Report
Florian Béchaz
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Orège - Assemblée Générale des actionnaires du 21 Mai 2019

Plusieurs points d'attention sont à présenter.

Tout d'abord, le Conseil d'administration a un taux d'indépendance très faible (14%). Il serait donc judicieux pour la société de renouveler son Conseil et de nommer des membres indépendants. La gouvernance est de manière générale peu satisfaisante (diversité, durée du mandat, droit de vote double.

Par ailleurs, la transparence de la société sur les critères de performance est également à améliorer. De plus, la transparence de la société concernant les politiques de rémunération pour l'exercice 2019.

Underlying
Orege S.A.

Orege SA is a France-based company active in the environmental industry. The Company offers solutions of the treatment of effluents, such as wastewater and sludge, for industrials in the oil and gas, petrochemical and chemical sectors, as well as for the food and beverage and municipals industries. It provides water treatment units, which are later operated by customers in partnership with the Company, and water purification services, which involve the setting up for a determined period of time (from one month to over a year depending on the case) of a treatment on the customers site for one-off treatment work. In March 2014, Eren's stake in the Company increased up to 69.22% of capital and 60.52% of voting rights as result of takeover bid launched together with certain shareholders. In March 2014, Eren SA acquired 48.9% of the Company.

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.

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Analysts
Florian Béchaz

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