Report
Anaïs Dudout
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Proxy Report - 19/06/2018

Pour sa première assemblée générale annuelle en temps que société côtée, Proxinvest alerte Advicenne sur plusieurs éléments de gouvernance sur lesquels nous avons des réserves.

Même si Advicenne est très contrôlée, le conseil d'administration n'est composée que d'administrateurs non libres de conflits d'intérêts, ce qui n'est pas acceptable et bien en deça des standards de la place financière. Nous notons que la société s'est engagée à diversifier son conseil d'administration (qui n'est également composé que de deux femmes et d'un membre non national) et nous espérons qu'elle tiendra sa promesse pour l'exercice à venir.

Nous recommandosn l'opposition à l'ensemble des politiques de rémunération dans la mesure où la société manque de précision quant aux éléments qu'elle pourrait potientiellement attribuer aux mandataires sociaux dirigeants. De plus, aucun critère de performance n'est communiqué, ce qui n'est pas acceptable.

Enfin, nous recommandons à la société de proscrire les opérations d'augmentation de capital en période d'offre publique afin de ne pas se laisser la possibilité de les utiliser comme arme anti-OPA. De plus, les montants évoqués sont très importants et pourraient créer des risques dilutifs trop importants.

Underlying
Advicenne SA

ADVICENNE S.A. is a late-stage biopharmaceutical company based in France. The Company focuses on the development of paediatric friendly therapeutics for the treatment of orphan renal diseases and niche neurology indications. The Company's medicines are developed for patients of all ages in the fields of nephrology and neurology. Its lead product includes ADV7103, which is in phase III, designed to address dRTA both in children for whom the disease is genetic as well as for adults who may have acquired the condition as a result of autoimmune disease. Apart from its lead product, the Company also develops a portfolio of products, including ADV6209, which is an oral liquid solution for moderate sedation; Likozam, which is designed to meet the unmet medical need of patients with partial and generalized chronic refractory epilepsy; Levidcen, which is used to address the unmet medical need of epileptic patients with partial onset seizures, and ADV7103 Cystinuria, among others.

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
Anaïs Dudout

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