Report
Jehanne Leroy
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proxy report 28/06/2018

Cette année encore, la société améliore sa communication sur les rémunérations attribuées aux dirigeants en communiquant désormais les performances réalisées pour chacun des critères du bonus annuel 2017. Cependant, elle ne communique pas le poids de chacun de ces critères. Par ailleurs, le plan d'actions gratuites mis en place en 2017 comprend une condition de performance mesurée sur 2 ans seulement, ce qui ne respecte ni nos préconisations, ni les pratiques de place. Ainsi, nous ne pouvons pas soutenir les résolutions 8 et 9.

Cependant, à compter de 2018, la société porte à 3 ans la durée de la mesure de la performance. Cette évolution positive significative, ainsi que des montants et une structure en jeu conformes nous poussent à encourager la société dans ses améliorations et à soutenir les politiques de rémunérations 2018 des dirigeants (résolutions 11 et 12).

Enfin, on regrettera que la société s'octroie la possibilité d'user de ses délégations financières en période d'offre publique puisque cela ne nous permet pas de soutenir les résolutions 14 et 16 à 21.

Underlying
Orpea S.A.

ORPEA is a dependency, physical and psychiatric care group based in France. Co. operates long-term and short-term care facilities, including medical care facilities, medical and social care facilities and residential facilities for the elderly. Co. provides short, medium and long-term global physical and mental dependency care. Co. also operates residential facilities for disabled people of any age, hotels, and hotel-related, as well as leisure accommodation facilities. Co. operates in France and abroad (Belgium, Italy, Spain and Switzerland) in three business segments: Long-term care facilities (nursing homes); Post-acute and Rehabilitation care facilities; and Psychiatric care facilities.

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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