Report
Jehanne Leroy
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Proxy Report 29/06/2018

Le renouvellement d’Eric Jacquet, Président Directe Général, est proposé en résolution 11. Selon notre politique de vote, les PDG fondateurs ou leurs descendants peuvent être si le conseil est majoritairement indépendant, et s’il ne bénéficie pas d’avantages au détriment des autres actionnaires (ni droit de vote double, ni rémunération excessive, ni convention réglementée significative dont il serait bénéficiaire). Or, en l'occurrence, si le conseil est bien majoritairement indépendant, il existe un droit de vote double dont M. Jacquet est le principal bénéficiaire. Par ailleurs, des conventions (baux commerciaux conclus avec S.C.I. Cité 44, la société Jeric et la S.C.I. de Migennes) bénéficient directement à M. Jacquet sans que les actionnaires puissent vérifier que les conditions auxquelles ont été conclus ces baux sont justes. Nous ne soutenons donc pas cette résolution 11.

Par ailleurs, la communication de la société est déficiente tant sur les montants de la rémunération attribuée au titre de 2017 que sur la politique à mettre en place au titre de 2018, ce qui ne nous permet pas de soutenir les résolutions 19 à 22.

Underlying
Jacquet Metal Service

Jacquet Metal Services is a European distributor of specialty steels, also active in China and the U.S.A. Co.'s main activity consists of purchasing, storing, and delivering different families of products. Co. is active in four markets for the distribution of special steels through four brands: JACQUET (distribution of stainless steel thick "Quarto" plates); Stappert (distribution of long stainless steel products); Abraservice (distribution of wear-resistant "Quarto" plates); IMS group (distribution of engineering steels). Co.'s main consumer sectors are the following industries: chemical; agro foods; treatment and storage of gases; water treatment; environment and cleanup; and energy.

Provider
Proxinvest
Proxinvest

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.

Proxinvest main services are :

  • ​Proxy reports
  • Definition and monitoring of client customized voting guidelines
  • Corporate Governance Data and Rating
  • Thematic research
  • Engagement support

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. 

Analysts
Jehanne Leroy

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