Report
Jehanne Leroy
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Proxy Report - 07/06/2018

Le principal sujet de cette assemblée est le renouvellement de M. de Chalendar. Proxinvest regrette vivement que le Président n'ait pas restauré le principe "Une Action - Une Voix". Cependant, nous notons les progrès mis en place en termes de gouvernance : le conseil est désormais majoritairement indépendant (57% selon Proxinvest) et un administrateur référent indépendant (M. Sénard) a été nommé en juin 2017. Ce sont ces améliorations ainsi que les performances du groupe d'un point de vue environnemental qui nous incitent à soutenir son renouvellement. Notons toutefois que le cours de Saint-Gobain a sous-performé le CAC40 depuis que M. de Chalendar est Directeur Général (et sur les 5 dernières années, il sous-performe de 20% le secteur Construction & Materials du Stoxx Europe 600).

Sa politique de rémunération 2018 propose une augmentation de 9% du fixe, entrainant ainsi automatiquement une augmentation du montant du bonus maximum. La société propose également d'abaisser la part de rémunération long-terme. Proxinvest préconise de mettre en place des montants fixes raisonnables, des bonus modérés et des part long-terme prépondérantes. Ainsi, la société propose exactement l'inverse de ce que nous recommandons. Aussi, nous ne soutenons pas la politique de rémunération 2018.

Underlying
Compagnie de Saint-Gobain S.A.

Compagnie de Saint-Gobain manufactures, produces, and distributes industrial materials. Co.'s activities are divided into four sectors: Innovative Materials (Co. makes, processes and sells glass and glazing products for the building, the automotive and solar energy industries; Co. also manufactures Ceramics and Plastics, Abrasives, and Textiles), Construction Products (Co. offers products for the Insulation, Gypsum, Exterior Products, Pipe and Industrial Mortars), Building Distribution (Co. distributes building materials (plumbing, heating and sanitaryware products) and ceramic tiles), and Packaging - Verallia (Co. manufactures glass containers and jars for foodstuffs and beverages).

Provider
Proxinvest
Proxinvest

Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.

Proxinvest main services are :

  • ​Proxy reports
  • Definition and monitoring of client customized voting guidelines
  • Corporate Governance Data and Rating
  • Thematic research
  • Engagement support

Proxinvest has been a pioneer and champion of good corporate governance and has grown into a recognised expert in the field.

Proxinvest is independently-owned and only works for investors : Proxinvest does not provide consulting services to the companies it covers, mitigating related risks to its clients and ensuring the independence of our analysis. As a result Proxinvest is able to take a robust, independent, engaged and unconflicted view of the companies in which our clients invest.

As Managing Partner of Expert Corprate Governance Service Ltd (ECGS), Proxinvest has built a large network of corporate governance experts to support clients in corporate governance analysis worldwide. 

Analysts
Jehanne Leroy

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