In item 5, the AGM is called to appoint the Board of Directors on slates of nominees submitted by shareholders holding, even jointly, at least 1.0% of the share capital. Three slates of nominees have been submitted, respectively by the outgoing Board of Directors (sub-item 5.1: 10 nominees, including the non-executive Chairman, 4 executives and 5 independent nominees), Tamburi Investment Partners through Clubtre Srl (sub-item 5.2: 3.9% of the share capital, including 2 members of Tamburi Investment Partners' Board) and a group of institutional investors cumulatively holding 6.2% (sub-item 5.3, including 3 independent nominees).
One of the institutional investors that submitted the slate of nominees is Generali Investments, which is a client of ECGS partners Proxinvest and Frontis Governance. It is important to note that these partners do not provide consulting services to Generali. Voting advice is provided primarily as a source of information at general meetings. In recommending the vote direction, we have to consider the final composition of the Board, which will depend on the votes held and gathered by proponents of each slate. Taking into account the overall composition of the Board after the AGM, the sufficient independence in the slate submitted by the Board (50%), the skills and professional backgrounds represented in the slate, and in order to guarantee the reappointment of the non-executive Chairman Mr. Massimo Tononi, we recommend that shareholders support the slate submitted by the outgoing Board of Directors (sub-item 5.1).
In item 11 (EGM), it is proposed to authorize the Company to increase the share capital by up to maximum € 500 million in market value, through rights issue. The authorization is exclusively aimed at rebalancing the Company's financial structure after the closing of the acquisition of General Cable for a total consideration of USD 3 billion. The resolution has no effects on the acquisition of General Cable, which will be completed in any case. The maximum amount of the authorization is reasonable (approximately 8.4% of existing share capital). Also taking into account that the authority is exclusively aimed at strengthening the financial position of the Company, we recommend approval.
Prysmian and its subsidiaries produce, distribute and sell cables and systems and related accessories for the energy and telecommunications industries. Co. operates in two segments. The energy segment includes utilities, which organized in four lines of business, comprising high voltage, power distribution, accessories and submarine; trade and installers; industrial; and other, such as sales of residual products. The telecom segment produces cable systems and connectivity products used in telecommunication networks. This segment is organized in the following lines of business: optical fibre, optical cables, connectivity components and accessories, Optical Ground Wire and copper cables.
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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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.
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The AGM was originally called on April 17, but the Board resolved to postpone it to June 5, to analyse the impacts on the financial statements of technical faults in the WesterLink submarine interconnection of April 8. The Agenda is identical to that of April 17, but the Board resolved to withdraw the proposed amendments to long-term incentive plans (item 7 in the April's AGM Agenda). In item 2, the Board proposes to distribute a dividend of € 0.43 per share on 2018 results, unchanged despite the € 72 million reduction in net income after the restatement of 2018 financials. We regret that the...
The independent financial analyst theScreener just awarded an improved star rating to PRYSMIAN (IT), active in the Electrical Components & Equipment 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 April 30, 2019, the closing price was EUR 17.19 and its expected value was estimated at EUR 16.82.
In item 4, the AGM is called to appoint the Board of Statutory Auditors on slates of nominees submitted by shareholders holding, even jointly, at least 1.0% of Prysmian's share capital. Two slates of nominees have been submitted, by the largest shareholder Clubtre SpA (3.9%) and a group of institutional investors jointly holding 4.1%. One of the institutional investors that submitted the slate of nominees is Generali Investments, which is a client of ECGS partners Proxinvest and Frontis Governance. It is important to note that these partners do not provide consulting services to Generali. Vo...
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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