The company will dissociate the functions of the Chairman of the Board and the CEO after Bruno Bich’s leaving. We support the candidacy of Pierre Vareille as Chairman of the company, as well as Gonzalve Bich as CEO (resolutions 9 and 10).
Due to the lack of a majority of independant members in the Board, and a slight overrepresentation of Bich’s family at the Board, we recommend the opposition to the renewals of Marie-Henriette Poinsot, and the MBD family holding (resolutions 7 and 8).
Concerning the executive compensation, Proxinvest regrets a lack of transparency about long-term compensation, and the lack of disclosure on performance objectives in the allocation of free shares. Alignment with performance cannot be evaluatedwhereas share price has decreased by 29% in 2017 and by 17% in the last 3 years. We
Societe BIC designs, manufactures and distributes the following consumer products: stationery products, lighters, shavers, and other products. Its stationery products include writing instruments such as ball pens, felt pens, mechanical pencils; marking instruments; coloring and drawing instruments; correction instruments and glues. Co.'s stationery products are sold under the BIC® Kids, Tipp-Ex®, Wite-Out®, Sheaffer® and PIMACO® brands. Its other products segment includes promotional products including notebooks, key rings, magnets, and drinkware; Sport sales (surfboards, windsurf boards, kayaks and sailboats); adhesive labels and adhesive raw materials.
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>Review of efficiency and growth potential kicked off - In a press release published yesterday evening, Bic announced an organisational review to improve its operational efficiency and underpin its long-term profitable growth.A dedicated team has been created to conduct a comprehensive review of the group's organisation and define an action plan to make these targets a reality. The results of this review will be communicated in Q1 2019. In detail, we note that th...
Item 1: Approve the share consolidation The Board requests shareholder approval to implement a share consolidation on the basis of 19 new ordinary shares for every 20 existing ordinary shares held. The consolidation is intended to maintain comparability, as far as possible, of the Company’s share price before and after the payment of a special dividend of $2.621 per share. The special dividend is equivalent to 5% of the market capitalisation of the Company as at 14 December 2018. The Company has implemented a series of share consolidations, returning funds to shareholders in this way in 2012...
Item 1: Approve Share Buybacks Shareholder approval is being sought to authorise the Company to make market purchases of its ordinary shares following the inclusion of a typographical error in the resolution granting authority at the 2018 AGM. This error meant that the authority granted at that meeting has already expired. As there is currently no authority in place, the Board proposes the standard share repurchase authority for the UK market with period ending until the earlier of 25 October 2019 (being the later date set out in in the resolution granting authority at the 2018 AGM) and the ...
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 deux personnes de la famille du principal actionnaire. La société fait preuve de légèreté dans la transparence des informations communiquées aux actionnaires en matière de rémunération. Par conséquent, la plupart des résolutions référentes aux rémunérations des dirigeants connaitront un recommandations négatives au regard de ce manque de transparence. Dans la même optique, ...
Assemblée sans sujet particulier, à l'exception des réserves émises par Proxinvest concernant les comptes annuels avec son association d'un quitus et l'absence de comptes consolidés. Contactée par Proxinvest, la société nous a indiqué que l'absence de comptes consolidés et de ce fait de résolution pour les approuver était liée au fait que la filiale Festival basée à Madagascar avait été cédée début 2016. Cependant Proxinvest s'interroge puisque dans les annexes des comptes annuels à la page 23, la société présente une filiale : Festiveo. Ainsi la société devrait communiquer des comptes conso...
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