Report
Anaïs Dudout
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Proxy Report - 17/05/2018

L'exercice 2017 fût marqué par un changement dans la gouvernance de la société s'agissant du Président du Conseil : Olivier Legrain a succédé à Hervé Couffin dans l'exercice de ses fonctions.

S'agissant de la rémunération des dirigeants, Proxinvest soutiendra la rémunération 2017 des dirigeants (Résolutions 6, 7 et 8), notamment en raison du caractère modéré des montants attribués et de la bonne communication de la société. Toutefois, Proxinvest s'opposera à la politique de rémunération pour 2018 (Résolutions 9 et 10) en raison du manque de transparence sur les montants attribuables (montant du fixe non communiqué) et de critères de performance trop généreux pour le bonus attribuable en 2018 au Directeur Général.

Toutefois, l'attribution potentielle d'actions de préférence pose problème pour le Directeur Général qui pourrait se voir attribuer à lui seul 20% de l'augmentation (0,63% du capital social) proposée dans le cadre de la Résolution 24. En conséquence nous ne soutenons pas cette résolution.

Underlying
Mersen

Mersen produces materials and electrical components intended for alternative energies, chemicals and pharmaceuticals, rail transportation, electronics and process industries. Co. divides its operations into two segments: Advanced Materials and Technologies (AMT - Materials), and Electrical Components and Technologies (ECT - Electrical). In addition, Co. produces four types of products: Electrical Applications, Electrical Protection, High-Temperature Applications, and Anticorrosion Equipment. Co. also caters to the process industries, supporting their transition towards greater energy efficiency and boasts an efficient manufacturing base with plants employing the very latest technologies.

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
Anaïs Dudout

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