Statement of Wavecom’s Board on Executive Compensation
05 February 2009 - 6:30PM
Business Wire
Regulatory News:
At its February 2, 2009 meeting, the Board of Directors of
Wavecom S.A. (Paris:AVM) (NASDAQ:WVCM) acknowledged the
consolidated version of the AFEP/MEDEF Corporate Governance Code
for public companies which, in particular, includes new
recommendations on executive directors� compensation.
As a general rule, the Board of Directors considers that
Wavecom�s Code of Corporate Governance, adopted in 2003 and
regularly updated since then, complies with the spirit of the
AFEP/MEDEF Code.
Therefore, the Board of Directors decided to continue to adhere
to the corporate governance principles, and more particularly those
relating to executive directors� compensation, set by the AFEP and
the MEDEF.
However, the Board of Directors notes one reservation relating
to the potential severance payment to be made to the CEO in case of
his voluntary resignation in the event of a change in control of
the Company. In its meeting of November 17, 2008 when performance
criteria were set that the CEO must meet in order to receive a
potential severance payment (in compliance with the French TEPA
Law), the Board of Directors approved the possibility that such
severance payment could be made in case of voluntary departure of
the CEO following a change in control of the Company. The
performance criteria, as well as the possibility that such
severance payment would be made in case of voluntary departure
remain subject to approval by the shareholders at a general meeting
of Wavecom shareholders.
In all cases, and with the exception of the above reservation
based on Wavecom�s specific circumstances and current situation,
the Board of Directors subscribes entirely to the AFEP/MEDEF
recommendations.
Wavecom � the wireless M2M experts
Wavecom is a leading provider of embedded wireless technology
for M2M (machine-to-machine) communication. Wavecom provides a
range of GSM/GPRS, CDMA, EDGE and 3G Wireless CPUs; programmable
processors which also act as wireless modules or wireless modems.
These are backed by a cellular wireless software suite which
includes a real-time operating system (RTOS), a software
development environment based on Eclipse�, and several Plug-Ins
(GPS, TCP/IP, security, Bluetooth�, Lua script and more). Wavecom
also offers a wide range of professional and operated services.
Wavecom solutions are used for automotive telematics, smart
metering, fleet management, GSM/GPS/satellite tracking, wireless
alarms, wireless POS (point of sales), WLL (fixed voice), remote
monitoring and many other M2M applications.
Founded in 1993 and headquartered in Issy-les-Moulineaux
(France) near Paris, Wavecom has subsidiaries in Hong Kong (PRC),
Research Triangle Park, NC (USA), Farnborough (UK), Munich
(Germany) and Sao Paolo (Brazil). Wavecom is publicly traded on
Euronext Paris (Eurolist) in France and on the NASDAQ (WVCM)
exchange in the U.S.
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