Report
Jehanne Leroy
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Etude de l'AG du 21/04/2017

Proxinvest indique qu'au jour de rédaction de cette étude, la communication de la société Orapi est minimaliste et ne permet la prise de décision éclairée des actionnaires.

Proxinvest attire donc particulièrement l'attention sur l'absence de transparence autour de la rémunération des dirigeants, et des administrateurs, sur l'attribution d'actions gratuites et de bons de souscriptions, et enfin sur les honoraires des auditeurs légaux de la société.

Enfin, contrairement aux dispositions de la loi "Sapin 2", la société ne prévoit pas de vote contraignant sur la politique 2017 de rémunération des dirigeants. Contactée par Proxinvest, la société se justifie en évoquant la date, tardive, de publication du décret d'application de la loi, qui est intervenue, après rédaction du rapport de gestion et de l'ordre du jour. Orapi semble être la seule société de la place à avoir cette interprétation de la loi et des délais légaux d'application de la loi.

Proxinvest déplore cette absence qui pénalise la transparence générale de la société, et supprime les droits des actionnaires, tels qu'ils sont définis par la loi.

Underlying
Orapi

Orapi SA. Orapi SA is a France-based company that designs, produces and distributes consumable solutions for health and industrial maintenance. The Company operates in four brand segments: the Industrial Maintenance segment offers commercial products include, among others, penetrating oils, solvents, strippers, adhesives, glues and anti-corrosion protection products, for maintaining and repairing equipment and machines in every industry; the Small and Medium sized Enterprises (SME), Local Authorities And Governments segment produces cleaners, strippers, products for treating pollution, degreasers, lubricants, products for the organic treatment of water treatment facilities and others for local authorities and governments, SMEs and craftspeople, facility management companies and clinics and retirement homes; the Professional Hygiene segment offers solutions for specific use on the cleaning market, and the Cross-Sector Brands segment offers products, such as degryp oil, nano and dryshine.

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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