General: Gerresheimer is a leading global partner to the pharma and healthcare industries. The Company's product portfolio includes pharmaceutical packaging and products for the administration of medicines: insulin pens, inhalers, micro pumps, prefillable syringes, injection vials, ampoules, bottles and containers for liquid and solid medicines with closure and safety systems as well as packaging for the cosmetics industry. Its international business is split into three divisions: Plastics & Devices, Primary Packaging Glass and Advanced Technologies.
As of 24 April 2019, NN Group N.V. and Stichting Pensioenfonds ABP each held between 10% and 15% and BNP Paribas Asset Management Holding S.A. and Eton Park (EP Overseas Fund Ltd. & EP Master Fund Ltd.) each held between 3% and 5% of the Company's shares.
In financial year 2017/2018, Group revenues increased by 1.4% to EUR 1.37bn, EBIT decreased by 22.9% to EUR 139.5m and net income attributable to the shareholders of Gerresheimer AG increased by 27.8% to EUR 129.0m.
On 5 February 2018, CEO Dr. Christian Fischer resigned from the Management Board with immediate effect for personal reasons. According to the Company, the decision was "not based on diverging views regarding the strategy or business performance". Dr. Fischer had assumed his position only on 1 September 2017.
On 6 September 2018, the Supervisory Board appointed Dietmar Siemssen as CEO with effect from 1 November 2018.
Item 4: We recommend to oppose the discharge of the Chairman of the Supervisory Board's Presiding Committee ("Chairman's Committee"), Dr. Axel Herberg, due to the granting of a significant severance payment to the former CEO Dr. Christian Fischer. Dr. Fischer left the Management Board at his own request and we therefore do not consider him being eligible to a severance payment and the payment as such as well as its volume as inappropriate. As the discharge of Supervisory Board members is proposed in a bundled resolution, however, we recommend shareholders to oppose the discharge of the Supervisory Board as a whole.
Item 6: The Management Board and the Supervisory Board propose that the Supervisory Board remuneration shall be converted to a purely fixed remuneration and that the fixed amounts shall therefore be increased. ECGS favours the introduction of a purely fixed remuneration as we consider variable remuneration for non-executives may impair independence and may inhibit objective reviews of strategy. However, we assess the absolute amount of remuneration under the amended system as above market practice and consider the increase as not acceptable. We therefore recommend to oppose the proposed changes to the Company's Articles of Association.
Gerresheimer is a holding company. Through its subsidiaries, Co. manufactures glass and plastic products for the pharma and healthcare industry. Co.'s operates in three divisions: Plastics & Devices, which its product portfolio includes products for the administration of medicines, such as insulin pens, inhalers, and prefillable syringes; Primary Packaging Glass, which produces glass primary packaging for medicines and cosmetics, such as pharma jars, ampoules, injection vials, cartridges, perfume flacons, and cream jars; and Life Science Research, which produces laboratory glassware for research, development, and analytics, such as beakers, Erlenmeyer flasks, and measuring cylinders.
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Der neue Vorstand bleibt für Gj. 2019 optimistisch, zumal einige Projektanläufe noch bevorstehen. Nach dem erfreulichen Q1/19 lieferte Q2+Q3 eine zunehmend erfreuliche, mit FX-Rückenwind versehene, Umsatz- und -Profit-Expansion. Der Markt wächst und der Konzernumsatz stieg auf € 1.016 Mio. (nom. +4,8 %; in CC: +3,4 %; adj. 4,2 %). Das Q3/19-adj.EBITDA von € 72,2 Mio. verfehlte zwar leicht den Vj.-Wert. Die entsprechende 9M-Kennzahl wuchs - insbesondere wg. dem a.o. Sensile-Effekt - auf € 316,0 Mio. (M9/18-Wert: € 199,6 Mio.) - Marge von 20,2 auf 31,1 %.
The independent financial analyst theScreener just lowered the general evaluation of GERRESHEIMER AG (DE), active in the Medical Equipment industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as moderately risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Neutral. As of the analysis date September 3, 2019, the closing price was EUR 68.40 and its target price was estimated at EUR 55.89.
Der neue Vorstand bleibt für Gj. 2019 sehr optimistisch, zumal einige Projektanläufe noch bevorstehen. Nach dem erfreulichen Q1/19 lieferte Q2/19 eine noch erfreulichere, von allen Segmenten getragene, Umsatz- und EBITDA-Expansion (clean-clean: € 74,2 Mio.; Vj.: € 71,1 Mio.) und gute Fortschritte bei den Wachstumsinitiativen. Der Markt wächst und der Konzernumsatz stieg auf € 660,6 Mio. (nom. +6,7 %; +5,24% in CC). Das adj. H1-EBITDA stieg auf € 245,0 Mio. (H1/18-Wert: € 125,4 Mio.). Insbesondere der Sensile-Einmaleffekt im Q2/19-Abschluß mit €+ 26,2 Mio. überzeichnete die operative Entwicklu...
Le Conseil d’Administration de BigBen Interactive, qui s’est réuni le 4 septembre 2019, a approuvé le principe du projet de regroupement des actifs et passifs constitutifs de son Pôle Gaming au sein de la société Nacon, SAS immatriculée le 18 juillet 2019, filiale à 100%. Il est ainsi proposé d’approuver une opération d’apport partiel d’actifs, qui consiste en une restructuration interne du groupe et qui ne peut pas affecter les intérêts des actionnaires.
In general, Altice Europe is in compliance with the Dutch regulations relating to the organisation and procedures of the Extraordinary General Meeting. Under ITEM 2 approval is sought for a change of auditor. Although ECGS favours a regular change of auditor, it considers the proposed change insufficiently motivated in view of the specific circumstances at Altice Europe (see analysis). Accordingly, ECGS recommends to vote OPPOSE.
ITEMS 6 and 7: On December 2018, Elliott announced holding 2.5% of the capital of Pernod Ricard and, among other things, was asking for an improvement of the Group’s governance. Since their announcement, the following changes happened: Patricia Barbizet, Chairwoman of the French High Committee of Governance (“Haut Comité de Gouvernement d’Entreprise”) became Lead Independent Director in January 2019 The company proposes the election of 2 independent directors to this 2019 AGM. These elections allow for a better independence rate of the Board and allow for a decrease of the overrepresentati...
Disposal of 60% of Kantar business is tabled to vote. This is the biggest step in the WPP reorganisation announced at the end of 2018. The CEO Mark Read, Sir Martin Sorrell’s successor, set out a three-year plan of “radical evolution” to return the business to growth, aiming a new WPP as a leader in creativity and technology. Part of this broad restructuring, WPP has simplified its businesses, sold off companies (according to FT, more than 30 subsidiaries for a total of almost £900m), cutting 3,500 jobs worldwide. After the deal, Kantar will be held 60% by Bain Capital (indirectly) and 40% by ...
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