Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio.
Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes :
Each theme is rated taking into account several comprehensive sub-categories.
Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter. Indeed, our process is supported by a network of local experts that have a deep knowledge of each local market best practices (from both customs and regulatory points of views).
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KONE is an elevator and escalator industry group based in Finland. Co. is engaged in the provision of products and services for the installation, modernization and maintenance of elevators, escalators and automatic building doors. Co. provides its products and services throughout the entire lifecycle of the equipment, beginning from the installation of new equipment to the maintenance and modernization during their lifecycle and the full replacement of the equipment. Co.'s customers are active in industry segments such as residential, office, retail, public transportation, hotel, hospital, and marine.
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 :
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.
Q3 reports held up better than expected and the sector rallied 15% over the results season. At the same time, demand indicators continue to be mostly negative and point to further pressure on estimates for 2020 (particularly if currency support would wane). We favour names with company-specific drivers and valuation support, and continue to be cautious on unusually expensive low-beta names. Our key long ideas are: Alfa Laval, Electrolux, Metso, Nokian Tyres We are cautious on: Assa Abloy, Autoliv, Kone, Nibe
KONE OYJ (FI), a company active in the Industrial Machinery industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date October 29, 2019, the closing price was EUR 57.22 and its potential was estimated at EUR 60.08.
The PMIs highlight the economic slowdown, but since mid-August, there has been a clear shift towards value and cyclical stocks. This apparent contradiction reveals an implicit bet by investors on the imminent upward inflection of PMIs. We therefore examined the structure of relative performance when an inflection is observed. The latter does imply a sectoral movement in favour of financial stocks at the expense of defensive stocks. Today's PMI publication will therefore be key to deci...
In general, Argenx is in compliance with the Dutch regulations relating to the organisation and procedures of the Extraordinary General Meeting. Under ITEM 3, the board of directors seeks approval to amend the Company’s stock option plan ("the Plan"). Although ECGS has no (major) concerns over the proposed amendments, it notes that Plan allows for a (potential) aggregate capital increase of 14.5% of the Company’s issued share capital, which exceeds ECGS’guidelines. In addition, ECGS considers the vesting period for time vesting awards (of between 1 and 3 years) too short. Based on the above, ...
In general, Coloplast is in compliance with the Danish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEMS 4 and 5.2 the board of directors seeks approval for the Company's remuneration report (ITEM 4) and remuneration policy (ITEM 5.2). Although ECGS strongly welcomes the first separate remuneration report, Coloplast's remuneration structure is NOT considered to be in line with its guidelines. Accordingly, ECGS recommends to vote OPPOSE to both agenda items. Under ITEM 6.1 it is proposed to (re-)appoint Mr. Lars Søren Rasmussen as Chairman of ...
In general, Adyen is in compliance with the Dutch regulations relating to the organisation and procedures of the Extraordinary General Meeting. Under ITEM 2, the supervisory board proposes to newly appoint Ms. Mariëtte Bianca Swart as the Company's Chief Legal and Compliance Officer (CLCO) and member of the executive board for a period of 4-years. ECGS has no concerns over Ms. Swart’s appointment and accordingly recommends to vote FOR. Under ITEM 3, the supervisory board proposes to newly appoint Mr. Kamran Zaki as Adyen's Chief Operating Officer (COO) and member of the executive board for a...
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