Proxinvest regrette cette année encore le manque d'ouverture du conseil à des membres libres de conflit d'intérêt et signale donc le faible taux d'indépendance du conseil d'administration qui ne comprend que trois membres indépendants selon Proxinvest sur un total de 12 personnes.
Par ailleurs, le principal actionnaire, le Groupe RTL est en surreprésentation au sein du conseil puisqu'il détient 48% du capital de M6 mais possède 50% des sièges du conseil.
Les montants attribués et les politiques de rémunérations des mandataires sociaux dirigeants sont soumises à l'approbation de manière contraignante cette année. Il est appréciable de constater que la société a décidé de ne pas attribuer d’actions dont la performance est mesurée sur un an, contrairement aux années précédentes. Toutefois, la transparence de la société, notamment concernant les critères de performance, laisse toujours à désirer. De plus, la rémunération de Nicolas de Tavernost reste plutôt excessive en comparaison de ses pairs. Notons que la société a connu des taux d’opposition compris entre 10% et 20% lors de la dernière assemblée générale, une contestation qu’elle devrait prendre en compte pour lier davantage la rémunération de ses dirigeants avec les attentes des actionnaires. En raison de défaut persistants, nous recommanderons l'opposition pour la quasi-totalité des rémunérations excutives proposées au vote (résolutions 12 à 18).
Co. is engaged in the media industry, primarily television edition & broadcasting. Co.'s operations can be divided into three segments. In the Free-to-Air segment, Co. operates a Free-to-Air terrestrial TV network, financed exclusively by advertising. In the Digital TV segment, Co. broadcasts many digital channels. In the Diversification & audiovisual rights segment, Co. purchases audiovisual rights. Co. is also engaged in distance-selling business, allows viewers to play an active role in the unfolding of programs proposed to them, develops mobile phone content; publishes a family of websites, organizes events & shows, & manages football Club des Girondins de Bordeaux.
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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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.
The correction in August restored modest potential. The latter is already used up (Stoxx 600 Dec 2019: 384 unchanged). EPS momentum continues to decelerate (+2%) whilst expectations for 2020e are too high (+9.6%). What to do? We have examined since 2015 (QE), the sectoral performance of the Stoxx 600 in a context of dwindling growth expectations for EPS. The following sectors emerge from this approach: oil, real estate, technology, personal & household goods and capital goods. Of cour...
>We estimate an EBIT impact of at least € 16m for TF1 and € 9m for M6 - French business daily Les Échos provides some new information on the audiovisual reforms following a meeting between the culture minister and sector professionals. We note: 1/ direct-to-consumer/targeted advertising is to be authorised for a 12-month test period; 2/ advertising for cinema films will be authorised; 3/ the ban on broadcasting cinema films on Saturdays is to be lifted; 4/ as regards ...
On 9 May 2019, the Company issued convertible bonds for a total principal amount of EUR 150 million. The sole agenda item relates to the proposed approval and ratification, in accordance with Article 556 of the Belgian Companies Code, of conditions of the convertible bonds in case of a change of control. These are standard provisions and they are in line with the market practice. Hence, we see no reason for shareholder concern and recommend to approve.
General: Hella is a leading automotive supplier with over 125 locations in some 35 countries. In financial year 2018/2019, the Company generated sales of EUR 7.0bn with around 39,000 employees. Hella specialises in innovative lighting systems and vehicle electronics in its segments Automotive and Aftermarket. Furthermore, in its Special Applications segment, Hella develops, manufactures and sells lighting and electronic products for specialist vehicles. As of 31 May 2019, a total of 60.00% of the Company's shares were covered by a pool agreement of family shareholders. A total of 62 members o...
In general, NN Group is in compliance with the Dutch regulations relating to the organisation and procedures of the Extraordinary General Meeting. On August 12, 2019, the Company announced that Mr. Lard Friese stepped down as CEO of the Company to become the new CEO of Dutch competitor Aegon. ECGS notes that the sole agenda item of this EGM (ITEM 2) concerns the intended appointment of Mr. David Knibbe as CEO and member of the executive board of NN Group. According to Dutch law and the Company's Articles of Association, shareholders are NOT entitled to vote on such agenda item; it is a discus...
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