Report
Charles Pinel
EUR 500.00 For Business Accounts Only

Getlink, 18 Avril 2019

Le dividende proposé s'élève à 0,36 € par action contre 0,30 € l'an passé, soit une augmentation de 20% alors que le bénéfice par action croit de 14%. Il n'est pas couvert par les bénéfices. L'endettement significatif de la société limite l'attrait d'un dividende pour l'actionnaire de long-terme, la société subisant un endettement important de longue date en raison de son activité. Il est légitime que le dividende d'une activité de concession soit élevé mais l'augmentation du dividende de 6 centimes par action nous semble prématurée (résolution 2).

La création et l'attribution d'une nouvelle catégorie d'actions de performance ("Action E") est proposée afin de rémunérer les dirigeants mandataires sociaux et cadres dirigeants. Les conditions de performance sont acceptables mais le plafond pour les mandataires sociaux dirigeants semblent trop élevés (résolutions 18 et 19). En revanche, l'attribution d'actions gratuites à l'ensemble des salariés est louable (résolution 17).

Underlying
Getlink

Getlink SE, formerly known as Groupe Eurotunnel SE, is a France-based company, which brings together a group of companies active in the fields of infrastructure management and transport operations. Its various entities share the attention to quality and customer service, with priority given to safety. The Company manages and operates the Channel Tunnel between the United Kingdom and France and its railway infrastructure. The Company is also engaged in the passenger and freight transport between continental Europe and the United Kingdom. In addition, it provides ferry transport through the Channel. Getlink SE has direct and indirect stakes in a number of companies, including The Channel Tunnel Group Limited, France Manche SA and Europorte SAS, among others.

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.

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  • ​Proxy reports
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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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