Report
Jehanne Leroy
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Proxy Report - 24/04/2018

En date du 23 Octobre 2017, l'offre d'Icade sur les actions détenues par Eurazeo a été acceptée. Icade possède maintenant plus de 90% du capital et des droits de vote d'ANF Immobilier contrôlant l'assemblée générale.

Suite à cela, le Conseil de Surveillance a changé, 6 nouveaux membres, qui représentent Icade, ont été cooptés ou proposés. Icade contrôlant déjà le capital et l'assemblée générale, il est regrettable qu'elle n'ait pas plus veillé à ce que le conseil soit majoritairement indépendant.

Dans la même optique de changement, le Président du Directoire a changé, entrainant ainsi le paiement d'une indemnité de départ liée à une convention réglementée que Proxinvest estime trop généreuse.

Underlying
ANF-Immobilier S.A.

ANF Immobilier owns and manages properties in the Lyon and Marseilles city centres, in France. Co. also holds a portfolio of hotel properties in France. As of Dec 31 2010, Co.'s portfolio includes buildings covering 248,000 sq. m. and 168 hotel properties leased to B&B hotel chain. As of Dec 31 2010, the properties break down as follows: 54 mixed-use Haussmann-style properties in Lyon city centre (retail premises, residential units and office space); 176 mixed-use Haussmann-style properties (retail premises, residential units, office space and other) in Marseilles city centre. Co.'s operations are divided into two segments: Rental of Haussmann-style properties and Hotel rental.

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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