Report
Anaïs Dudout
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Proxy Report - 13/06/2018

Cette année, la Société offre un vote contraignant à la fois sur la rémunération 2017 et sur la politique de rémunération 2018 du Président-Directeur Général, pour la première fois et dans le cadre de la nouvelle loi "Sapin II" (résolutions 9 et 10).

Proxinvest recommande aux actionnaires de ne pas approuver cette politique de rémunération malgré le fait que le mandataire social ne soit que peu rémunéré, car cette dernière comporte de nombreuses lacunes de transparence et n'inclut pas la rémunération fixe que perçoit le dirigeant l'échelle du Groupe pour 2017 et 2018 et ne permet donc pas à ses actionnaires de se prononcer à ce sujet.

Par ailleurs, Proxinvest regrette l'absence dans le rapport des Commissaires aux comptes sur les engagements réglementés de la convention de prestations de services entre la holding familial de contrôle, Pélican Venture, et le Groupe Gorgé, qui permet pourtant notamment de rémunérer le Président-Directeur Général.

Underlying
Groupe Gorge

Groupe Gorge is a holding company engaged in three areas of operation: Smart Safety Systems (develops Smart Safety Systems designed to operate in hostile and constrained environments for civil and defense sectors); Protection in Nuclear Environments (protection solutions in nuclear environments: shielding by partition systems in nuclear power stations & protection against radiation for staff working in nuclear environments); and Industrial Project Services (industrial projects and maintenance, creating production tools and turnkey operation areas, projects and services in industrial robotics, iron works, automation, 3D printer offerings, electricity and fire fighting systems).

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
Anaïs Dudout

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