Report
Jehanne Leroy
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Proxy Report - 13/06/2018

Proxinvest l’avait annoncé dès début 2017, l’absence de communication des taux de réalisation de chacun des critères financiers du bonus entrainerait une recommandation de vote négative à la résolution relative aux rémunérations de l’exercice passé. C’est principalement pour cette raison que nous recommandons l’opposition à la résolution 7 relative aux rémunérations 2017 de M. Brédy.

Concernant la politique de rémunération 2018, si l’on apprécie que la société précise (ce qu’elle ne faisait pas l’an dernier) que le Président Directeur général pourra bénéficier de l’attribution d’actions gratuites et options, elle n’en précise toutefois pas les modalités. Ainsi, la société pourrait, comme elle l’avait fait dans le cadre des plans 2016, mettre en place des conditions de performance court-termistes (mesurées sur moins de 3 années pleines) et sujettes à la pratique inacceptable du retesting (si la condition de performance n’est pas atteinte à la fin de la période de performance, elle est re-mesurée plus tard, et ce jusqu’à ce qu’elle soit atteinte, dans le limite de la durée du plan). Pour ces raisons, nous recommandons l’opposition à la résolution 6.

Underlying
Ekinops SA

Ekinops SA. Ekinops SA is a France-based company engaged in the provision of optical transport solutions for service providers and private networks. The Company develops optical aggregation and transportation sub-systems for metropolitan and long-distance networks. Its products include switching, routing and multi-protocol solutions; optical amplifiers, optical filters, as well as optical protection units, among others. Its system can be configured through a software download to manage the aggregation of multiprotocol services through integration of systems and functionalities, allowing systems to be used through a single protocol. Ekinops operates a network of business offices in Americas, Europe, the Middle East and Africa.

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
Jehanne Leroy

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