Following the resignation of Albert Frère in 2016, the two managing directors, Ian Gallienne and Gérard Lamarche were named Co-CEOs.
New nominees to the board this year include Jocelyn Lefebvre a representative of Power Financial BV and Laurence Danon Arnaud, unfortunately only one of whom is independent. Given the absence of a majority independence on the board (28%), we are unable to support the election of Jocelyn Lefebvre to the board (Resolution 5.1.2).
Although we note that, the following the election of Laurence Danon Arnaud, there will be one additional independent member on the board (5 directors as opposed to 4).
Given our concerns regarding independence on the board we are unable support the reelection of the Victor Delloye, Amaury de Seze, and Arnaud Vial (Resolutions, 5.2.1, 5.2.3 and 5.2.5, respectively).
Furthermore, we note our concern with the excessive nature of the remuneration and its structure which is more heavily weighted towards the short term, as such we recommend that shareholders withhold their support of the remuneration policy (Resolution 6) as well as their support from the authority to grant share options in Resolutions 7.1 and 7.2
Groupe Bruxelles Lambert is a holding company. Through its subsidiaries, Co. operates through the following segments: Imerys, which consists of the Imerys group that operates in four business lines of energy solutions and specialties, filtration and performance additives, ceramic materials, and high resistance minerals; and Financial Pillar, which includes, on the one hand, under investment activities, the companies Sienna Capital, Ergon Capital Partners (ECP), ECP II, ECP III, PAI Europe III, Sagard, Sagard II and Sagard III, Kartesia and Merieux Participations I and II and, on the other hand, under consolidated operating activities, the operating subsidiaries of ECP III.
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Performance In October, the holdings in our universe showed strong performance. Both the mono and non-mono holdings performed strongly, reporting a 6.3% and 5.4% average increase in share prices respectively. In doing so they both outperformed the n100 index by 1.3% and 0.4% repetitively. Discount The average discount contracted further to 11.7%, compared to 12.4% at the last holding update in September. The discount contraction is mainly driven by a contraction in the mono-holding discount from 24.6% to 17.1%. The non-mono holding discount remained largely flat at 9.6%.
Ageas: Looking to the East (once more). Basic-Fit: Strong Q3 trading update; improving yield per member. Brunel International: 3Q19 EBIT a touch better, leaving last week's FY19 warning aside. Corbion: Back to reality. GBL: Steadily increasing its private equity exposure. IMCD: Nice add-on but FY19 not developing as an M&A year. Vopak: 3Q last quarter suffering from IMO2020 Coverage change – Wessanen delisted
Ahold Delhaize: CFO Jeff Carr will not stand for another term Bois Sauvage: Weak first half of the year EVS: Appointment of Serge Van Herck as new CEO EXMAR: 1H19 Results Fagron: Next slice off the Waterland stake GBL: Closing of € 750m exchangeable bond Wessanen: 91.35% of shares committed to consortium
Le 2 Septembre 2019, le Conseil d’Administration a accepté la démission de Jean-François Mouney de ses fonctions de Président-Directeur Général de la Société et a décidé la dissociation des fonctions de Président du conseil de Directeur Général de la société à effet le 16 Septembre 2019. La société décide ainsi de nommer Pascal Pringent en tant que Directeur Général de la Société et a confirmé Jean-François Mouney dans ses fonctions de Président du Conseil. Proxinvest salue cette amélioration de gouvernance, réclamée depuis la réunification des fonctions en 2017. Concernant les engagements rè...
London Stock Exchange Group (LSEG) called the general meeting to approve an acquisition of Refinitiv in an all-share transaction for a total enterprise value of US$27bn. After the transaction, Refinitiv shareholders will hold 37% of LSEG share capital but less than 30% of the total voting rights. The company proposes to create a new class of shares - limited-voting ordinary shares giving 1/10 of voting rights. Thus, the Refinitiv shareholders are not obliged to propose a takeover bid. Refinitiv shareholders form a consortium including certain investment funds affiliated with Blackstone, such ...
In general, Chr. Hansen is in compliance with the Danish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 6a it is proposed to re-appoint Ms. Dominique Reiniche as Chairman of the board of directors. Although she is considered independent, ECGS has concerns over her aggregate time commitments. Ms. Reiniche is serving as chairman of the board of directors of Chr. Hansen Holding A/S (listed) and Eurostar International Limited (substantial non-listed company) and non-executive director of Severn Trent plc and Mondi plc (both listed), which exceeds...
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