Report
Jehanne Leroy
EUR 1017.86 Purchase single report

Proxy Report - 08/03/2018

Cette année encore, Proxinvest attire l’attention sur la politique de la société concernant les conventions et engagements réglementés. Plusieurs éléments posent problème, notamment le fait que Manutan ne soumette au vote que les conventions nouvelles conclues au cours de l’exercice, et non l’ensemble du rapport spécial des Commissaires aux Comptes sur les conventions et engagements réglementés, ce qui est une disposition prévue par le Code de Commerce.

Les rémunérations des mandataires sociaux dirigeants sont problématiques car elles manquent de transparence, et elles ne comportent pas de part relative à la performance à long terme (plus de trois ans) de l’entreprise. Cependant la société a provisionné des montants relatifs à des rémunérations pluriannuelles, ce qui est encourageant. Lors de la prochaine Assemblée Générale, la société devra se conformer à la loi Sapin 2 et soumettre au vote des actionnaires la rémunération de ses dirigeants, ces éléments risquent d'être sanctionnés du fait de non-transparence.

Enfin, les indemnités de départ de de Brigitte Auffret et de Pierre-Olivier Brial étonnent, car elles représentent un montant équivalent à 21 mois de rémunération, ce qui excède largement le plafond d’un an de rémunération salariale (fixe + bonus annuel) de Proxinvest.

Underlying
Manutan International S.A.

The Manutan Group is a retailer whose focus is on the multichannel distribution market, providing supplies and equipment for a businesses and local authority customer base. Co. mainly markets its products and services in 19 countries throughout Europe where it has operations, Africa, Asia and in the Middle East. Co.'s product offerings comprise over 200,000 items, covering products required by businesses for their materials handling, lifting, storage, industrial supplies, safety, hygiene, packaging, office and workshop furniture, supplies and consumables needs, as well as furniture for hotels and restaurants, and educational, healthcare and sport materials for local authorities.

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

Other Reports on these Companies
Ahmed Ben Salem ...
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Hana Maalej
  • Harold De Decker
  • Hela Zarrouk
  • Jean Sassus
  • Jean-François Granjon
  • Jeremy Garnier
  • Johanna Jourdain
  • Laurence Hofmann
  • Nicolas David
  • Olivier Lebrun
  • Salma Bouraoui
  • Stephane Houri
  • Steven Gould
Other Reports from Proxinvest
Other Reports from these Analysts

ResearchPool Subscriptions

Get the most out of your insights

Get in touch