Report
Jehanne Leroy
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Adocia - Assemblée Générale des actionnaires du 16 mai 2019

Notons tout d'abord l'absence de conventions réglementées (extérieure au groupe) au sein du rapport spécial qui est, sauf opération non signalée aux commissaires aux comptes, le signe d'une bonne autonomie du projet de l'entreprise et d'une meilleure intégrité économique du groupe.

Quant à la rémunération des dirigeants pour l'exercice 2018 (résolutions 8 et 9), nous nous y opposons en raison du manque de transparence de celles-ci. En effet, la société ne communique pas précisément les critères de performance des rémunérations variables, leurs pondérations, ni leurs taux de réalisation individuel.

Concernant la politique de rémunération des dirigeants pour le prochain exercice, l'approbation équivaut à donner un blanc-seing à la société.

La proposition d'une "green shoe" en résolution 21, est une pratique à proscrire en raison de la dilution instantanée entraînée par une décote souvent bien supérieure à 5%.

Proxinvest s'oppose aux augmentations de capital maintenues en période d’offre publique, en raison de leur possible utilisation comme dispositif anti-OPA.

Underlying
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.).

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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