Report
Anaïs Dudout
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Proxy Report 26/06/2018

La société ne soumet pas la rémunération de ses dirigeants à l'approbation de ses actionnaires : si elle n'y est pas obligée, il est de bonne pratique de proposer aux actionnaires de voter sur la rémunération versée aux dirigeants au titre de l'exercice passé (vote ex-post) et sur la politique de rémunération des dirigeants pour l'exercice à venir (vote ex-ante).

Proxinvest note que le Conseil d'administration présente un taux d'indépendance et de féminisation nul, ce qui est regrettable. L'importance grandissante de l'indépendance du Conseil d'administration pour les investisseurs tant nationaux qu'étrangers en fait un point crucial en matière de gouvernance des entreprises : à ce titre, Proxinvest ne saurait que trop peu recommander à la société d'améliorer l'indépendance et la diversité de son Conseil.

Les résolutions 7 et 8 proposent respectivement aux actionnaires d'autoriser la faculté pour le Conseil de procéder au rachat d'actions propres et de réduire le capital social : ces résolutions ne sont pas soutenues par Proxinvest en raison, notamment, du fait que la société ne distribue aucun dividende cette année, en conséquence il apparaît peu cohérent de proposer un rachat-annulation d'actions qui impliquera qu'elle puise dans ses fonds propres pour le réaliser.

Underlying
Agrogeneration SA

Agrogeneration SA. Agrogeneration SA is a France-based company engaged in the fishing and farming industry. The Company is a producer of grain and oilseeds. Following its merger with Harmelia, the Company becomes the producer of grain and oilseeds in Ukraine. Agrogeneration SA focuses mainly on the production in Ukraine, both in terms of cultivated acreage and operational efficiency. The Company follows traditional crop rotation and puts money into fertilizers, seeds, and agricultural chemicals for the purpose of achieving profitability crop. Operated farmlands of Agrogeneration SA are located in five regions of Ukraine, such as Kharkiv, Lviv, Sumy, Zhytomir and Ternopil, which represent standards and a propitious climate for achieving yields.

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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