ITEM 4, 5.6: we note that the Company fails once again to disclose the date on which the current statutory auditor, Deloitte Reviseurs d'Entreprises, was appointed. According to the oldest Annual Report available on Company’s website (2007), Deloitte was already the Company's statutory auditor at that time. Hence, we cannot support both proposals concerning the discharge and the renewal of Deloitte's mandate.
ITEM 5.2.1, 5.2.2: Given our concerns regarding independence on the board (25% only), we oppose to the elections of Xavier Le Clef and Claude Généreux.
ITEM 5.4.2, 5.4.4, 5.4.5, 5.4.6: Given our concerns regarding independence on the board (25% only), we oppose to the re-elections of Paul Desmarais Jr., Cédric Frère, and Gérard Lamarche.
The number of directors seems excessive, diluting the independence of the Board with only 25% (5 out of the 20 directors are considered independent by ECGS guidelines).
Furthermore, we reiterate our concerns with the excessive remuneration, as such we recommend that shareholders oppose the remuneration policy (item 6) as well as the authority to grant share options in items 7.1, 7.2, 7.3, 7.4 and 7.5.
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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On 9 May 2019, the Company issued convertible bonds for a total principal amount of EUR 150 million. The sole agenda item relates to the proposed approval and ratification, in accordance with Article 556 of the Belgian Companies Code, of conditions of the convertible bonds in case of a change of control. These are standard provisions and they are in line with the market practice. Hence, we see no reason for shareholder concern and recommend to approve.
General: Hella is a leading automotive supplier with over 125 locations in some 35 countries. In financial year 2018/2019, the Company generated sales of EUR 7.0bn with around 39,000 employees. Hella specialises in innovative lighting systems and vehicle electronics in its segments Automotive and Aftermarket. Furthermore, in its Special Applications segment, Hella develops, manufactures and sells lighting and electronic products for specialist vehicles. As of 31 May 2019, a total of 60.00% of the Company's shares were covered by a pool agreement of family shareholders. A total of 62 members o...
In general, NN Group is in compliance with the Dutch regulations relating to the organisation and procedures of the Extraordinary General Meeting. On August 12, 2019, the Company announced that Mr. Lard Friese stepped down as CEO of the Company to become the new CEO of Dutch competitor Aegon. ECGS notes that the sole agenda item of this EGM (ITEM 2) concerns the intended appointment of Mr. David Knibbe as CEO and member of the executive board of NN Group. According to Dutch law and the Company's Articles of Association, shareholders are NOT entitled to vote on such agenda item; it is a discus...
La communication de la société en termes de rémunérations ne s’est malheureusement pas améliorée. En effet, la société ne communique ni les poids de chacun des critères du bonus annuel, ni les taux de réalisation de ces critères alors même que la pratique s'est généralisée au sein du SBF120 (indice auquel la société appartient). Puisque la société tient son assemblée générale près de 2 mois après le pic des assemblées générales du SBF120 (en raison de sa clôture d'exercice décalée), elle aurait dû, a minima, s'inspirer des meilleures pratiques observées depuis plusieurs années maintenant. Ce ...
ABEO a annoncé le vif succès de son introduction en bourse sur marché Euronext à Paris. L'offre, clôturée le 5 octobre 2016, a bénéficié d'une demande très soutenue émanant d'une quarantaine d'investisseurs institutionnels français et internationaux ainsi que des investisseurs particuliers. Le taux d’indépendance de la société étant particulièrement bas (25%), nous nous opposerons à la résolution 8 concernant la ratification de la cooptation de Jean Ferrier. Proxinvest regrette que la société s’autorise à intervenir en période d’offre publique d’achat.
En résolution 7, il est proposé de renouveler le mandat de Richard Mamez en tant que censeur pour une durée d’un an. Proxinvest n'est pas défavorable à la nomination par le conseil d'un censeur qui serait révocable à la demande d'un seul membre du conseil et qui ne bénéficierait pas de la protection de mandat qu'offre le processus de nomination via l'assemblée générale. Richard Mamez sera renouvelé comme censeur par l'assemblée générale, et non par le Conseil d'administration. Il ne pourra donc pas être révoqué à la demande d'un seul membre du Conseil. Par conséquent, nous recommandons l’oppos...
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