We note that the Company reported strong financial results for the fiscal year 2017, especially due to the global Luxury Goods market which enjoyed significant structural growth during the year.
At its Annual General Meeting of April 26, 2018, the Company will submit to its shareholders the approval of the payment of an exceptional stock dividend in the form of PUMA SE shares: this stock dividend will have no effect on corporate governance.
Beyond the significant presence of members of the management, Proxinvest notes that four non-voting Directors figure among the Board of Directors since fiscal year 2017 which weakens the effectiveness of checking the power of the Chairman-CEO and Deputy CEO.
The Company now has a majority-independent Remuneration Committee (60%) and an employee representative.
Concerning remuneration policies submitted in Resolutions 8 and 9, we notice that it allows for the payment of exceptional bonuses, worth €5.81 million for the Chairman-CEO and €3.48 million for the Deputy CEO, due to PUMA’s good performance. Given these bonuses, we believe the potential remuneration of both Chairman-CEO and Deputy CEO to be largely excessive. Proxinvest also notes that the allocation of exceptional bonuses for executives has become far too frequent.
We note that the Company has failed to submit the statutory auditor's report on related party agreements to shareholders for a vote. Moreover, this report contains a service agreement between the Company and its main shareholder Artémis, worth €3.9 million, which represents an increase of €665K (+20.55%) compared to previous fiscal year. Even more concerning is the absence of details regarding services furnished and whether such services are paid at the going rate or otherwise.
Kering is engaged in the retail industry, particularly luxury fashion brands. Co.'s operations can be divided into two segments: Luxury and Sport & Lifestyle divisions. The Luxury division includes brands such as Gucci, Bottega Veneta, Yves Saint Laurent, Balenciaga, Boucheron, Sergio Rossi, Alexander McQueen, Girard-Perregaux & JeanRichard, & Stella McCartney. In addition, Co. offers Leather Goods, Shoes, Ready-to-wear, Watches, and Jewelry & Other products. The Sport & Lifestyle division designs & develops footwear, apparel & accessories and includes brands like Puma, Volcom and Electric among others.
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KERING - BUY | EUR545(+33%) 2018 probably another buoyant vintage for Kering FY sales to grow 26% organically, no negative surprise in Q4! Strong profitability improvement We remain confident for 2019 Buy recommendation reiterated
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 ...
La société a annoncé depuis son entrée en bourse sa volonté de diversifier son conseil d'administration, qui n'est composé que d'une femme (représentante d'une société administratrice) et que d'un membre indépendant (les taux d'indépendance et de féminisation ne sont donc que de 25%). De plus, l'actionnaire majoritaire, Apax, est surreprésenté au conseil, en possédant la moitié des sièges, pour une participation au capital de 42,19%. Si l'entrée en bourse de la société est récente, nous l'incitons fortement à prendre en compte cette nécessité de diversifier son conseil. Le renouvellement de ...
Proxinvest attire l'attention des actionnaires sur plusieurs points : - Tout d'abord la société est dans un processus qui va permettre à un actionnaire chinois, Fosun, de rentrer au capital via une émission de nouvelles actions lui étant réservée. Suite à cette émission, Fosun deviendra le premier actionnaire et propose donc de nommer un administrateur au conseil de la société. -Ensuite la direction de la société est modifier puisque Marie Meynadier va céder ses fonctions à Mike Lobinsky le 1er Janvier 2019. De ce fait lors de la présente assemblée la société propose une nouvelle politique d...
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