Since 4 May 2018, Conrad Keijzer, after having been Deputy Chief Executive Officer since 8 March 2018, has been Chief Executive Officer of the company, replacing Gilles Michel, who has retained the position of Chairman of the Board of Directors.
The remuneration policy of the new Chief Executive Officer allows excessively generous amounts and the proposed amendments are inflationary in nature. The same applies to severance pay, which cannot also be supported (resolutions 4 and 6).
Gilles Michel's remuneration as Chairman of the Board of Directors seems acceptable, however, as well as the exceptional remuneration of € 150,000 proposed to facilitate the transition with Conrad Keijzer, although this mission seems to be part of the role of a former Chief Executive Officer who retains the chairmanship of the Board (resolutions 5 and 8).
Imerys is engaged in the production and the processing of minerals. Co.'s operations can be divided into four business groups: Minerals for Ceramics, Refractories, Abrasives and Foundry (minerals mainly for floor tiles, sanitaryware, porcelain, mobile energy as well as high-temperature and abrasive industries); Performance and Filtration Minerals (plastics, rubber, coatings, sealants and adhesives, health, beauty and filtration of nutrition liquids); Pigments for Paper (filler and coating products for paper) and Materials and Monolithics (construction materials in clay and slate and monolithic products and solutions for high-temperature industries).
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Lors de notre dernière analyse court terme (28/10/2016), nous avions opté pour un avis neutre. Nous restons neutre. La zone de support est proche, la baisse peut s'interrompre. Arguments : - Le support majeur a été enfoncé, mais il est réintégré. Les prix peuvent rebondir.
In our previous short term analysis (28/10/2016), we were neutral. We remain neutral. The support area is close, they drop should be interrupted. Arguments : - The major support has been shortly breached, but it is now reinstated. Prices can bounce.
La présente assemblée générale est marquée par le renouvellement de quatre administrateurs et la nomination d'un nouveau membre au conseil. Malgré la non indépendance de la société Orpar nouvellement nommée, le conseil conserve une majorité de membres libres de conflit d'intérêt ce qui lui permet de se conformer au Code de gouvernance Afep/Medef qu'elle applique dans son intégralité…
Proxinvest félicite la société qui propose par la présente Assemblée de changer son mode de gouvernance pour passer d'une société anonyme à Conseil d'administration avec cumul des fonctions de Président et de Directeur Général, à une société anonyme à Conseil de surveillance et Directoire à compter du 1er septembre 2016 …
The EGM is called to approve the merger by incorporation of Exor SpA into its wholly-ownedDutch subsidiary Exor Holding NV. Through the transaction, Exor will change itscountry of incorporation from Italy to the Netherlands. The transaction is aimed atsimplifying the Group's structure, as 85% of Exor's investments are, or are indirectlyowned through, Dutch companies (i.e., Fiat Chrysler Automobiles, Ferrrari, CNHIndustrial and the global insurer PartnerRe Ltd, which is 100% held through Exor NV).Similarly to its listed subsidiaries, Exor will adopt a multiple-voting structure, granting 5votes...
Banco BPM was established in January 2017, resulting from the merger between Banca Popolare di Milano ("BPM") and Banco Popolare. During the last round of TLTRO II in March 2017, 474 European financial institutions bid for €233 billion in loans far exceeding the expected amount of €110 billion. According to Reuters, Banco BPM bid for €3.1 billion in loans (equivalent to 39% of its balance sheet funding from institutional investors, or wholesale funding). These loans have a four-year maturity and carry a 0% interest rate (which could be revised down to -0.4%).In December 2016, Fitch downgraded ...
In item 2.d, the Board proposes the distribution of a dividend of € 0.11 per sharetotalling USD 160 million, despite a net loss of USD 236 million in 2016. We have concerns over the very high consolidated net debt of USD 19'734 million, corresponding to a debt-to-market capitalization ratio of 1.8 at the end of 2016. We also note that free cash flow (USD 914 million in 2016) decreased by 52.1% from 2015, despite 21.7% lower capital expenditures, which were reduced by 56.0% from 2013. As the proposed dividend distribution is fully covered by free cash flow, and taking into account that the Comp...
In general, Proximus is in compliance with the Belgian regulations relating to the organisation and procedures of the Annual General Meeting.Under ITEM 6, the Board of Directors seeks approval for the Company's remuneration report. In light of insufficient disclosure and our other concerns with regard to the executive compensation package, we recommend opposition.There are no further peculiarities.
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