Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio.
Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes :
Each theme is rated taking into account several comprehensive sub-categories.
Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter. Indeed, our process is supported by a network of local experts that have a deep knowledge of each local market best practices (from both customs and regulatory points of views).
If you are interested in the Proxinvest Corporate Governance Rating ®, please contact directly Proxinvest ( or +33(0)1 45 51 50 43).
Aviva is a holding company. Through its subsidiaries, Co. provides customers with long-term insurance and savings, general and health insurance, and fund management products and services. Co.'s long-term insurance businesses provide a range of life insurance and savings products, which include annuities, equity release, pensions, protection, bonds and savings, and investment sales. Co.'s general insurance business operates under the Aviva brand and focuses on personal lines, commercial lines, health insurance, and corporate and specialty risks. Co.'s Aviva Investors, its asset management business, provides asset management services to Co.'s long-term insurance and savings, among others.
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.
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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.
Leadership Mr. Mark Wilson stepped down as CEO on October 8, 2018 and Mr. Maurice Tulloch was appointed on March 4, 2019. Mr. Adrian Montague served as Executive Chairman during the search for a new CEO. He is now serving as non-executive Chairman again. Item 2: Approve the remuneration report The structure is unacceptable as the maximum bonus exceeds guidelines and accelerated vesting is possible. Disclosure prevents evaluation of whether the use of qualitative criteria exceeds guidelines and whether the bonus payout is adequately aligned with performance. Both the STI and LTI use EPS as...
Aviva reported a 2% rise in operating profit to GBP 3.1 billion for 2018, slightly below our expectations. Operating earnings per share came in at GBX 58.4 with a GBX 30.0 total 2018 dividend, giving Aviva's stock a roughly 7% yield. At the current market valuation, Aviva trades at a very rough 1.0 times current net asset value. We will hold our fair value estimate at GBP 5.75 per share until we have full-year financial statements and roll our financial model. However, we are lowering our stewardship rating to standard until Aviva outlines its business strategy under its new leadership. All t...
Aviva is a midmarket insurer that has had its fair share of problems with leverage, unfocused capital allocation, and substandard controls. A largely undifferentiated composite insurer, it has missed opportunities to differentiate itself by expanding asset management. But this seems to be a focus of management, and with the change of guard, we expect this to continue. We think the second main focus is its digital strategy, which centres on MyAviva, and the business is having good success here. This digital strategy is reducing paperwork and administration and also improving the control environ...
La société fait preuve d'une grande transparence concernant les montants attribués aux mandataires sociaux. En revanche, elle l'est beaucoup moins concernant les critères de performances des parts variables de la rémunération, qui restent inconnus. Par ailleurs, l'indépendance du Conseil d'administration est particulièrement préoccupante puisqu'il n'est composé que d'un administrateur indépendant sur six. Pour cette raison la résolution 11 portant sur le renouvellement de Marie Meynadier (membre non indépendante) n'est pas soutenue.
Suite à l'augmentation de capital lancée en mars 2019, 4 nouveaux actionnaires ((i) Latricogne Capital, (ii) les SCI Allianz Immobilier Durable et SCI Alliance Value Pierre, (iii) Cargo Investment B.V. et (iv) Madame Danièle Fredj) ont demandé à obtenir un siège au conseil. Il est donc proposé la nomination de 4 de ces représentants. Comme le conseil ne comprend pas une majorité d'administrateurs indépendants et que ces nouveaux actionnaires ne sont pas les principaux actionnaires de la société, conformément à notre politique de vote, nous ne soutenons aucun de ces candidats. Par ailleurs, la...
"Le 16 novembre 2018, les conseils d’administration de Groupe SFPI et DOM Security ont constaté la réalisation définitive de la fusion absorption de Dom Security SA par Groupe SFPI. "(Document de référence 2018 - Groupe SFPI) La gouvernance pourrait être améliorée en augmentant le taux d'indépendance du Conseil. Nous recommandons l'opposition à la nomination d'ARC Management, notamment pour cette raison. La société ne communique pas suffisamment d'informations sur les politiques de rémunération. Bien que les montants en ex-post soient raisonnables, il serait positif que la société s'améliore...
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