Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio.
Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes :
Each theme is rated taking into account several comprehensive sub-categories.
Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter. Indeed, our process is supported by a network of local experts that have a deep knowledge of each local market best practices (from both customs and regulatory points of views).
If you are interested in the Proxinvest Corporate Governance Rating ®, please contact directly Proxinvest ( or +33(0)1 45 51 50 43).
Raiffeisen Bank International is a universal bank focusing on corporate and retail customers in Central and Eastern Europe (CEE) and on corporate customers in Austria. In CEE, Co. consists of a network of banks, leasing companies and financial service providers. In Austria, Co. is involved in corporate finance and export and trade finance banks. Co. provides services to customers in 2,800 branch offices. In the retail banking business, Co.'s product and service portfolio comprises inter alia credit services (mortgages, credit cards and personal loans), as well as payment transaction and current account package services. As of Dec 31 2014, Co.'s total assets amounted to Euro121.6 million
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.
Raiffeisen – Instant Earnings Comment Recommendation: BUY (unch.) Target price (12M): EUR 30.0 (unch.) Raiffeisen reported net income came to EUR 345 mln, beyond market estimates of EUR 306 mln and our forecast of EUR 328 mln. NII was up by 1.8% thanks to good volumes in Russia (+5.5% q-o-q), CEE (+1.9% q-o-q) and Head Office while margins slightly came down in the quarter due to lower margins in Russia and Head Office. Better results compared to our estimate comes from higher Net F&C, primarily due to seasonality and driven by Russia and Romania. Net trading income as the Company...
HEADLINES: • Polish telecoms: price hikes priced in already (CPS stays HOLD, OPL downgraded to HOLD, PLY downgraded to SELL) • Raiffeisen Int.: 2Q19 - beat vs. expectations on mix of non-existent LLPs & pre-provision profit POSITIVE • Graphisoft Park: 2Q19 - steady as she goes POSITIVE • Magyar Telekom: 2Q19 - decent quarter, EBITDA (ex.IFRS 16 impact) up 2.4% yoy, 6% above our forecast POSITIVE • Tupras: 2Q19 results, weak EBITDA, strong net income • Anadolu Efes: 2Q19 results - stronger than expected, international volume growth guidance hiked POSITIVE • Ulker: 2Q19 results - 10% beat on EB...
EME Equity Market – June 2019 Market performance – ISE30 index the best performer in June, gaining 6.7% in LCU. Other markets were generally stronger in June than in May, with the MSCI EME gaining 6.3% mom in local currency (vs. 0.9% mom in May). Turkey’s ISE30 index gained 6.7% mom, while the ASE increased by 4.6% mom. Bucharest’s BET and Moscow’s MOEX indices gained 3.8% mom each in June, while the Polish WIG20 increased by 3.9% mom. On the other hand, the Czech Republic PX fell 0.2% mom, while Hungary’s BUX dropped 1.5% mom. (All in local currencies.)
The Company has paid a dividend in respect of the financial year, however no resolution to approve the distribution has been proposed at the general meeting. Item 2: Approve the New Remuneration policy The company proposes to remove the Bonus Plan for 2019/20. Therefore, variable incentives will solely be based on 2011 awards performance condition of £2 of return required each year for the tranche of options to vest, and £2 of return required each year for any of the ‘banked’ shares to vest. Thus, there will be an insufficient alignment between incentive pay and Company strategy. Moreover, ...
Il est proposé de modifier les statuts afin de créer la fonction de censeur et de nommer à ce poste le groupe L’Oréal, via son fonds d’investissement BOLD Business Opportunities for L’Oréal Development, qui a participé à une augmentation de capital en juin 2019 lui permettant de devenir le premier actionnaire de la société avec 17,3% du capital et des droits de vote. Bien qu'il soit légitime que le principal actionnaire de la société siège au conseil, le choix d'y figurer en tant que censeur ne sera pas soutenu. En effet, Proxinvest n'est pas favorable à la présence d'un censeur au sein du co...
Il est proposé une offre publique de rachat auprès de tous les actionnaires de la société au prix de 6,50 € portant sur 18,84% du capital. Selon la société, cette offre constitue une opportunité offerte aux actionnaires de céder leurs actions avec une prime et de trouver une liquidité que le marché ne leur offre pas aujourd’hui. Il est positif de donner aux actionnaires la possibilité de céder leurs actions. Cependant, cette opération d'OPRA pose la question de l'absence de projets d'investissements rentables identifiés par la société. Par ailleurs, le problème de liquidité soulevé semble inc...
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