PUBLICIS GROUPE
NYSE Euronext Paris: PUB Meeting Date: 5/28/2014
Publicis’ upcoming meeting may be marked more by what is not on the agenda than by what is actually presented for a shareholder vote. Only a few short weeks before the meeting, the Company made a surprising announcement that it was cancelling the much touted merger with Omnicom to become one of the world’s biggest marketing firms. Although Publicis had promised to call a special meeting later in the year to allow shareholders to vote on the merger, such plans have obviously been scrapped. Following reports of multi-billion dollar client losses and wasted costs on the merger effort, expect shareholders to direct tough questions to the board and management at the meeting. Allegations of short-sighted planning may also heighten the scrutiny of CEO Maurice Lévy’s pay package, which is submitted for an advisory vote for the second time. In 2013, just over 20% of shareholders voted against the advisory say on pay. With no changes made to Mr. Lévy’s entirely short-term performance weighted pay package, which is remarkably out of line with Publicis’ peers, shareholders may again send a signal to the board that such a pay structure is unacceptable.
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