Report
Jehanne Leroy
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Etude de l'AG du 28/06/2017

Proxinvest souligne tout d'abord les améliorations de gouvernances visibles dans la société. Ces améliorations se reflètent principalement à travers la séparation des fonctions qui a été décidée par Francis Pizzorno dans la mise en place de sa succession. Notons également, conformément aux recommandations de Proxinvest lors de la précédente Assemblée Générale, que la société a décidé de se référer au code de gouvernance MiddleNext, qui semble plus adapté à ses caractéristiques que le code de gouvernance établit par l'AFEP/MEDEF. Contrairement au code AFEP/MEDEF, le code publié par MiddleNext ne recommande pas de vote sur les rémunérations attribuées au titre de l'exercice écoulé, nous ne nous étonnerons pas, cette année, de cette absence.

Par ailleurs, comme pour la dernière Assemblée Générale, en raison du manque de transparence concernant les conventions de baux commerciaux passées par la société et des parties liées, il nous est impossible d'évaluer l'équité desdites conventions. Par conséquent, nous recommandons l'opposition à la résolution 4.

Underlying
GPE Group Pizzorno

Groupe Pizzorno Environnement. Groupe Pizzorno Environnement SA is a France-based company that provides integrated waste management solutions for the household, commercial and industrial waste. The Company's activities are structured into three segments: the Cleaning services segment, including waste collection, transport, sorting and recovery of household and industrial waste, street cleaning, decontamination, industrial cleaning and others; the Treatment activities segment includes operations of storage and treatment facilities for household, garbage, industrial waste, slurries and slag, and the Other activities segment. The Company also offers bus transportation services. In addition to France, the Company is operational in Morrocco, Tunisia and Mauritania.

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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