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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Item 1: Approve the share consolidation The Board requests shareholder approval to implement a share consolidation on the basis of 19 new ordinary shares for every 20 existing ordinary shares held. The consolidation is intended to maintain comparability, as far as possible, of the Company’s share price before and after the payment of a special dividend of $2.621 per share. The special dividend is equivalent to 5% of the market capitalisation of the Company as at 14 December 2018. The Company has implemented a series of share consolidations, returning funds to shareholders in this way in 2012...
Item 1: Approve Share Buybacks Shareholder approval is being sought to authorise the Company to make market purchases of its ordinary shares following the inclusion of a typographical error in the resolution granting authority at the 2018 AGM. This error meant that the authority granted at that meeting has already expired. As there is currently no authority in place, the Board proposes the standard share repurchase authority for the UK market with period ending until the earlier of 25 October 2019 (being the later date set out in in the resolution granting authority at the 2018 AGM) and the ...
Les actionnaires sont convoqués afin d'approuver le projet de fusion-absorption d'Affine par la Société de la Tour Eiffel. L'analyse des parités induites par les ANR des sociétés montre une décote de 8,7% au détriment des actionnaires d'Affine. Les commissaires à la fusion expliquent clairement que la décote "disparaitrait en cas de légère remontée des taux de rendement attendus sur les actifs immobiliers, hypothèse qui ne peut être écartée au regard de la situation des marchés financiers, et l’affecterait à raison de sa structure financière également". Au regard de la situation financière d’...
Depuis l’exercice 2016-2017, Vilmorin & Cie se réfère au Code de gouvernement d’entreprise Middlenext. Ainsi, bien que la société se conforme parfaitement au code MiddleNext puisque son conseil comprend 2 administrateurs indépendants (1 seul selon Proxinvest), on regrettera toutefois qu'elle n'ait pas saisi l'occasion de la vacance du siège de M. Foucault (qui a démissionné) pour nommer en son sein un administrateur non lié au premier actionnaire et parfaitement indépendant. Par ailleurs, bien qu'il soit tout à fait appréciable que la société ait communiqué que le bonus annuel du Directeur gé...
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