We alerted shareholders on several occasions regarding the excessive amount of dividends, which appear to be motivated by BPCE’s attempt to extract profits in its capacity as major shareholder as opposed to actual capital levels at Natixis itself.
Item 5 and 7:
We have no concerns about the remuneration of the Chairman of the board, who receives his entire compensation directly from BPCE, and not from Natixis.
Items 6 and 8:
With slightly excessive quantum, a lack of transparency makes it difficult to assess the alignment between performance and remuneration for the CEO, Laurent Mignon.
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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No-moat Natixis reported net income of EUR 422 million for the third quarter of 2018, 10% ahead of the year-ago period. Revenue increased by 8% for the quarter relative to second-quarter 2017 to EUR 2.4 billion. Costs were well controlled; Natixis' cost/income ratio improved to 68% (69% in second-quarter 2017). This led to a 13% increase in pre-provision profits. The disposal of Natixis' retail banking activities (largely consumer finance) to parent BPCE remains on track. Natixis played down speculation that it is set for a full takeover of payments company Ingenico. We maintain our EUR 5 fair...
No-moat Natixis reported net income of EUR 422 million for the third quarter of 2018, 10% ahead of the year-ago period. Revenue increased by 8% for the quarter relative to second-quarter 2017 to EUR 2.4 billion. Costs were well controlled; Natixis' cost/income ratio improved to 68% (69% in second-quarter 2017). This led to a 13% increase in pre-provision profits. The disposal of Natixis' retail banking activities (largely consumer finance) to parent BPCE remains on track. Natixis played down spe...
La société propose à ses actionnaires de changer son mode d'administration afin de passer à une structure moniste. Si ce changement seul ne semble pas poser particulièrement de problème, cependant la société n’explique pas clairement les objectifs de ce changement, ni même si les fonctions de Directeur Général et de Président du conseil vont continuer à être séparées. Par ailleurs le manque de transparence sur les rémunérations engendra une recommandation de vote négatif pour les résolutions 6 à 10 et de 27 à 28.
In general, Coloplast is in compliance with the Danish regulations relating to the organisation and procedures of the Annual General Meeting. On November 1, 2018, the Company announced that Mr. L.S. Rasmussen will resign from his position as CEO to become the new Chairman of the board of directors as of this AGM. Mr. Rasmussen will be succeeded by Executive Vice President - Mr. Kristian Villumsen - as of the same date. Under ITEM 5.1, it is proposed to re-appoint Mr. N.P. Louis Hansen as Vice Chairman of the board of directors. Although ECGS has no (major) concerns over the re-appointment...
Proxinvest attire l'attention des actionnaires sur plusieurs points. Tout d'abord sur la composition du conseil d'administration, d'après Proxinvest le conseil comporte 62,5% d'indépendants. De ce fait les renouvellements de deux administrateurs libres d'intérêts sont soutenus par Proxinvest, dans les résolutions 5 et 6. De plus le manque de transparence de la société au sujet des rémunérations des dirigeants ne permet pas à Proxinvest de soutenir les rémunérations des résolutions 7 à 10.
La présente assemblée propose à la nomination Véronique Saubot. Les informations relatives à la candidate sont complètes et n'appelle pas de remarque de la part de Proxinvest. Nous saluons cette régularisation de la société, qui se met en conformité avec la Loi Copé-Zimmermann : le taux de féminisation du Conseil est ainsi porté à 43%.
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