Report
Charles Pinel
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Proxy Report - 15/05/2018

La société propose l'approbation de chaque convention réglementée, nouvelle comme ancienne, dans des résolutions spécifiques, ce qui permet aux actionnaires de les approuver une par une. En revanche, en application de sa nouvelle politique de vote 2018, Proxinvest recommande de s'opposer à toute convention passée entre la société et des membres du conseil quelqu'en soit le montant (résolutions 3, 4, 7 et 8).

La rémunération d’Anvalary Jiva, Président-Directeur général, ne comprend pas de rémunération long-terme, mais sa position d'actionnaire compense cette absence. En revanche, la transparence est insuffisante car la société ne communique pas les pondérations et les taux d’atteinte des critères de performance de son bonus ni les objectifs à atteindre. Cela constitue des critères rédhibitoires pour Proxinvest. Par conséquent, malgré des montants acceptables, nous ne soutenons pas les résolutions 10 et 11.

Il est également regrettable que le prix d'exercice des stock options intègre une décote (résolution 13).

Underlying
Linedata Services

Linedata Services. Linedata Services SA is a France-based company that provides software and service solutions in the area of investment, employee savings, insurance and savings, leasing and credit, and Software as a Service. Linedata Services offers solutions in six complementary areas: Implementation Services, Hosting and SAAS, Training Services, Client Support, Professional Services and Buy Side Managed Services. The Company offers asset management solutions that cover various aspects of the investment process. Its leasing and credit finance solutions cover consumer credit, car finance, professional finance and syndicated loans, and offer contract management, including automated administrative procedures. The Company's insurance and savings solutions cover employee savings, retirement savings and life insurance. The Company operates through several subsidiaries, including Linedata Technologies Tunisie SA, LD Services Inc and Fimasys Espana SL, 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.

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
Charles Pinel

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