Report
Florian Béchaz
EUR 500.00 For Business Accounts Only

Kaufman & Broad - Assemblée Générale des actionnaires du 02 mai 2019

Cette année la société a mis en place une remunération long-terme soumise à des conditions de performance calculées sur 3 ans, ce que nous saluons. Cependant, vient plus que compenser la diminution du nombre d'actions attribuées au titre de la rémunération variable annuelle et vient donc gonfler une rémunération considérée comme excessice. Par conséquent, au regard des montants en jeu nous ne pourrons soutenir les résolutions sur les rémunérations (résolutions 10 et 11).

De plus, des engagements en faveur du PDG sont soumis au vote aux résolutions 7, 8 et 9. Nous ne pourrons soutenir les résolutions 7 et 8 car certains aspects divergent des recommandations de notre politique de vote.

Enfin, trois renouvellement d'administrateurs sont proposés aux résolutions 12, 13 et 14. Au regard d'un conseil encore non majoritairement indépendant (50%) et d'un manque d'assiduité aux réunions du conseil de certains administrateurs, nous ne pourrons soutenir le renouvellement de Michel Paris (résolution 14) et de Jean-Louis Chaussade (résolution 13).

Underlying
Kaufman & Broad S.A.

Kaufman & Broad SA is a France-based property developer and builder. The Company is principally engaged in the development of single family homes and apartments, commercial real estate activity, as well as the provision of residence services for business tourists and students. The Company is involved in all stages of implementation of a development program, land research to commercialization of housing through project design, the filing of a building permit and after-sales service. The Company has operations in numerous cities in France, such as Bayonne, Bordeaux, Grenoble, Lille, Lyon, Marseille, Montpellier, Nantes, Nice, Paris, Rouen, Strasbourg, Toulon and Toulouse, among others. Furthermore, the Company provides construction of logistics platforms and warehouses. It is also operational through a number of subsidiaries, including Kaufman & Broad Pyrenees-Atlantiques, Kaufman & Broad Homes SAS, SM2I and Residences Bernard Teillaud SARL, among others.

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.

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Analysts
Florian Béchaz

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