Jehanne Leroy
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Proxy Report - 17/05/2018

Tout d'abord Proxinvest attire l'attention des actionnaires sur le changement de direction qui s'est déroulé fin Juillet 2017. Ainsi M. Olivier Salaun a cédé sa fonction de Président Directeur Général à M. François-Xavier Entremont. Ce dernier est membre de la famille Entremont premier actionnaire de la société.

Ainsi au titre de 2017, M. Salaun s'est vu attribuer une indemnité de départ en raison de sa révocation, ce qui ne respecte pas nos principes puisque seuls les cas de changements de contrôle devraient donner lieu au versement de tels indemnités.
Par ailleurs, Proxinvest regrette le manque de transparence générale des rémunérations attribuées en 2017.

Enfin Proxinvest note que le conseil n'est pas encore majoritairement indépendant selon la définition de Proxinvest, alors que lors de la présente assemblée les actionnaires devront se prononcer sur le renouvellement de 5 administrateurs.

PSB Industries S.A.

PSB Industries is a holding company. Co. is engaged in technological industries and is organized into the following three operating segments (business units): Beauty Packaging (Texen), Custom Packaging (CGL Pack), and Specialty Chemicals (Baikowski). Beauty Packaging (Texen) specializes in plastic injection and finishing, chiefly for the cosmetics and perfume industry; Custom Packaging (CGL Pack) specializes in the design and manufacture of custom thermoformed packaging for consumer products; and Specialty Chemicals (Baikowski) specializes in the production of powders and liquids based on ultra-pure alumina.


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. 

Jehanne Leroy

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