La société soumet au vote de ses actionnaires les politiques de rémunération du Président du conseil et du Directeur général pour l'exercice à venir (vote Sapin 2 « contraignant ») en complément du vote également contraignant sur l'exercice passé. Si nous n'avons pas d'observations à faire sur la non-rémunération directe de François Pérol par Natixis qui permet d'approuver les résolutions 5 et 7, il n'en est pas de même avec la rémunération de Laurent Mignon. Bien que les montants soient tout à fait raisonnables, elle souffre d'un manque de transparence avec notamment l'absence de publication des taux d'atteinte de chacun des critères du bonus. Les résolutions 6 et 8 ne seront donc pas soutenues.
La société pratique depuis plusieurs années une politique de dividendes excessive qui pèse dans les comptes de Natixis, filière à 70,99% du groupe BPCE. La société se retrouve cet année en situation de Free Cash Flow négatifs qui ne peuvent couvrir une distribution de 1 160 M€. Nous nous opposons donc à la résolution portant sur les dividendes (résolution 3) et sur la résolution portant sur le rachat d'actions (résolution 17).
Natixis is a player in the European banking industry. As the banking partner of large companies in France, Co. also plays an active role in serving financial institutions (banks, insurance companies, pension funds, etc.). Co.'s activities are divided into in three main business lines: Wholesale Banking, Investment Solutions (Asset Management, Private Banking, Insurance, and Private Equity) and Specialized Financial Services. Co. operates in four geographical regions: France; other EU countries; North America (Canada, USA); and other OECD countries. As of Dec. 31 2013 Co.'s total assets totaled Euro510,131,000,000.
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The independent financial analyst theScreener just awarded an improved star rating to NATIXIS (FR), active in the Money Center Banks industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 3 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date September 13, 2019, the closing price was EUR 3.83 and its expected value was estimated at EUR 3.59.
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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