Still the Eurodisney annual report for 2010/2011 promises to shareholders, a wonderful world of unselfishness and magics "/ / Mr. Gas receives no specific remuneration from the company carrying out its mandate as CEO. / / ".
EuroDisney has long refused to provide any information on the remuneration of its management and now bends to the exercise and indicates that 1.28 M € was paid by the U.S. controlling unlimited partner and shareholder , TWDC ("The Walt Disney Company") about one half in options and restricted stock TWDC. Have minority shareholders in EuroDisney invested in a company whose CEO works for free?
Linke the Cinderella's pumpkin carriage again at midnight the dream ends : the Note 19 of the consolidated financial statements indicating how much EuroDisney must contribute annually in license and management fees to its shareholder : € 74.2 M € in 2011 following € 71.7 million in 2010) , plus € 32.2 million contract for development and other services, then the financial burden related to € 370 million loan and € 182.9 million off-balance sheet commitments for the benefit of TWDC, a liability that goes back to the EuroDisney's 1994 financial restructuring ..
The executive compensation remains well indirectly at the expense of EuroDisney minority shareholders; TWDC remains the almighty winner of the iniquitous IPO of an unfair partnership that should never have happened. A EuroDisney shareholder having purchased 1000 shares at the initial 1989 public offering at 72 francs (€ 10.98 per share for a total investment of € 10 980) has seen its 1000 actions grouped into ten shares in 2007, an investment not worth more than € 48 in late January 2012.
An investment whose value was divided by 228 over 22 years is no fairy tale for the Eurodisney minority shareholder .
While French shareholders still have no right to vote on the remuneration policy of the managing directors ("Say on Pay"), they all see the clear conflict of interest between shareholders of EuroDisney and The Walt Disney Company. The remuneration of s r President Gas is fully aligned with the interests of the U.S. shareholder, another pay structure which suggests that this company is definitely not managed in the interest of all shareholders: no more to be expected from an SCA limited partnership in shares.
Facing these transactions for the benefit of the controlling shareholder, Proxinvest recommends customers to oppose the resolution 4 on related party transactions at the general meeting of 17 February 2012. Unfortunately long ago many shareholders, resigned, and no longer participated to the 2011 AGM , where more than two-thirds vote of minority shareholders were not cast.
Paris 1 February 2012
Loic Dessaint Associate Director
Proxinvest