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Charles Pinel
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Faurecia - Assemblée générale des actionnaires du 28 mai 2019

Les mandats des commissaires aux comptes arrivent à échéance. Il est donc proposé de renouveler le mandat d'Ernst & Young et d'approuver la nomination de Mazars en remplacement de PriceWaterhouseCooper. Cette nomination sera soutenue, mais le renouvellement d'Ernst & Young en fonction depuis 36 ans ne pourra pas l'être.

 Parmi les cinq nominations et cooptations proposées au conseil, seules deux seront soutenues. En effet, trois candidats sont considérés comme non-indépendants par Proxinvest alors que le conseil présente une majorité de membres non libres de conflits d'intérêts potentiels (résolutions 7 à 11).

Le principal changement dans la politique de rémunération du Directeur général réside en l’augmentation du fixe (+9%), qui avait pourtant déjà été augmenté en 2017 (+9,5%) et en 2018 (+10%), ce qui ne respecte pas l'esprit des recommandations de l'Afep-Medef. En conséquence, les montants attribuables du bonus, du long-terme et du total pourraient également augmenter. En raison du caractère inflationniste de cette nouvelle politique de rémunération, nous recommandons l’opposition à la résolution 13.

Underlying
Faurecia

Faurecia is an automobile equipment supplier based in France. Co.'s activities can be divided into four business units: Automotive Seating (design of vehicle seats, manufacture of seating frames and adjustment mechanisms, and assembly of complete seating units); Emissions Control Technologies (design and manufacture of exhaust systems); Interior Systems (design and manufacture of instrument panels, door panels and modules, and acoustic components); and Automotive Exteriors (design and manufacture of front ends and safety modules). Some of Co.'s customers are PSA Peugeot Citroen, VW Group, Renault-Nissan, Ford Group, BMW and GM Group.

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
Charles Pinel

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