Report
Jehanne Leroy
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Proxy Report - 20/04/2018

Concernant les rémunérations 2017 et 2018, on relève toujours le même problème chez SFL : la rémunération du Présidant du Conseil comprend une part variable de long-terme. Le président n’ayant pas de responsabilité exécutive, il n’est pas pertinent de lier sa rémunération aux performances de la société. Par ailleurs, on regrettera le manque de transparence de société sur les modalités d’acquisition de cette rémunération long-terme.

Enfin, la société propose le renouvellement de plusieurs administrateurs, dont les 2 représentants de QIA. Conformément à sa politique de vote, Proxinvest ne peut en soutenir qu’1 seul. Or, parmi les 2 candidats possibles, M. Mousannif est responsable du pôle immobilier de QIA, présente un taux de présence aux séances du conseil de 100% et a personnellement investi plus d'1 an de jeton en actions de la société alors que M. Al-Thani, conseiller du Directeur Général de QIA a un taux de présence aux réunions du conseil de 86% et n'a pas investi 1 an de jetons en actions. M. Mousannif semble donc le candidat le plus légitime à représenter les intérêts de QIA.

Underlying
Societe Fonciere Lyonnaise S.A.

Societe Fonciere Lyonnaise purchases, renovates, develops, and manages urban properties in a real estate portfolio located primarily in Paris, France. Co. divides its operation into two segments: Property rental services & Sales. Co.'s geographic segments comprise: Paris Central Business District, comprising the Golden Triangle and the Financial District, spanning parts of the 1st, 2nd, 9th, 8th, 16th and 17th arrondissements of Paris; Western Crescent, located West of Paris on the other side of the Boulevard P?riph?rique ring-road, comprising Neuilly, Boulogne, Issy-les-Moulineaux and Levallois; and Others corresponding to the rest of Paris, outside the Central Business District.

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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