Report
Anaïs Dudout
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Etude de l'AG du 27/09/2017

Proxinvest attire l'attention des actionnaires sur l'état financier d'Europacorp qui se dégrade d'année en année, si bien que la société n'a pas mis en place de distribution de dividende depuis plusieurs exercices, et a du faire appel à des apports d'actifs qui ont été critiqués par Proxinvest par le passé. Une situation financière qui ne s'est pas redressée du fait de l'échec financier du film "Valerian", contrairement aux attentes de la société, et qui ont entraîné la démission du directeur général délégué Edouard de Vésinne, le 4 septembre.

La politique de rémunération de la société se révèle inquiétante, et la communication de la société à se sujet est bien inférieure aux autres entreprises du secteur. Europacorp peine à communiquer correctement sur l'origine des montants et la politique de rémunération de manière générale, qui présente de sérieux défauts de montants et de mesure de la performance (la rémunération de Luc Besson équivaut à 363 SMIC, ce qui dépasse notre plafond). Elle ne donne aucune information sur les éléments de rémunération pour l'exercice à venir, ce qui pousse Proxinvest a recommander le vote négatif à la résolution du Say on Pay (résolution 7).

Underlying
EuropaCorp

EuropaCorp is mainly involved in the production and distribution of film and audiovisual works. Co. has developed a business model for the production and distribution of films for French and international markets, by seeking to manage all stages of the content production and exploitation chain. Co is involved in film production, sale of international film exploitation rights, sale of broadcasting rights to French TV channels, as well as film exploitation in the form of licenses, associated products and partnerships. Co. operates in four different operating segments: Production and Distribution of films, Production and distribution of TV films and series, Events, Multiplexes, and Other.

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
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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.

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
Anaïs Dudout

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