Report
Charles Pinel
EUR 500.00 For Business Accounts Only

Bouygues - Assemblée Générale du 25 avril 2019

Le conseil d'administration présente un nombre insuffisant de membres libres de conflits d'intérêts et la famille Bouygues y est sur-représentée (30,8% des sièges pour une détention de 21,6% du capital). Par ailleurs, une candidate au renouvellement présente un nombre de mandats trop important et une autre n'a assisté qu'à 71% des réunions du conseil en 2018. Enfin, le processus de désignation des représentants des salariés actionnaires n'ait pas satisfaisant car il n'est pas totalement indépendant de la direction. Ce grief est d'autant crucial en raison de l'importance de l'actionnariat salarié au sein de Bouygues (19% du capital et 26% des droits de vote) (résolutions 12 à 19)

Bouygues est l'une des rares sociétés du CAC 40 à proposer à ses actionnaires l'utilisation de dispositifs anti-OPA à travers le maintien en période d'offre des autorisations d'augmentation de capital et l'émission de bons Breton. Proxinvest s'oppose de longue date à ces pratiques et nous recommandons l'opposition aux résolutions 22, 24 à 30 et 34).

Underlying
Bouygues S.A.

Bouygues is a global industrial group engaged in designing, building and operating structures in public and private buildings, transportation infrastructure and energy and communication networks. Co. operates in three sectors - Construction (Bouygues Construction, Bouygues Immobilier and Colas), Media (TF1) and Telecom (Bouygues Telecom). Construction is engaged in the design and maintenance of projects in the areas of building, civil works, energies and services; Media offers activities covering the audiovisual sector; and Telecom offers mobile broadband services and prepaid card services for smart phones, as well as a range of services including telemessaging, voice mail and WAP

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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