Report
Anaïs Dudout
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Etude de l'AG du 22/12/2017

Les actionnaires sont convoqués afin de ratifier les conditions et les modalités de l'opération d'apports d'une partie des activités de la société à sa principale filiale, Bricorama France SAS. Cette opération s'inscrit dans une cession plus large de la plupart de l'activité du groupe à ITM - Equipements de la maison, liée au groupe Bricomarché.

Proxinvest ne soutient pas une telle opération, qui pose des problèmes de transparence, de stratégie et de gouvernance. En effet, la cession est réalisée au détriment des salariés qui ont montré leur opposition à cette opération ; et également au détriment des actionnaires. En effet, cette cession de 70% des activités du groupe ne semble pas bénéfique pour la pérennité de celui-ci et ne semble donc pas servir les intérêts long-terme des actionnaires.

Underlying
Bricorama

Bricorama operates a chain of Do-It-Yourself stores in France, the Benelux and Spain under the trade-names Bricorama and Baktor in France and Spain and Gamma and Karwei in the Benelux. Co. offers eight families of products: gardening, interior decorating, lumber, tools, plumbing, hardware, building supplies and electricity. As of Dec. 31, 2008, Co. operated 178 stores in 573,956 sq. m.

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
Anaïs Dudout

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