Report
Anaïs Dudout
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Etude de l'AG du 30/06/2017

Proxinvest attire l'attention sur la faiblesse du Conseil d'administration en matière de gouvernance qui ne permet pas de garantir qu'il puisse remplir au mieux la mission de surveillance et de protection de l'ensemble des actionnaires qui lui incombe :

- renouvellement en bloc des administrateurs,
- non séparation des pouvoirs de direction et de contrôle : cumul des fonctions de Président du Conseil et de Directeur Général,
- conseil non majoritairement libre d'intérêt selon Proxinvest (taux d'indépendance du conseil de 33%) avec quatre membres de la famille Ehrmann sur six membres du Conseil,
- la durée de mandat des administrateurs de six ans, ne respecte pas la pratique de la place,

Comme lors des années passées, Proxinvest recommande l'opposition à la résolution relative à l'approbation du rapport spécial des commissaires aux comptes sur les conventions réglementées (cf. résolution 7), en raison des nombreuses conventions de prestations de services conclues avec l'actionnaire de contrôle, le Groupe Serveur, qui démontrent la dépendance de la société vis-à-vis de cette holding.

Underlying
Artprice.com

Artprice.com provides art market information. Co. provides databank auction prices and indices, auction results and artists. Co. also provides archives of fine art auction sales, and help customers find artists in upcoming auctions or detect the emerging artists. Co. offers different tools such as: Artprice Indicator® which gives access to indicative values for an artwork; Artprice Knowledge® which is a database of artist search sessions; Artprice Classified Ads and Artprice Stores, which are a marketplace for Fine Art and Antiques; Artprice Images® which gives access to auctions; and My Art Collection® which manages customers' art collection and value each of their pieces of art work.

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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