Proxinvest remarque une année de réussite financière marquée pour la société Derichebourg, qui connaît un progrès de l'ensemble de ses résultats financiers, marqués par une conjoncture favorable dans le secteur sidérurgique et des métaux non ferreux, et par l'acquisition d'une filiale, Bartin Recycling. Ces résultats ont permis à la société de multiplier son dividende par 7.
Cette année, Proxinvest recommandera l'approbation pour les rémunérations du Président Directeur Général, Denis Derichebourg, en raison de montants raisonnables, d'une association au capital importante et de résultats financiers encourageants (résolutions 5 et 6). En revanche, les problèmes de communication et de structure marqués de la société dans ses politiques de rémunération seront sanctionnés par un vote négatif pour les politiques de rémunérations du directeur Général délégué, Abderrahmane El Aoufir (résolutions 7 et 8), qui ne bénéficie d'aucun mécanisme d'association aux intérêts de long terme de la société.
Nous constatons cependant positivement que, pour la mise en place de la loi Sapin II, la société ait décidé de communiquer les critères de performance de la rémunération variable annuelle d'Abderrahmane El Aoufir. Nous l'encourageons à poursuivre ces efforts en communiquant d'autres informations manquantes : la pondération entre les différents critères, les objectifs attendus, et le montant des bonus cibles et maximums.
Derichebourg provides services to businesses and to local and municipal authorities. Co. covers the entire waste recycling chain, from collection through to recuperation, as well as a range of services to businesses and to local and municipal authorities. Co.'s activities can be divided into three segments: Environmental Services segment which is engaged in the processing and disposal of waste and of end-of-life products; Business Services segment which offers a range of front end services (reception, cleaning, energy, parks and gardens maintenance, temporary workers) and Airport Services segment which provides outsourced airport services like services for stopover management and airfreight.
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.
The independent financial analyst theScreener just awarded an improved star rating to DERICHEBOURG (FR), active in the Business Support Services industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 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 3, 2019, the closing price was EUR 3.36 and its expected value was estimated at EUR 3.24.
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...
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.