Report
Charles Pinel
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Auréa 20 juin 2019

Afin de pouvoir remplir au mieux la mission de surveillance et de protection de l’ensemble des actionnaires qui lui incombe, il nous semblerait préférable que le conseil ne soit pas composé de seulement cinq membres dont trois personnes de la famille Picard, principal actionnaire.

Dans ces conditions, le renouvellement d'un administrateurs ne sera pas soutenu (considéré non libre de conflits d'intérêts potentiels par Proxinvest car au conseil depuis 2007 contrairement à la société) (résolution 8).

Nous nous opposons également aux autorisations d'augmentation de capital car les montants excèdent nos plafonds et/ou l'usage de celles-ci est possible en période d'offre publique, ce qui est contraire à nos recommandations (résolutions 13 à 18).

En revanche, les résolutions portant sur la rémunération du Président-Directeur général seront soutenues en raison de montants très modérés (résolutions 6 et 7).

Underlying
Aurea S.A.

Aurea is a holding company. Through its subsidiaries, Co. is operating in the environmental and sustainable development sector. Co. specializes in recycling used motor oils, aluminium, PVC, complex plastics, tires and in de-pollution of water. Through Eco Huile, Co. regenerates used motor oils. Through Roll Gom, Co. specializes in the treatment of used tires. Through Recycarbo, Co. reprocesses dangerous aqueous industrial waste, tainted by hydrocarbons or derivatives. Through Regeal Affimet, Co. recycles aluminium. Through Rulo, Rulo France, Broplast, BHS and Materege, Co. recycles PVC products and complex plastics.

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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