Report
Jehanne Leroy
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Proxy Report - 07/06/2018

Cette année encore, Proxinvest souligne le manque de transparence propre à la politique de rémunération du Président Directeur Général, Benjamin Gonzalez. Si les montants sont corrects, la société n'explique pas quels sont les conditions de performance de la rémunération variable, ce qui rend difficile pour l'actionnaire de comprendre le niveau d'exigence de cette politique de rémunération. Par conséquent, Proxinvest recommande l'opposition aux deux résolutions sur la rémunération.

Par ailleurs, nous regrettons le maintien des autorisations d'augmentations de capital en période d'offre publique, ainsi que l'autorisation d'émission de bons bretons, spécifiques aux périodes d'offre publique. De telles autorisations peuvent se révéler être des mécanismes de défense pour l'entreprise, qui mettent à mal le bon fonctionnement du marché et qui ne sauraient donc pas favorables à l'intérêt des actionnaires. Nous recommandons l'opposition pour l'ensemble de ces résolutions.

Underlying
Metabolic Explorer

Metabolic Explorer SA is a France-based biological chemistry company that specializes in the development of bioprocesses for the production of chemical compounds used in a range of products, such as textile fibers, paints, solvents, animal feed supplements and adhesives, among others. Metabolic Explorer SA offers chemicals, such as Glycolic acid, L-Methionine, MPG (1.2 Propanediol) and PDO (1.3 Propanediol). The Company markets its products mainly for three families of industrialists: Manufacturers of agro-resources, Existing producers of chemical compounds and Manufacturers employing chemical compounds. In addition, the Company is engaged in the research and development works and runs its own laboratory to develop micro-organisms.

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
Jehanne Leroy

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