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.
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 :
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.
GERRESHEIMER AG (DE), a company active in the Medical Equipment industry, now shows a lower overall rating. The independent financial analyst theScreener confirms the fundamental rating of 2 out of 4 stars. However, the market behaviour deterioration triggered a risk requalification, which can be thus described as moderately risky. theScreener believes that increased risk justifies the general evaluation downgrade to Neutral. As of the analysis date May 31, 2019, the closing price was EUR 63.50 and its expected value was estimated at EUR 67.58.
A director at Gerresheimer Group bought 1,450 shares at 67.410EUR and the significance rating of the trade was 60/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of ...
Das Q1/19 lieferte eine erfreuliche Umsatz- und EBITDA-Expansion und guten Fortschritt bei den Wachstumsinitiativen. Auch ohne FX-Effekte und Einmaleinflüsse stiegt der EBITDA auf € 53,2 Mio. (+1,5 % ggü. Vj.). Wie erwartet, prägte und verzerrte der Sensile-Einmaleffekt i.H.v. €+ 92,3 Mio. den Q1/19-Abschluß. Der Vorstand ist für Gj. 2019 sehr optimistisch, zumal einige Projektanläufe noch bevorstehen.
Plusieurs points peuvent mériter l'attention des actionnaires. D'une part, le Conseil est majoritairement indépendant (70%), ce qui n'est pas si courant dans une société de cet indice et qui mérite d'être relevé. La société a su prendre en compte les recommandations faites par Proxinvest. D'autre part, il serait appréciable que la société soit encore plus transparente sur les rémunérations, notamment sur les conditions de performances. Par ailleurs, les montants sont excessifs par rapport aux rémunérations des dirigeants du même indice boursier. Enfin l'indemnité de révocation et l'indémnit...
A l'image de l'exercice précédent, la société continue d'associer le quitus aux administrateurs à la résolution d'approbation des comptes sociaux, ce qui entraîne nécessairement une recommandation négative. Malgré l'absence de part variable dans la rémunération du Directeur Général, Proxinvest soutient les résolutions 15 et 17, en raison de la faiblesse des montants proposés. Cependant, on encourage la société à s'améliorer sur ce point, afin de permettre un meilleur alignement de la rémunération du dirigeant sur les performances de la société.
La situation financière de la société s'est rapidement et assez sévèrement dégradée en 2017 et 2018. Elle nécessitait d’une recapitalisation. Pour ce faire, la société a proposé 2 options (Option Principale et Option Alternative). La première option a été retenue par le conseil : l’opération a permis à un actionnaire et concurrent (COFEPP) de prendre le contrôle du capital de la société, sans qu’il n’ait eu à payer de prime de contrôle ou à lancer d’OPA sur les titres. Cela présente un fort risque d’abus pour les actionnaires minoritaires. De plus, non seulement COFEPP contrôle le capital, mai...
Item 4: We recommend to oppose the discharge of the Supervisory Board as we have concerns over the Management Board's remuneration system - both regarding transparency and content. Items 6.1-6.8: We recommend to oppose the (re-)election of all candidates to the Supervisory Board due to independence concerns, concerns over aggregate time commitments and/or over insufficient information provided about the candidates. Items 9 and 11: We recommend to oppose the creation of a new authorised and a new conditional capital as the potential dilution level may exceed our guidelines.
General: Porsche Automobil Holding SE has issued ordinary shares and non-voting preference shares. All ordinary shares are owned by the Porsche and Piëch families. Only the preference shares are listed on the stock exchange. Preference shares have a voting right whenever their membership rights are affected. Therefore, ECGS only provides a voting advice on the items where preference shareholders are able to vote and gives a basic analysis of the other proposals
Shareholders should note that this is an EGM of depository receipt holders of Stichting Administratiekantoor Unilever N.V. ("the Trust Office"). Under ITEM 2, The board of directors of the Trust Office seeks approval to terminate the current depositary receipt (DR) structure. As a matter of principle, ECGS strongly supports the "one-share, one-vote" principle upholding the democratic notion that shareholder rights and voting power should be proportional to ownership risk. ECGS furthermore notes that holders of Bearer Certificates may exchange their Bearer Certificates for ordinary shares fre...
Unfortunately, this report is not available for the investor type or country you selected.Browse all ResearchPool reports
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.