Report
Jehanne Leroy
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Proxy Report - 20/06/2018

Les rémunérations des dirigeants (Président Directeur Général et Directeur généraux Délégués) d'Alten ont la particularité de ne pas comprendre de part variable (court ou long-terme). Si cette situation peut être acceptable pour le premier dirigeant du fait de sa position de principal actionnaire de la société, et donc de facto intéressé à la performance de la société, ce n'est pas le cas pour les autres dirigeants. C'est, notamment, ce manque d'élément incitatif à la performance que Proxinvest critique et sanctionne dans les résolutions 9 à 11 et 13.

Quant au conseil, s'il on apprécie que le taux d'indépendance soit désormais de 44% (contre 30% selon Proxinvest post-AG 2017), il demeure trop faible pour soutenir les renouvellement de M. Attia (dirigeant de la société) et Mme Seroussi (membre de la famille Azoulay, principal actionnaire). Quant à M. Eisenberg, malgré l'absence de conflit d'intérêts, son très faible taux de présence aux réunions du conseil en 2017 pose la question de sa disponibilité pour assumer pleinement les fonctions d'administrateur de la société.

Underlying
Groupe Alten

Alten is a holding company. Through its subsidiaries, Co. operates in three areas: Engineering and Technology Consulting (ETC), Telecoms Networks and Multimedia, and Information Systems (NTIS). Through the Engineering and Technology Consulting (ETC) segment, Co. studies and designs technology products for technical divisions in industry and telecoms. The Telecoms Networks and Multimedia segment focuses on Product design, Architecture, deployment, and operation of networks. Lastly, the IT systems segment comprises Applications and software development, and Infrastructure and Telecoms (Applications, systems and networks Corporate telecommunications).

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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