Jehanne Leroy
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Proxy Report - 17/05/2018

Cette année, la société soumet au vote des actionnaires les rémunérations de son Président-Directeur Général et de son Directeur général délégué pour les exercices 2017 et 2018.

Proxinvest regrette la communication lacunaire de la société sur les montants attribués (la société ne communique en effet pas les objectifs en termes de performance pour les bonus annuels et pluriannuels, le bonus annuel est constitué que d’une part qualitative, ce qui rend difficile pour l'actionnaire de mesurer l'alignement avec la performance), ainsi que la structure déséquilibrée de la rémunération. Nous nous opposons à toutes les résolutions portant sur la rémunération.

Proxinvest souligne le fait que, cette année encore, le conseil d'administration ne sera pas majoritairement indépendant (taux d'indépendance de 33%), ce qui est fort regrettable. Par ailleurs, certains montants demandés semblent trop élevés.

Adocia SAS

ADOCIA is a biotechnology company based in France. Co. specializes in the development of formulations for already-approved therapeutic proteins with a primary focus on insulins and treatments for diabetic foot ulcers. Co.'s biotherapy products are used in tissue regeneration and for treating chronic diseases. Co.'s proprietary BioChaperone® technological platform is designed to enhance the effectiveness and safety of therapeutic proteins in areas such as wound Healing, diabetes, ulcers and monoclonal antibody creation. Co. also maintains activities in the formulation of monoclonal antibodies for the treatment of various chronic pathologies (oncology, inflammation, etc.).


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. 

Jehanne Leroy

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