Report
Jehanne Leroy
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Proxy Report - 15/05/2018

Proxinvest attire l’attention des actionnaires sur les points suivants :

Tout d’abord les changements qui ont eu lieu dans le conseil d’administration au cours de l’exercice 2017 sont importants avec l’arrivée de quatre nouveaux administrateurs. Un représentant de China Airlines, un autre de Delta Air Lines, une personne pour être en accord avec la loi Copé-Zimmermann et enfin un administrateur désigné par le comité d’entreprise Européen. Suite à ces changements, le taux d’indépendance du conseil a chuté à 42,11% soit en dessous de la majorité préconisé par Proxinvest (résolutions 4 à 7).

Par ailleurs, la société propose une rémunération à long terme pour son dirigeant pour la première fois. Proxinvest estime que cette forme de rémunération est souhaitable puisqu'elle permet de confondre les intérêts du dirigeant avec ceux de la société. Ainsi Proxinvest approuve cette amélioration de structure de politique de rémunération et recommande l'approbation de cette politique (résolution 9).

Underlying
Air France-KLM

Air France-KLM is a holding company. Through its subsidiaries, Co. is engaged in transporting passengers and cargo, aeronautics maintenance and other air-transport related activities, including catering and charter services. Co. operates in six geographical regions: Metropolitan France; Europe (except France) and North Africa; Caribbean, French Guiana and Indian Ocean; Africa, Middle East; Americas, Polynesia; and Asia and New Caledonia. Co. organizes its business around the following four segments: Passenger, providing passenger transportation services on scheduled flights; Cargo, transporting freight on flights and selling cargo capacity to third parties; Maintenance, and Other activities.

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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