at least half of the B­shares are represented. In the event that charter of the Remuneration Committee on the SES website. After The annual general meeting (‘AGM’) is held on the first Thursday in the required quorum is not reached, the meeting will be reconvened each meeting of the Remuneration Committee, its Chairman reports April at 10:30 am CET.
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