ALCES Cesar

Etude de l'AG du 19/11/2017

Assemblée sans sujet particulier, à l'exception des réserves émises par les commissaires aux comptes sur les comptes annuels et consolidés qui ne nous permettent pas de soutenir les résolutions 1 et 2.

La société a ajouté le 30 aout 2017 trois résolutions relatives aux renouvellements des administrateurs.
On regrettera le manque de diversité et d'indépendance du conseil. En effet, les 3 administrateurs ne représentent que le premier actionnaire ; ainsi, les interets des actionnaires minoritaires, qui représentent tout de même plus de 80% du capital, ne sont pas représentés par des administrateurs indépendants.
On notera que l'un des arguments de la société concernant la proposition de regroupement d'actions (résolution 9) est de susciter l'interet des actionnaires. Il semble que la mise en place d'une bonne gouvernance pourrait elle aussi attirer l'attention des actionnaires et nous recommandons donc fortement à la société de remédier à ce probleme.

06/11/2017
15 pages
FR

Research Provider

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. 

Read more

Underlying

Personal & Household Goods - France

Cesar. Cesar SA manufactures carnival masks and fancy dress outfits. The Company produces costumes, masks, paper deco products, wigs, panoplies, make-up items, toys and accessories. It markets and sells its products through distributors, including retailers and wholesalers.

Read more

ResearchPool Subscriptions

Get the most out of your insights

Get in touch