Under agenda item 16, authorisation is requested to restrict or exclude the pre-emptive rights allowed to shareholders when issuing new shares. The requested authorisation is 10% of the share capital, plus 10% in case of mergers and acquisitions and this amount exceeds our guidelines, which stipulate a maximum of 10% of the share capital.
Therefore we recommend to OPPOSE.
PostNL is a mail, parcel and e-commerce corporation with operations in the Netherlands, Germany, Italy, Belgium, and the United Kingdom. Co. has been assigned by the Dutch government to carry out the UPD (Universele Postdienst, Dutch for Universal Postal Service). Carrying out the UPD requires, amongst other things, Co. to deliver mail throughout the Netherlands five days a week (Tuesday through Saturday) and to maintain enough mailboxes in the country. ACM is charged with monitoring and enforcing the execution by Co. Co.'s operations are organized along three business segments: Mail in the Netherlands; Parcels; and International. Co. maintains over ten networks across thirteen countries.
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 :
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.
ABN Amro: A lower quarter, pressure on top line Adyen: Uber chooses Adyen for 3D Secure implementation Ageas: A good start, Asia ex RG delivers solid results Atenor: 1Q19 and a sizeable move in Warsaw, Poland Fugro: Multi-client OBN survey contact with CGG Mithra: Tibelia approved in Canada Ontex: No real transformation PostNL: No near-term dividend but risk-return inviting Sequana Medical: Alfapump included into German DGVS guidelines
AB InBev: 1Q volumes +1.3%, REBITDA +8.2% Bone Therapeutics: 1Q19 – cash at € 7.1m, phIIa ALLOB mid-June DSM: 1Q REBITDA +10% underlying, FY guidance upped PostNL: In line Q1 results / update of parcel business Sligro: Acquired parent company of De Kweker Solvac: TP to € 133 following Solvay’s 1Q19 update Solvay: 1Q REBITDA +2%, FY guidance lowered
The independent financial analyst theScreener just lowered the general evaluation of POSTNL NV (NL), active in the Delivery Services industry. As regards its fundamental valuation, the title now shows 2 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date April 26, 2019, the closing price was EUR 2.30 and its target price was estimated at EUR 1.91.
Le conseil de la société ne comprend aucun membre libre de conflits d'intérêts potentiels. Afin de pouvoir remplir au mieux la mission de surveillance et de protection de l’ensemble des actionnaires qui lui incombe, il nous semblerait préférable que celui-ci ne soit pas composé de seulement six membres dont trois personnes de la famille Gorgé, actionnaire de contrôle de la société. Ce manque d'indépendance est également illustré par la rémunération du Président du conseil qui est rémunéré par les holdings de contrôle, Groupe Gorgé et Pélican Venture. Cette situation démontre l'extrême dépenda...
RémunérationsPar rapport à la précédente politique de rémunération, en termes de montants et de structure, la société ne propose aucune modification. Cependant, elle améliore sa communication puisqu’elle décrit (dans un communiqué publié sur son site) la nature des critères qualitatifs qui seront utilisés dans le cadre du bonus, ce qu’elle ne faisait pas précédemment. Par ailleurs, elle a ajouté un critère RSE à son bonus 2019 (conformément aux recommandations du code Afep/Medef révisé en juin 2018 auquel la société se réfère), ce que l’on appréciera. Ces changements sont positifs. Aussi, nous...
WFD Unibail-Rodamco N.V. fait partie du groupe Unibail-Rodamco-Westfield qui regroupe WFD Unibail-Rodamco N.V. et Unibail-Rodamco SE. Le portefeuille de WFD regroupe les activités américaines et néerlandaises du groupe Unibail-Rodamco-Westfield.Les actions A de WFD Unibail-Rodamco N.V. et de Unibail-Rodamco SE sont jumelées et ont le même code ISIN. Ainsi, sur le marché, l’acquisition d’une action au code FR0013326246 donne accès à un titre WFD Unibail-Rodamco N.V. et à un titre Unibail-Rodamco SE (et donc un droit de vote aux AGs de ces deux sociétés). La société propose de modifier son arti...
WFD Unibail-Rodamco N.V. is part of the Unibail-Rodamco-Westfield Stapled Group which gathers WFD Unibail-Rodamco N.V. (“WFD”) and Unibail-Rodamco SE (“UR SE”). WFD portfolio consists of assets in the United States and The Netherlands. Class A shares of WFD and UR SE shares are stapled and have the same ISIN Code. Thus, on the market, buying a FR0013326246 share gives right to 2 securities: one from WFD and one from UR SE (each security giving right to attend their respective General meetings). The company proposes to amend its article 31.3 of the Articles of Association so that if applicabl...
The meeting is expected to be held on second call on 7 June 2019. The positions of Chairman and CEO were separated in practice in July 2017 through the appointment of Mr. Vilá Boix. Although the Company defines Mr. Álvarez-Pallete López as Chairman-CEO and Mr. Vilá Boix as COO, we note that the COO is responsible for the "highest executive functions over all the Company's business areas", which, in our opinion, are the typical responsibilities of a Chief Executive Officer. This is why this report refers to Mr. Álvarez-Pallete López as Executive Chairman and Mr. Vilá Boix as CEO. In any case...
We have concerns over the composition of the Board of Directors, because the Chair and CEO positions are combined, there is not a majority of independent members (46% according to both the Company's self-assessment and ECGS guidelines) and significant shareholders are overrepresented (on aggregate 38% of Board members with 29% of the share capital). Therefore, we recommend that shareholders oppose the re-appointment of the Chairman-CEO Mr. Manuel Manrique Cecilia (item 5.1) and the proprietary Director Prilou SL (item 5.3). In item 6, shareholders are called to approve the Company's remunerat...
Unfortunately, this report is not available for the investor type or country you selected.Browse all ResearchPool reports
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.