Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio.
Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes :
Each theme is rated taking into account several comprehensive sub-categories.
Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter. Indeed, our process is supported by a network of local experts that have a deep knowledge of each local market best practices (from both customs and regulatory points of views).
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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.
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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.
HENKEL - BUY | EUR127 vs. EUR131 (+30%) Cutting our 2019 forecast for Adhesives Adhesives: no improvement expected in the next quarter Consumer: guidance at risk Revising downwards our expectations for 2019 Valuation limiting pressure on the stock
HENKEL | BUY | EUR131 A weak quarter, as expected Organic sales up 2.7% over the quarter Adhesives impacted by trade tensions Market share losses in Beauty Laundry & Home Care decelerating post a strong Q2 H2 EBIT margin expansion to be skewed towards Q4 Unchanged targets for the year
Henkel: (BUY, Fair Value EUR131 vs. EUR134 (+30%)) Chinese tariffs causing deceleration of adhesives in Q3 We expect Henkel to release weak Q3 results on 15th November. Organic sales should only be up 2.6% over the quarter, deteriorating strongly vs Q2 (+3.5%). This is mainly due to Chinese tariffs on US goods which are impacting demand in the automotive and electronics industry. In addition, the strong EBIT margin expansion expected in H2 should be postponed to Q4. We have cut our EPS estimates for the next three years by just 1% on average as the deteriorating operational performance is offs...
Item 3: Approve the Remuneration ReportThe remuneration structure is satisfactory, though accelerated vesting is possible. Potential and actual total variable remuneration exceed guidelines, but not very much. They are moderate in comparison with UK market practice. Overall, the quantum during the year was not excessive. We recommend shareholders vote in favor.
Item 3: Approve the Remuneration Report The structure is weighted more heavily towards short-term performance. One of the performance metrics for the LTI is the payment of sustainable dividends, which is not considered appropriate as executives can potentially influence the payout level. The LTI also includes relative TSR as a performance metric. Nevertheless, the quantum is not excessive and even maximum potential amounts are moderate. On balance, we recommend shareholders vote in favor. Item 4: Approve the Remuneration PolicyThe main concern with the Company's remuneration policy is that pa...
Item 2: Approve the Remuneration ReportThe remuneration structure is unsatisfactory. The main concern at the Company is that the potential maximum incentive pay including the bonus, matching shares on the deferred portion of the bonus and the LTI amounts to 1000% of base salary, which is considered grossly excessive. Actual incentive pay during the year was1.6 times the ECGS limit. Furthermore, variable remuneration is overly reliant on a single performance metric, benchmark profit before tax. A second performance criteria will be used in the coming year. We note that the Company has adjusted ...
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