General: B.R.A.I.N. Biotechnology Research and Information Network AG is one of Europe's leading technology companies in the field of industrial biotechnology, the core discipline of Bioeconomy. The Company identifies previously untapped, efficient enzymes, microbial producer organisms or natural substances from complex biological systems that can be put to industrial use. BRAIN's business model is based on two pillars – BioScience and BioIndustrial. BioScience comprises its frequently exclusive collaboration business with industrial partners. BioIndustrial comprises the development and commercialisation of the Company's own products and active product components.
The Company has issued 18,055,782 shares. As of 30 September 2017, MP Beteiligungs-GmbH held 34.7%, DAH Beteiligungs-GmbH held 9.1% and 'founders and management' held in total 7.7% of the Company's shares.
In financial year 2016/2017, total revenues amounted to EUR 24.1m (+5.77%), EBIT amounted to EUR -9.4m (previous year: EUR -13.8m) and net loss attributable to the shareholders of B.R.A.I.N. Biotechnology Research and Information Network AG amounted to EUR -9.6m (previous year: EUR -14.7m).
Item 4: We reommend to oppose the discharge of the Chairman of the Supervisory Board's Personnel Committee, Dr. Ludger Müller, due to our concerns over the current remuneration system for the Management Board and the fact that it has not yet been put up to shareholder approval. Furthermore, we note the insufficient attendance of Supervisory Board members Dr. Holger Zinke and Dr. Matthias Kromayer in financial year 2016/2017. As the discharge is proposed in a bundled resolution, we recommend shareholders to oppose the discharge of the Supervisory Board as a whole.
Item 5: We recommend to oppose the election of Dr. Rainer Marquardt to the Supervisory Board due to our concerns over the insufficient independent representation on the Board.
Item 6: The Company shall be authorised until 7 March 2023 to increase the share capital by up to EUR 9,027,891 (50% of the share capital) by issuing shares against contributions in cash and/or in kind. The total shares issued while disapplying preemptive rights under the proposed authorisation may reach up to 50% of the share capital which significantly exceeds our guidelines according to which we accept a maximum potential dilution of 10%. We recommend opposition.
Item 7: Approval is sought for an investment agreement to be concluded between the Company and Hessen Kapital II GmbH. It is planned that Hessen Kapital II GmbH shall render a cash contribution of EUR 3.0m as a typical silent partner in the Company's assets. The invested capital is to be utilised exclusively for the co-financing of research expenses. An annual fixed payment and an annual profit participation are planned as investment fees. We consider that possible alternatives to the conclusion of the investment agreement have not been sufficiently examined and/or are not adequately disclosed by the Company. Furthermore, we consider the annual fixed compensation of 6%, which may be increased up to 8% in certain cases, to be relatively high. Given the amount of the cash contribution to be rendered (EUR 3.0m) and the duration of the silent partnership (until 31 March 2028) we consider the investment agreement not to be in the best interest of the Company. We therefore recommend shareholders to oppose the approval of the investment agreement.
BRAIN Biotechnology Research and Information Network AG is a Germany-based industrial biotechnology company, which is active in two segments: The BioSciences segment comprises research and development activities related to replacing classical chemical and industrial processes with biotechnology processes, and the BioIndustrial segment focuses on the development of own products for both companies and consumers. The Company develops drugs, bioactive natural compounds and enzymes for customers in the chemical and pharmaceutical industries, as well as in the food and cosmetics industries. It offers research and development collaboration, as well as strategic partnerships and exclusive licensing agreements through all phases of enzyme and biological compound discovery to application development and production. The Company's product portfolio includes EvoSolution, METAGENOME, BRAINzyme, LIL, ABEL, CompActives and BioCompActives.
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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A director at Biotechnology Research And Information Network bought 5,000 shares at 10.960EUR and the significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under li...
L'ensemble des rémunérations des dirigeants mandataires sociaux font l'objet des résolutions 6 à 11. La particularité d'Infotel est de présenter des politiques de rémunération ne comportant aucune part variable. Cette spécificité n'est pas en accord avec notre politique de vote. Toutefois, les mandataires sociaux dirigeants sont tous actionnaires à au moins 1,99% du capital et les montants sont raisonnables, ce qui atténue nos réserves et permet des recommandations positives. Les caractéristiques du conseil d'administration ne répondent pas à nos attentes en matière de gouvernance puisqu'il e...
Suite au transfert des titres de la Société sur Euronext Growth le 6 août 2018, la Société n’a plus d’obligation de se référer au Code de Gouvernance MIDDLENEXT auquel elle se référait depuis 2010 pour l’élaboration du rapport du Président sur le gouvernement d’entreprise, le contrôle interne et la gestion des risques prévu à l’article 225-37 du Code de Commerce et relatif à l’exercice clos le 31 décembre 2009. La société ne précise pas à quel code elle se réfère. Proxinvest avait déjà souligné l’année précédente que ce changement vers un marché moins règlementé était regrettable ; communicati...
Proxinvest veut attirer l'attentions sur quelques points majeures: D'une part, nous félicitons la Société pour la modification statutaire visant à réduire la durée du mandat des membres du Conseil de Surveillance de 6 à 3 ans. D'autre part, nous regrettons les montants des membres du Directoire (en cours) qui sont trop élevés par rapport à la médiane des rémunérations totales des dirigeants de leur indice. Enfin, nous encourageons la Société à améliorer le taux d'indépendance du Conseil, qui est pour le moment de seulement 25%.
Le conseil présente une majorité de membres non libres de conflits d'intérêts d’après Proxinvest à cause surtout de l’ancienneté des administrateurs qui dépasse notre seuil de 11 ans. Il est présidé par le Directeur général. Par ailleurs, les mandats d'une durée de 6 ans semblent trop longs car ils ne permettent pas aux actionnaires de se prononcer assez fréquemment sur la composition du conseil. Les différentes autorisations financières ne respectent pas la politique de vote de Proxinvest en termes de montants mais également en raison de leur possible utilisation en période d'offre publique. ...
ITEM 10: Benoit Bazin was designated Deputy CEO as of 1 January 2019. The company proposes therefore to approve its 2019 remuneration policy, as well as its post-employments benefits. Overall, his remuneration policy structure is more in line with our recommendations and amounts at stake are more moderate than the CEO’s. Thus we support it. Regarding his post-employments benefits, his severance indemnity and non-compete clause do not respect our Guidelines. However, his supplementary pension plan does. Thus, we support Item 12.
GOVERNANCE On 1 June 2018, Laurent Mignon left his position as Chief Executive Officer to become Chairman of the Management Board of BPCE, Natixis' main shareholder with 71% of the capital. He succeeded François Pérol as Chairman of the Board of Directors of Natixis and François Riahi became the new Chief Executive Officer. The Board remains composed of a majority of members who are not free of potential conflicts of interest, which makes it impossible to support most of the many co-optations and renewals proposed (resolutions 12 to 22). REMUNERATION Due to changes in governance, in a...
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