Charles Pinel
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Proxy Report - 20/04/2018

Il est proposé lors de la présente assemblée de nommer 2 nouvelles administratrices considérées comme indépendantes ; on appréciera ces nominations car elles permettent à la fois d'améliorer le taux d'indépendance du conseil (30% selon Proxinvest) et le taux de féminisation (40%).
Il est également proposé de renouveler le mandat du Président Directeur Général, Guy Chifflot. Malgré la bonne performance du cours de l'action depuis son introduction en bourse, Proxinvest ne soutient pas ce renouvellement en raison des divers avantages dont bénéfice le dirigeant au détriment des autres actionnaires (droit de vote double, convention réglementée significative dont il est bénéficiaire).

Enfin, il est fort regrettable que la convention de prestations de services conclue avec GC Consult, qui permet la rémunération de M. Chifflot, ne soit pas présentée dans le rapport spécial des commissaires aux comptes sur les conventions et engagements réglementées.


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.


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. 

Charles Pinel

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