ITEMS 9 to 12: The company proposes to re-elect to the Supervisory Board Robert Peugeot. In addition to being the Chairman and CEO of FFP, a French listed company, he sits on the board of 4 listed companies that do not belong to his group (Safran, Sofina, DKSH and Hermès). This raises the issue of the availability of this director. On that matter, we note that in 2017, he attended only 71.7% of Board meetings. The other re-elections proposed are members of the founding family. As long as the board does not comprise a majority of independent members, these re-elections will not be supported.
ITEMS 7 and 8: Hermès International, partnership limited by shares, proposes an advisory “Say on Pay” vote on the remuneration of the Managing Partners. Although the total compensation of Axel Dumas is acceptable, the severance payment from which he could benefit does not respect ECGS Guidelines. It could amount to €5.5 M. On the other hand, the remuneration for the company Emile Hermès SARL, the Managing and General Partner, widely exceeds the compensation median of the SBF 120 executives and the ceiling of 240 times the French minimum wage established by ECGS for the French market.
Hermes International is engaged in the manufacture, sale, and distribution of luxury goods primarily in France, rest of Europe, Japan, Asia-Pacific, and Americas. Co.'s activities can be divided into two segments: the distribution via Co.'s exclusive network and the distribution via specialist outlets. The distribution via Co.'s exclusive network comprises silks and textiles, leather goods and saddlery, ready-to-wear and fashion accessories (men and women's clothing, belts, jewellery accessories, gloves, hats and shoes), and other goods (jewellery and products of the art of living department). The distribution via specialist outlets comprise perfumes, tableware and watches.
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We believe wide-moat Hermes has carved out a unique niche in the luxury goods industry, which will provide it with continuing superior returns on capital. Hermes’ iconic leather bag styles (part of the EUR 2.8 billion leather goods segment) are in limited supply, supporting the brand’s exclusivity perception and providing the company with demand visibility and significant pricing power. Hermes Birkin and Kelly bags are sold in secondary markets and auctions for higher than the initial purchase prices--an impressive feat for soft luxury goods. The remainder of Hermes’ product portfolio has a wi...
We are maintaining our fair value estimate of EUR 332 for wide-moat Hermes, as the company reported nine-months revenue slightly above our full-year expectations. We continue to regard shares as expensive at these levels. Revenue increased by 11% at constant exchange rates in the nine months of 2018 versus our expectations for 9% growth. As in previous quarters, growth was predominantly volume driven, with little price and scope effect. In the quarter, Hermes saw acceleration in its Leather Good...
In general, Marine Harvest is in compliance with the Norwegian regulations relating to the organisation and procedures of the Extraordinary General Meeting. Under ITEM 3, it is proposed to change the name of the Company to "Mowi ASA", in connection with a revised corporate strategy and the launch of a global brand "MOWI". The new "MOWI" brand is aimed at the upper echelon of the salmon market in terms of quality and sales price. The Company expects that (MOWI) sales will increase gradually to exceed EUR 1.0 billion by 2025, generating additional operating income of at least EUR 100 million. ...
In general, Danske Bank is in compliance with the Danish regulations relating to the organisation and procedures of the Extraordinary General Meeting. In light of the money-laundering case at the Company's Estonian branch, which has led to the resignation of several senior executives including Danske Bank's CEO (Mr.Borgen) and Head of Business Banking (Mr. Morch), major shareholder A.P. Moller Holding proposes changes to the board of directors. Under ITEM 1.1, major shareholder A.P. Moller Holding proposes to newly appoint Mr.Dybvad as Member of the board of directors. Based on the available...
La société propose à ses actionnaires de changer son mode d'administration afin de passer à une structure moniste. Si ce changement seul ne semble pas poser particulièrement de problème, cependant la société n’explique pas clairement les objectifs de ce changement, ni même si les fonctions de Directeur Général et de Président du conseil vont continuer à être séparées. Par ailleurs le manque de transparence sur les rémunérations engendra une recommandation de vote négatif pour les résolutions 6 à 10 et de 27 à 28.
Les actionnaires sont réunis afin d’approuver l’opération d’apport par SIX Group AG des actions de son Services de Paiement et la rémunération de cette apport par l’émission d’actions Worldline, ainsi qu’un montant en numéraire. Tant d’un point de vue stratégique que financier, cette opération semble justifiée et acceptable. Du point de vue de la gouvernance, bien que le taux d’indépendance du conseil ne s’améliore pas, il est appréciable qu’il ne se détériore pas. Aussi, nous soutenons l’opération. Cependant, il est fort regrettable que la société n’ait pas saisi l’occasion pour supprimer le...
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