Report
Jehanne Leroy
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Proxy Report - 09/05/2018

Cette année encore, au même titre que l’année dernière, en raison de nos fortes préoccupations liées à la gouvernance de la société ainsi qu'en raison de l'absence de communication de la rémunération individuelle du mandataire social dirigeant et de résolution permettant aux actionnaires de s'exprimer sur sa rémunération, la proposition demandant le quitus pour les administrateurs ne sera pas soutenue (résolution V).

Les renouvellements du mandat d'administrateur de Philipe Darmayan sera approuvé car bien que non indépendant, le conseil reste majoritairement indépendant (résolution VI).

La résolution VIII porte sur l'approbation d'un Plan PSU (" Performance Share Unit Plan"). Cependant, les attributions pourront être effectuées en cas de sous-performance par rapport aux groupes de sociétés de référence utilisés dans les critères de performance, ce qui représente, selon nous, un motif fort d’opposition. Par ailleurs, le manque de transparence de la société ne permet pas d'évaluer correctement les montants proposés en faveur du Directeur général. Nous ne soutiendrons pas cette résolution.

Underlying
Aperam S.A.

APERAM is a stainless and specialty steel producer. Co. produces a range of stainless steel products and products including electrical steel (grain oriented, non-grain oriented, and non-grain oriented semi-processed steel), nickel alloys and specialties. Co. sells its products to customers on three continents in over 40 countries, including aerospace, automotive, catering, construction, household appliances and electrical engineering, industrial processes, medical, and oil & gas industries. Co. manages its business according to three operating segments: Stainless and Electrical Steel; Services and Solutions; and Alloys and Specialties.

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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