Report
Jehanne Leroy
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Nicox SA - Assemblée Générale des actionnaires du 04 juin 2019

La rémunération attribuée au titre de l'exercice 2018 a particulièrement retenue notre attention en raison du caractère excessif des attributions d'actions gratuites dont les critères de performances sont mesurées sur seulement une année.

Par ailleurs, toujours concernant la rémunération du Président Directeur Général, la société fait preuve de peu de transparence. Notamment pour ce qui est des critères de performances du bonus annuel et des attributions gratuites d'actions qui ne sont pas communiqués, ce que la société justifie par leur caractère confidentiel.

Il est appréciable que la société ait réduit le volume des actions gratuites et des stock-options attribuées au Directeur Général pour l'exercice 2019, ce qui entraîne une recommandation positive pour la résolution 6. Toutefois, on attend de la société qu'elle porte la mesure des critères de performances à 3 ans pour ses futures politiques de rémunération afin que les actions gratuites et les stock-options, instrument censés alligner les intérêts long-terme des actionnaires et des dirigeants, soient vraiment liées à la performance long-terme de la société.

Underlying
NicOx S.A.

Nicox is engaged in the ophthalmic market. Co. markets several ophthalmic products in the United States and Europe with a portfolio of therapies and diagnostic tools that can help people to enhance their sight. Co. has developed naproxcinod, the first member of the Cyclooxygenase-Inhibiting Nitric Oxide-Donating (CINOD) class of anti-inflammatory agents, for the treatment of the signs and symptoms of osteoarthritis. Beyond naproxcinod, Co. has a pipeline containing multiple nitric oxide-donating NCEs, which are in clinical development with partners for the treatment of diseases, such as hypertension, glaucoma and Chronic Obstructive Pulmonary Disease (COPD).

Provider
Proxinvest
Proxinvest

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Analysts
Jehanne Leroy

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