Il est proposé aux actionnaires d'approuver le transfert du siège de la société en Belgique. Cette modification s'intègrerait dans le nouveau projet stratégique de la société à l'international qui sera dévoilé le 26 février et lui permettrait de s'établir sur un territoire "neutre", ce qui constitue un message important vis-à-vis de ses clients et notamment du marché allemand qui est actuellement crucial.
La comparaison des droits des actionnaires entre les droits français et belge démontre un avantage pour le premier cité mais la Belgique présente l'atout considérable de ne pas autoriser pour l'instant les droits de vote double. Cependant, la société a prévu la création de parts bénéficiaires en faveur de ses dirigeants qui viendront compenser la disparatitions de leurs droits de vote double actuels. Cette mesure est d'ailleurs encore plus préjudiciable pour les actionnaires que les droits de vote double car seuls les dirigeants pourront en bénéficier.
Par ailleurs, il est regrettable que la société n'ait pas profité de cette occasion pour améliorer sa gouvernance alors qu'elle est dirigée par un Président Directeur Général, également actionnaire majoritaire, et par un conseil comportant seulement 20% de membres non libres d'intérêt.
Nous recommandons donc l'opposition pour l'ensemble des résolutions relatives à ce transfert.
Akka Technologies is an engineering and technology consultancy company. Co. bases its service around two areas which enable it to cover the full life cycle of a product: information and systems technology and engineering. Co.'s activities can be divided into six areas: Mechanical Engineering, Process Engineering, Document Engineering, Industrial Information Technology and Embedded Systems, Information Systems and Consulting. Co. operates mainly in France, Belgium and Germany. Co also operates in Italy, Romania, Switzerland, Spain, England and Canada.
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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The independent financial analyst theScreener just awarded an improved star rating to AKKA TECHS.SE PARIS (FR), active in the Business Support Services industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 3 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date September 17, 2019, the closing price was EUR 63.80 and its expected value was estimated at EUR 61.04.
On 9 May 2019, the Company issued convertible bonds for a total principal amount of EUR 150 million. The sole agenda item relates to the proposed approval and ratification, in accordance with Article 556 of the Belgian Companies Code, of conditions of the convertible bonds in case of a change of control. These are standard provisions and they are in line with the market practice. Hence, we see no reason for shareholder concern and recommend to approve.
General: Hella is a leading automotive supplier with over 125 locations in some 35 countries. In financial year 2018/2019, the Company generated sales of EUR 7.0bn with around 39,000 employees. Hella specialises in innovative lighting systems and vehicle electronics in its segments Automotive and Aftermarket. Furthermore, in its Special Applications segment, Hella develops, manufactures and sells lighting and electronic products for specialist vehicles. As of 31 May 2019, a total of 60.00% of the Company's shares were covered by a pool agreement of family shareholders. A total of 62 members o...
In general, NN Group is in compliance with the Dutch regulations relating to the organisation and procedures of the Extraordinary General Meeting. On August 12, 2019, the Company announced that Mr. Lard Friese stepped down as CEO of the Company to become the new CEO of Dutch competitor Aegon. ECGS notes that the sole agenda item of this EGM (ITEM 2) concerns the intended appointment of Mr. David Knibbe as CEO and member of the executive board of NN Group. According to Dutch law and the Company's Articles of Association, shareholders are NOT entitled to vote on such agenda item; it is a discus...
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