Report
Florian Béchaz
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Aubay - Assemblée Générale des actionnaires du 14 mai 2019

Proxinvest applique la même politique que l'an passé quant à la rémunération des mandataires sociaux. Ainsi, nous soutenons la rémunération pour l'année 2018 malgré une transparence perfectible et l'absence de rémunération long-terme qui se trouve toutefois compensé par la qualité d'actionnaire de chacun des mandataires sociaux.
A l'inverse nous ne soutenons pas la politique de rémunération du prochain exercice qui ne mentionne aucun montant ni plafond. Ceci est un blanc-seing au Conseil. Par ailleurs, nous estimons que la politique de rémunération constitue une dégradation de la politique précédente en raison du caractère alternatif des critères déterminant la rémunération variable. Notons que ce changement des critères de performance survient concomitamment à la baisse annoncée de la variable pluriannuelle pour l'année prochaine (détaillé en résolutions 15 et 16).

Plus positivement, saluons le fait qu'aucune convention ni aucun engagement autorisé et conclu au cours de l'exercice écoulé n'a été soumis à l'approbation de l'assemblée générale. Cette absence de conventions au rapport spécial est, sauf opération non signalée aux commissaires aux comptes, le signe d'une bonne autonomie du projet de l'entreprise et d'une meilleure intégrité économique.

Underlying
Aubay

Aubay SA is a France-based company engaged in the Information Technology (IT) industry. The Company designs architecture of information systems, develops and facilitates content management, designs and develops secured IT networks, offers consulting on telecommunication strategies, provides network engineering, handles engineering projects and outsourced research. It also develops projects and offers facilities management solutions, among others. The Company's products are sold to the sectors of defense, aeronautics, energy, banking, insurance telecommunications, as well as transport and rail sectors. It has developed two service centers: The Dedicated Service Centre includes the technical platform, the premises and all the resources that are dedicated to a single customer; the Pooled Services Centre, which covers the resources, tools and processes pooled for a group of customers. It has such subsidiaries as Aedian SA and Aubay SA, Norma 4 Servicios Informaticos SA, among others.

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
Florian Béchaz

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