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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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...
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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