In general, Getinge is in compliance with the Swedish regulations relating to the organisation and procedures of an Extraordinary General Meeting.
Under ITEM 7, the board of directors seeks approval to distribute all shares in the wholly-owned subsidiary Arjo to the Company's shareholders.
ECGS endorses the view of the board of directors that the proposal to split the Company into two separate listed companies (Getinge and Arjo) could enhance the prerequisites to succesfully develop the respective businesses.
In addition, ECGS is generally supportive towards corporate spin-offs as they give shareholders the ability to choose whether they will continue to be a shareholder of Getinge and/or Arjo, if not they can simply sell their shares.
In ECGS' opinion, the new company will have sufficient substance to operate on a stand-alone basis.
Based on the above, ECGS recommends to vote FOR the proposed distribution of shares.
Getinge is engaged in three business areas: Medical Systems, Extended Care and Infection Control. Medical System's product range includes surgical tables, surgical lamps, telemedicine, perfusion products, instruments for bypass operations, ventilators, anesthesia systems, synthetic vascular implants and stents. Extended Care's product range includes bathing and shower solutions, lifting equipment and mattresses for the treatment and prevention of pressure ulcers, as well as service and consulting. Infection Control's product range comprises disinfectors, sterilizers, information technology systems and related equipment, as well as service and consulting.
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Getinge reported Q1 2019 earnings yesterday, with organic sales growth of c6% and organic order intake growth of c7.6%, better than both we and the market expected. Adjusted operating expenses rose more slowly than sales, also a positive. On the negative side, the company reported that the divestment of the mesh operation did not materialise. We keep our BUY recommendation and have raised our target price to SEK145 (SEK125) on our forecast adjustments.
Getinge's first-quarter results surpassed our full-year expectations on revenue and were consistent with our outlook that calls for modest margin expansion for the full year. We don't intend to make many changes to our model, but with 6% organic revenue growth, or roughly 14% as reported, management's 2%-4% organic growth target appears too conservative. Any adjustments we make will likely move our SEK 97 per share fair value estimate higher by a low- to mid-single-digit percentage for this no-m...
Le conseil de la société ne comprend aucun membre libre de conflits d'intérêts potentiels. Afin de pouvoir remplir au mieux la mission de surveillance et de protection de l’ensemble des actionnaires qui lui incombe, il nous semblerait préférable que celui-ci ne soit pas composé de seulement six membres dont trois personnes de la famille Gorgé, actionnaire de contrôle de la société. Ce manque d'indépendance est également illustré par la rémunération du Président du conseil qui est rémunéré par les holdings de contrôle, Groupe Gorgé et Pélican Venture. Cette situation démontre l'extrême dépenda...
RémunérationsPar rapport à la précédente politique de rémunération, en termes de montants et de structure, la société ne propose aucune modification. Cependant, elle améliore sa communication puisqu’elle décrit (dans un communiqué publié sur son site) la nature des critères qualitatifs qui seront utilisés dans le cadre du bonus, ce qu’elle ne faisait pas précédemment. Par ailleurs, elle a ajouté un critère RSE à son bonus 2019 (conformément aux recommandations du code Afep/Medef révisé en juin 2018 auquel la société se réfère), ce que l’on appréciera. Ces changements sont positifs. Aussi, nous...
WFD Unibail-Rodamco N.V. fait partie du groupe Unibail-Rodamco-Westfield qui regroupe WFD Unibail-Rodamco N.V. et Unibail-Rodamco SE. Le portefeuille de WFD regroupe les activités américaines et néerlandaises du groupe Unibail-Rodamco-Westfield.Les actions A de WFD Unibail-Rodamco N.V. et de Unibail-Rodamco SE sont jumelées et ont le même code ISIN. Ainsi, sur le marché, l’acquisition d’une action au code FR0013326246 donne accès à un titre WFD Unibail-Rodamco N.V. et à un titre Unibail-Rodamco SE (et donc un droit de vote aux AGs de ces deux sociétés). La société propose de modifier son arti...
WFD Unibail-Rodamco N.V. is part of the Unibail-Rodamco-Westfield Stapled Group which gathers WFD Unibail-Rodamco N.V. (“WFD”) and Unibail-Rodamco SE (“UR SE”). WFD portfolio consists of assets in the United States and The Netherlands. Class A shares of WFD and UR SE shares are stapled and have the same ISIN Code. Thus, on the market, buying a FR0013326246 share gives right to 2 securities: one from WFD and one from UR SE (each security giving right to attend their respective General meetings). The company proposes to amend its article 31.3 of the Articles of Association so that if applicabl...
The meeting is expected to be held on second call on 7 June 2019. The positions of Chairman and CEO were separated in practice in July 2017 through the appointment of Mr. Vilá Boix. Although the Company defines Mr. Álvarez-Pallete López as Chairman-CEO and Mr. Vilá Boix as COO, we note that the COO is responsible for the "highest executive functions over all the Company's business areas", which, in our opinion, are the typical responsibilities of a Chief Executive Officer. This is why this report refers to Mr. Álvarez-Pallete López as Executive Chairman and Mr. Vilá Boix as CEO. In any case...
We have concerns over the composition of the Board of Directors, because the Chair and CEO positions are combined, there is not a majority of independent members (46% according to both the Company's self-assessment and ECGS guidelines) and significant shareholders are overrepresented (on aggregate 38% of Board members with 29% of the share capital). Therefore, we recommend that shareholders oppose the re-appointment of the Chairman-CEO Mr. Manuel Manrique Cecilia (item 5.1) and the proprietary Director Prilou SL (item 5.3). In item 6, shareholders are called to approve the Company's remunerat...
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