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.
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).
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>H1 2019 sales up 11% at € 136.4m - Groupe Gorgé’s half-year sales beat our estimates. With application of IFRS 5 in association with the sale of Cimlec (sales € 22m in H1 2019), sales revenue rose by 11% compared with the same period last year to € 136.4m (vs. est. € 128.3m). In Q2 alone, sales climbed by 19% to € 77.4m.Listed ECA Group solid – Positive signals from Vigians - Our takeaway from the press release and subsequent contact with the compan...
>Update to our post-divestment forecasts: +€ 20m on Groupe Gorgé’s 2019 net profit - Yesterday, Groupe Gorgé finalised the sale of 100% of Cimlec’s capital to Spie (cf. flash published on 20 June). For sales at Cimlec close to € 42m over the full year, we estimate EBITDA of around € 3m, i.e. a margin close to 7%.As a result, we have adjusted our forecast in order to exclude (as of July), Cimlec from Groupe Gorgé’s results. Factoring in a slight seasonal effect at...
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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