Report
Jehanne Leroy
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Proxy Report - 06/06/2018

Proxinvest attire l'attention des actionnaires sur plusieurs points.

Tout d'abord le changement de Directeur Général en avril 2018. Ainsi M. Donovan va remplacer M. Lazzari à ce poste. De ce fait M. Lazzari va se voir attribuer une indemnité de départ et une clause de non concurrence alors que M. Lazzari est en poste depuis le 22 Juin 2015, soit moins de 3 années. Cela ne semble pas acceptable d'après Proxinvest. De plus Proxinvest trouve inacceptable que l'indemnité de départ due à M. Lazzari ait connu des changement au jours de son départ pour lui permettre son déblocage totale. De plus la société n'avait pas mis en place de clause de non-concurrence jusqu'à son départ et décide de lui en attribuer une pourtant. Ce qui est tout à fait contraire aux bonnes pratiques de la places.

Ensuite le conseil d'administration n'est pas majoritairement indépendant d'après la politique de Proxinvest, de ce fait il est regrettable que lors de cette assemblée générale, il est proposé le renouvellement ou la nomination de trois administrateurs non indépendants.

Underlying
Axway Software S.A.

Axway Software is an IT consulting and services company which is active in the Middleware market. Co. is active in the four sectors of the Middleware market which are: Managed File Transfer (MFT), Business to Business (B2B), Application Programming Interface (API), and Secure Gateways. Co. provides infrastructure software that is used to develop and secure the electronic information exchange networks (business interaction networks). These networks cover all interactions between internal entities and external entities. They also support exchanges between applications or between users and information systems. Co.'s platform is Synchrony™ covering all interaction media.

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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