Report
Charles Pinel
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Etude de l'AG du 17/05/2017

En raison d’un conseil majoritairement composé de membres non libres de conflits d’intérêts mais également de taux de présence aux réunions du conseil insuffisant pour certaines administratrices indépendantes, nous ne pouvons soutenir la ratification de la cooptation et renouvellement des administrateurs proposés aux résolutions 6 à 8 et 10 à 16.

Les deux résolutions 18 et 19 portant sur la rémunération de Xavier Durand ne seront pas approuvées car malgré une bonne transparence d'ensemble et des montants acceptables, elle ne comprend pas de réelle part à long-terme et les actionnaires n'ont pas l'assurance de l'absence d'acquisition d'actions en cas de sous-performance. De plus, en 2016, 80% de la rémunération variable était garantie dans le cadre de la prise de ses fonctions.

Underlying
Coface

Coface is a holding company that performs its activities through its primary operating subsidiary, Compagnie franASSaise d'assurance pour le commerce extA(c)rieur and its subsidiaries. Through its subsidiaries, Co. is a provider of credit insurance to businesses with solutions to protect them against the rist of client insolvency on both domestic and export markets.

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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