Report
Charles Pinel
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Proxy Report - 15/05/2018

Comme lors des exercices passés, Proxinvest émet une réserve quant à l'affectation du résultat afin de protester contre le dividende en faveur de l'associé commandité (3 M€, soit 1,5% du montant distribué), et ce malgré les bonnes performances de la société (résolution 3).

La plupart des autorisations d'augmentation de capital ne respecte pas la politique de vote de Proxinvest car la société n’exclue toujours pas l'usage des délégations en période d'offre publique et les montants pour les autorisations sans DPS sont trop généreux (résolutions 8 à 15).

De même, les différentes résolutions permettant d'associer les salariés et dirigeants au capital de l'entreprise sont dans l'ensemble trop généreuses et les conditions de performance ne sont pas assez détaillées (résolutions 19 à 22).

Underlying
Altarea

Altarea Cogedim is a real estate investment trust and development company. Co. is an active operator in the three main segments — retail, residential & office-hotels property — with the ability to design, develop, market & manage custom-tailored real estate products. In the Retail segment, Co. is active in real estate investment, development, asset management, providing services to third-party customers. In the Residential segment, Co. is a residential property developer. In the Office Property segment, Co. is a global operator active in all commercial property formats: high-rise buildings, business districts, corporate headquarters, renovation projects, green districts & luxury hotels.

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
Charles Pinel

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