In general, A.P. Møller - Mærsk (APMM) is in compliance with the Danish regulations relating to organisation and procedures of the Annual General Meeting.
Under ITEM C, although not legally required in Denmark, the board of directors and the executive management seek discharge. Under its guidelines, ECGS no longer approves discharge of the board of directors and/or executive management if there is no legal requirement for it. Since there is no such requirement in Denmark, ECGS recommends to OPPOSE.
Under ITEM E, the board of directors seeks authorisation to repurchase own shares. As the magnitude of the authority requested (up to 15% of share capital) exceeds ECGS' guidelines, ECGS recommends to vote OPPOSE.
Under ITEMS F1-F5, the (re-)election of the board of directors is proposed.ECGS has concerns over the aggregate time commitments of Mr. Niels Björn Christiansen (ITEM F.3) and proposed new nominee Mr. Marc Engel (ITEM F.5). Consequently, ECGS normally would have recommended opposition. However, considering that the proxy card does not permit this, it recommends abstention instead.
Under ITEM H.2, the board of directors seeks approval to demerge the Company's drilling activities (Maersk Drilling) as a separately listed entity under the name of The Drilling Company of 1972 A/S, and to distribute the shares to APMM's shareholders. As demerger consideration the shareholders of APMM will receive one share in The Drilling Company of 1972 for each series A or B of nominally DKK 500 (1:1) and two shares for each series A or B of nominally DKK 1,000 (2:1). As a matter of principle, ECGS is supportive towards corporate spin-offs as they give shareholders the ability to choose whether they will continue to be exposed to the 'integrated container logistics business' (APMM) and/or 'drilling and offshore activities' (The Drilling Company of 1972), if not they can simply sell their shares. In ECGS' view, the new company will furthermore have sufficient substance to operate on a stand-alone basis. Based on the analysis above, ECGS recommends to vote FOR the demerger plan.
A.P. Moeller Maersk is an international shipping company. Co.'s operating segments are: Container shipping and related activities which include global container services, inland transportation, manufacturing and repair of containers and container depots, and logistics and forwarding activities; APM terminals; Tankers, offshore and other shipping activities which include tanker shipping of crude oil, oil products and gas, offshore drilling activities and operation of land rigs, supply vessel activities with anchor handling and platform supply vessels, ferry services and door-to-door transportation in Northern Europe; Oil and gas activities; Retail activity; and Shipyards and other activities.
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We are 3% below consensus EBITDA (up from 8% below since our preview on 12 April) ahead of Q1 results due on 24 May at 08.00 CET. We forecast a USD174m loss in Q1 while consensus is a USD11m gain. We and consensus are above guidance for 2019e, which could be too optimistic if the trade war continues as observed Xeneta rates, net of bunkers, are down 10% since year-end and YTD rates are down 4% YOY. We reiterate our BUY and DKK9,600 target price.
The independent financial analyst theScreener just lowered the general evaluation of A P MOLLER - MAERSK A/S (DK), active in the Marine Transportation industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date May 14, 2019, the closing price was DKK 7,878.00 and its target price was estimated at DKK 6,790.94.
Le conseil de la société ne comprend aucun membre libre de conflits d'intérêts potentiels. Afin de pouvoir remplir au mieux la mission de surveillance et de protection de l’ensemble des actionnaires qui lui incombe, il nous semblerait préférable que celui-ci ne soit pas composé de seulement six membres dont trois personnes de la famille Gorgé, actionnaire de contrôle de la société. Ce manque d'indépendance est également illustré par la rémunération du Président du conseil qui est rémunéré par les holdings de contrôle, Groupe Gorgé et Pélican Venture. Cette situation démontre l'extrême dépenda...
RémunérationsPar rapport à la précédente politique de rémunération, en termes de montants et de structure, la société ne propose aucune modification. Cependant, elle améliore sa communication puisqu’elle décrit (dans un communiqué publié sur son site) la nature des critères qualitatifs qui seront utilisés dans le cadre du bonus, ce qu’elle ne faisait pas précédemment. Par ailleurs, elle a ajouté un critère RSE à son bonus 2019 (conformément aux recommandations du code Afep/Medef révisé en juin 2018 auquel la société se réfère), ce que l’on appréciera. Ces changements sont positifs. Aussi, nous...
WFD Unibail-Rodamco N.V. fait partie du groupe Unibail-Rodamco-Westfield qui regroupe WFD Unibail-Rodamco N.V. et Unibail-Rodamco SE. Le portefeuille de WFD regroupe les activités américaines et néerlandaises du groupe Unibail-Rodamco-Westfield.Les actions A de WFD Unibail-Rodamco N.V. et de Unibail-Rodamco SE sont jumelées et ont le même code ISIN. Ainsi, sur le marché, l’acquisition d’une action au code FR0013326246 donne accès à un titre WFD Unibail-Rodamco N.V. et à un titre Unibail-Rodamco SE (et donc un droit de vote aux AGs de ces deux sociétés). La société propose de modifier son arti...
WFD Unibail-Rodamco N.V. is part of the Unibail-Rodamco-Westfield Stapled Group which gathers WFD Unibail-Rodamco N.V. (“WFD”) and Unibail-Rodamco SE (“UR SE”). WFD portfolio consists of assets in the United States and The Netherlands. Class A shares of WFD and UR SE shares are stapled and have the same ISIN Code. Thus, on the market, buying a FR0013326246 share gives right to 2 securities: one from WFD and one from UR SE (each security giving right to attend their respective General meetings). The company proposes to amend its article 31.3 of the Articles of Association so that if applicabl...
The meeting is expected to be held on second call on 7 June 2019. The positions of Chairman and CEO were separated in practice in July 2017 through the appointment of Mr. Vilá Boix. Although the Company defines Mr. Álvarez-Pallete López as Chairman-CEO and Mr. Vilá Boix as COO, we note that the COO is responsible for the "highest executive functions over all the Company's business areas", which, in our opinion, are the typical responsibilities of a Chief Executive Officer. This is why this report refers to Mr. Álvarez-Pallete López as Executive Chairman and Mr. Vilá Boix as CEO. In any case...
We have concerns over the composition of the Board of Directors, because the Chair and CEO positions are combined, there is not a majority of independent members (46% according to both the Company's self-assessment and ECGS guidelines) and significant shareholders are overrepresented (on aggregate 38% of Board members with 29% of the share capital). Therefore, we recommend that shareholders oppose the re-appointment of the Chairman-CEO Mr. Manuel Manrique Cecilia (item 5.1) and the proprietary Director Prilou SL (item 5.3). In item 6, shareholders are called to approve the Company's remunerat...
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