Proxinvest attire l'attention sur l'indemnité de départ accordée au Directeur Général, Eric Blanc-Garin, qui excède largement 12 mois de rémunération fixe et variable et qui n'est pas liée au seul changement de contrôle ou de stratégie comme le recommande l'Afep/Medef, code de référence de la société.
La nomination de deux nouveaux administrateurs que Proxinvest qualifie d’indépendants permet au conseil d’être à 50% indépendant.
CS Communication et Systemes is a contractor in the design, integration and operation of mission critical systems, and is focused on sectors such as: Defense, Space and Security (By combining information, systems interoperability and operations command, Co. leverages the deployment of mission-critical defense), Aeronautics (Co. conducts projects and develops and maintains technical information and real-time systems), Transportation (Co. offers solutions, spanning from roadside equipment to back-office systems, from integration to operation and maintenance support), and Energy and Industry (simulation, high performance computing, safety, risk management, and production data processing).
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 :
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.
OK, everything (risk aversion, persistently low interest rates, questions about the macro cycle) argues in favour of a growth/quality allocation. But at what price? A modelling of the 12-mth relative P/E of the Stoxx 600 sectors according to their "desirability" (visibility of EPS growth, negative correlation to rates, low correlation to political risk) leads to the observation that the food & beverages sector (=) is trading 8% above its theoretical premium, which is not the case for ...
Dans cette note, nous revenons sur les raisons de la croissance rapide du secteur des paiements. En Bourse, il surperforme nettement le secteur de la technologie sur longue période et nous ne voyons aucune raison pour que cela s’arrête. Dans ce cadre, nous proposons une hiérarchie claire sur les valeurs européennes. Nous réitérons nos préférences (Achat) pour Worldline et Wirecard, maintenons notre opinion Neutre sur Ingenico et initions Adyen à Alléger. - ...
>Forecast growth of 4.2% expected for the market in 2019 (vs 4.1% in 2018) - At its half-yearly meeting yesterday morning, industry body Syntec Numérique sent out a positive message about trends in IT spending in France for 2019. It is expecting growth to be maintained at 4.2% for the entire sector (IT services, outsourced R&D and software) vs +4.1% in 2018 (Syntec was expecting +3.9% for 2019 in November). Factoring in a negative calendar effect of around -0.4% (vs a...
On 9 May 2019, the Company issued convertible bonds for a total principal amount of EUR 150 million. The sole agenda item relates to the proposed approval and ratification, in accordance with Article 556 of the Belgian Companies Code, of conditions of the convertible bonds in case of a change of control. These are standard provisions and they are in line with the market practice. Hence, we see no reason for shareholder concern and recommend to approve.
General: Hella is a leading automotive supplier with over 125 locations in some 35 countries. In financial year 2018/2019, the Company generated sales of EUR 7.0bn with around 39,000 employees. Hella specialises in innovative lighting systems and vehicle electronics in its segments Automotive and Aftermarket. Furthermore, in its Special Applications segment, Hella develops, manufactures and sells lighting and electronic products for specialist vehicles. As of 31 May 2019, a total of 60.00% of the Company's shares were covered by a pool agreement of family shareholders. A total of 62 members o...
In general, NN Group is in compliance with the Dutch regulations relating to the organisation and procedures of the Extraordinary General Meeting. On August 12, 2019, the Company announced that Mr. Lard Friese stepped down as CEO of the Company to become the new CEO of Dutch competitor Aegon. ECGS notes that the sole agenda item of this EGM (ITEM 2) concerns the intended appointment of Mr. David Knibbe as CEO and member of the executive board of NN Group. According to Dutch law and the Company's Articles of Association, shareholders are NOT entitled to vote on such agenda item; it is a discus...
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