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Etude de l'AG du 13/04/2017

Le renouvellement de la convention entre la Société et Groupe Arnault est de nouveau proposé. Le montant s'élève à 5,52 M€ en 2016 pour un montant total de 46,7 M€ sur 9 ans. Par ailleurs, le groupe participe (indirectement) habituellement au vote, alors qu'il y est directement intéressé.

La Société propose le renouvellement de 6 administrateurs dont 4 sont non indépendants ce qui pose un problème de taux d'indépendance du Conseil (40%).De plus, plusieurs d'entre eux présentent un cumul de mandats. En outre, le renouvellement d'un censeur et l'élection de 2 nouveaux sont proposées. En matière de rémunération, le niveau de transparence est déficitaire par rapport à celles de ses pairs du CAC 40. Par ailleurs, la rémunération totale est trop élevée (353 SMIC).

Proxinvest s'oppose à la modification des statuts proposée en résolution 30 car la Société maintient la clause statutaire d'octroi de droits de vote double, une pratique contraire à la bonne démocratie actionnariale.

Underlying
LVMH Moet Hennessy Louis Vuitton SE

LVMH Moet Hennessy Louis Vuitton is a manufacturer and retailer of luxury goods. Co. offers champagne and wines, cognac and spirits, fashion and leather goods, perfumes and cosmetics, watches and jewelery; and is engaged in selective retailing. Its operations are organized along five business segments: Wine and Spirits, Fashion and Leather Goods, Perfumes and Cosmetics, Watches and Jewelery, and Selective Retailing. Co. is also engaged in other activities (Media with Les Echos group, La Samaritaine and Luxury yacht with Royal Van Lent). Some of Co.'s brands are Moet & Chandon, Dom Perignon, Louis Vuitton, Fendi, Donna Karan, Parfums Christian Dior, Guerlain, Parfums Givenchy, and TAG Heuer.

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. 

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