Report
Esther Bouguet
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Proxy Report - 26/04/2018

Nous tenons à attirer l’attention des actionnaires sur certains points relatifs aux résolutions soumises au vote.

-Rémunération :


Bien que la société fasse preuve d’une bonne transparence en termes de structure et d’alignement avec la performance, la pondération des critères est contestable. En effet, 25% de l’attribution variable pluriannuel repose sur des critères externes (TSR relatif) et 75% sur des critères internes (TSR absolu). Par ailleurs, la performance du variable pluriannuel est, cette année encore, mesurée annuellement sur 3 ans, et non sur l’ensemble de cette période comme nous le recommandons.

Malgré ces quelques points de divergence, le remplacement progressif d’un variable nominal pluriannuel avec la mise en place d’un plan d’intéressement long-terme (attribution d’actions gratuites) est encourageant.

-Gouvernance :
Cette année, le conseil devient majoritairement indépendant à 58% et le taux de féminisation atteint 54%. Cependant, il n'y a toujours pas de séparation des fonctions de Président et Directeur Général.

-Endettement :
Il serait préférable pour la société de privilégier son désendettement plutôt que d’utiliser sa trésorerie à travers la mise en place de plans de rachat d’actions.

Dans l’ensemble, le rapport présenté par la société est satisfaisant.

Underlying
Mercialys

Mercialys is a real estate company, specialized in the transformation and management of shopping centers. Co. manages a portfolio of 91 properties located throughout France at Dec 31, 2013. Co.'s assets are classified into three categories: large regional shopping centers (GLA of over 365,800 sq. m.), neighborhood shopping centers (GLA of over 181,600 sq. m.), and Other assets (40,900 sq. m.). At Dec. 31, 2013, the portfolio comprised 25 large regional shopping centers, 36 neighborhood shopping centers, and 18 other sites such as food stores, specialty stores, independent cafeterias, service malls, and convenience stores, representing a total gross leasable area of about 588,300 sq. m.

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
Esther Bouguet

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