Le contenu des documents relatifs à l’Assemblée Générale du 23 mai 2018 présente des manquements significatifs.
En termes de gouvernance, Proxinvest s’opposera à l’ensemble des renouvellements des membres du Conseil (résolutions 5 à 9), en raison des éléments suivants :
- Aucune femme au Conseil
- Durée de mandat d’un administrateur de 6 ans
- Réunion des fonctions de Président et Directeur Général
- Taux d’indépendance du Conseil très faible (11%)
Par ailleurs, il est recommandé aux actionnaires de s'opposer à l'ensemble des autorisations financières maintenues en période d'offre publique en raison de leur possible utilisation comme arme anti-OPA.
La Société ne divulgue aucune information sur la rémunération de ses dirigeants.
Ecoslops SA is a France-based company principally engaged in the converting pertroleum residues from shipping (slops and sludge) in new marine fuels recycled. The Company offers seaports, residues collectors, ship-owners and bunker suppliers with a technology to recycle oily waste of ships. Ecoslops SA is active in promoting the development of the P2R unit by its incorporation in a more global plant: Oil Waste Processing Plant (OW2P). The OW2P technology combines a refining petroleum process (P2R) with appropriate clean water. The Company recycles the waste in order to be used in electricity production and steam production among others. The Company's fuel production is located in the port of Sines, Portugal.
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.
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Proxinvest has been a pioneer and champion of good corporate governance and has grown into a recognised expert in the field.
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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.
Il semble légitime que le principal actionnaire soit représenté au conseil quelque soit l'indépendance de celui-ci. Cependant, la durée proposée du mandat est de 6 ans, ce qui excède la limite de 4 ans recommandée par la politique de vote de Proxinvest. Cette durée excessive ne permet pas en effet aux actionnaires de se prononcer de manière régulière sur la composition du conseil. Par conséquent, Proxinvest s'opposera au renouvellement d'Olivier Fortesa qui est lié à l'actionnaire principal (résolution 5). En revanche, bien que le renouvellement du mandat de Pascal Foulon porte également sur 6...
A clearer roadmap ahead EPS CHANGE CHANGE IN TARGET PRICE€ 24.8 vs 24.3 +1.97% The target price saw a slight improvement given that the lower valuation on a DCF basis (mainly explained by a revision on the expected profitability of the refining units as well as a 6-month delay to the Antwerp entry into operation), was more than offset by an increased valuation on a NAV/SOTP basis; since the need for a capital increase in the near future has been discarded thanks to the €18m funding approved by the EIB earlier this year. CHANGE IN EPS2019 : € -0.20 vs 0.04 ns 2020 : € -0.26 vs 0.52 ns EPS es...
La Mède Complex project gains steam with Total now on board LATEST Ecoslops Provence is currently building a slops refining unit to regenerate oil residues at Total’s La Mède complex in the port of Marseille. As part of the agreement, Ecoslops SA announced that Total will acquire a 25% interest in Ecoslops Provence, the affiliate in charge of the project. FACT Ecoslops Provence is building a slops refining unit to regenerate oil residues at Total’s La Mède complex. The new facility with a nominal processing capacity of 130t/day is scheduled to begin operations in late 2019 and supply Tota...
Item 3: Approve the Remuneration ReportThe remuneration structure is satisfactory, though accelerated vesting is possible. Potential and actual total variable remuneration exceed guidelines, but not very much. They are moderate in comparison with UK market practice. Overall, the quantum during the year was not excessive. We recommend shareholders vote in favor.
Item 3: Approve the Remuneration Report The structure is weighted more heavily towards short-term performance. One of the performance metrics for the LTI is the payment of sustainable dividends, which is not considered appropriate as executives can potentially influence the payout level. The LTI also includes relative TSR as a performance metric. Nevertheless, the quantum is not excessive and even maximum potential amounts are moderate. On balance, we recommend shareholders vote in favor. Item 4: Approve the Remuneration PolicyThe main concern with the Company's remuneration policy is that pa...
Item 2: Approve the Remuneration ReportThe remuneration structure is unsatisfactory. The main concern at the Company is that the potential maximum incentive pay including the bonus, matching shares on the deferred portion of the bonus and the LTI amounts to 1000% of base salary, which is considered grossly excessive. Actual incentive pay during the year was1.6 times the ECGS limit. Furthermore, variable remuneration is overly reliant on a single performance metric, benchmark profit before tax. A second performance criteria will be used in the coming year. We note that the Company has adjusted ...
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