Report
Charles Pinel
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LDC SA - Proxy report - 23/08/2018

Le conseil de surveillance ne comporte que deux membres libres de conflits d'intérêts selon les critères de Proxinvest. Dans ces conditions, les renouvellements des mandats de la société CAFEL et de Jean-Paul Sabet ne seront pas soutenus, d'autant que la durée de six ans de leurs mandats est trop longue pour permettre aux actionnaires de se prononcer régulièrement sur la composition du conseil (résolutions 6 et 7).

Les rémunérations des dirigeants apparentés aux principaux actionnaires sont acceptables malgré une transparence insuffisante et l'absence de part à long-terme. En effet, les montants sont raisonnables et leurs positions d'actionnaires alignent leurs intérêts avec ceux des autres actionnaires. Cependant, la rémunération de Philippe Gelin, qui a rejoint le Directoire en mars 2017 et qui ne semble pas lié aux familles actionnaires, comporte une attribution d'actions trop généreuses et appréciée sur seulement 30 mois, période insuffisante pour être considérée comme du long-terme. Aucune garantie de modification n'est donnée pour 2018. Dans ces conditions, les résolutions 10 et 13 ne seront pas soutenues.

Underlying
LDC SA

Societe LDC SA is a France-based holding company engaged in food processing. The Group provides poultry products, as well as a range of delicatessen food. It has four business lines: Upstream division, which is responsible for branch management; Poultry division, engaged in the poultry, pig and cattle farming, as well as egg production and others; The Delicatessen division, offering ready-to-eat meals and snacks like pizzas, sandwiches, tarts and desserts and International division which focuses on international development with countries specific strategies. It markets its products under various brands, including Le Gaulois, Loue and Traditions d'Asie.

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
Charles Pinel

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