Cette année encore, les résolutions consultatives sur la rémunération des dirigeants mandataires sociaux seront soutenues (résolutions 8 à 11). En effet, en raison notamment du bon niveau de transparence, d'une structure à peu près équilibrée à l'exception de la possibilité d'une rémunération variable annuelle en cas de légère sous-performance, de montants maitrisés qui semblent en ligne avec la performance, la rémunérations 2016 et 2017 de Jaques Gounon, Président-Directeur général, et de Jacques Gauthey, Directeur Général Délégué depuis le 1er mai 2016, semblent acceptables.
Nous regrettons tout de même le niveau légèrement excessif de la rémunération variable de l'année 2016. En effet, comme chaque année, le groupe semble réaliser une mauvaise valorisation des actions de performance attribuées aux dirigeants. Ainsi, nos rémunérations estimées sont presque une fois et demie supérieures à celles qui sont communiquées par la société. De plus, nous apprécierons une plus grande communication du groupe concernant les objectifs à atteindre encadrant les rémunérations variables des dirigeants.
Le conseil demeure majoritairement composé de membres libres de conflits d'intérêts potentiels, et nous apprécions la nomination de Corinne Bach (résolution 6), qui, en plus de renforcer l'indépendance du Conseil, lui permet de se mettre en accord avec la loi Coppé-Zimmermann, en comprenant désormais 45% d'administratrices.
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.
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The general evaluation of GETLINK SE (FR), a company active in the Transportation Services industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date September 13, 2019, the closing price was EUR 13.63 and its potential was estimated at EUR 14.37.
>Truck shuttles down 9% in August, +3% for passengers vehicles - In August, truck traffic continued to show a sharp decline (-9%), not far off the levels in July (-10%), bringing the fall to -6% on the year. To account for this weakness, the group pointed to the absence of a recovery in the automotive market, lower consumption in the UK and persistent political uncertainty.In contrast, passenger vehicle shuttles posted solid growth (+3%), with what looks like a ...
>Navettes camions en baisse de 9% en août, +3% pour les passagers - Sur le mois d’août, le trafic des navettes camions a de nouveau affiché une forte baisse (-9%), proche des niveaux du mois de juillet (-10%) portant la baisse annuelle à -6%. Pour expliquer ce recul, le groupe évoque l’absence de reprise du marché automobile, la baisse de la consommation au Royaume-Uni et l’incertitude politique persistante.Les navettes passagers ont en revanche affiché une crois...
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...
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