ITEMS 2.1, 2.2, 7 and 8 - Binding votes on the remuneration of the board of directors and the executive management. Ethos has the following concerns over the amounts requested: The annual bonuses that will effectively be paid out to the chairman and the CEO are significantly higher than the amounts requested at the general meeting. The remuneration of the non-executive chairman is significantly higher than that of the peer group and includes an annual bonus.
For the executive management, the remuneration is significantly higher than that of the peer group and the remuneration structure is not in line with Ethos' guidelines. Ethos recommends to OPPOSE.
ITEM 5.2 - Re-elect Dr. Christoph Franz to the remuneration committee. He receives a remuneration that is not in line with generally accepted best practice standards. Ethos recommends to OPPOSE.
ITEM 5.11 - Re-elect Dr. Severin Schwan as board member. He is also a permanent member of the executive management (CEO). Ethos recommends to OPPOSE.
ITEMS 5.15 to 5.18 - Re-elect Mr. André Hoffmann, Dr. Richard P. Lifton, Mr. Bernard Poussot and Mr. Peter R. Voser to the remuneration committee. They were members of the remuneration committee during the past financial year when this committee made decisions fundamentally in breach with best practice and the remuneration system is deemed very unsatisfactory. Ethos recommends to OPPOSE.
ITEM 6 - Amend articles of association: Remuneration principles. The remuneration committee has excessive discretion with regard to awards and administration of the plan. Ethos recommends to OPPOSE.
Roche Holding is a healthcare company. Co. operates in two Divisions, Pharmaceuticals and Diagnostics. Co.'s pharmaceuticals division is comprised of two business segments Roche Pharmaceuticals and Chugai. Co.'s pharmaceuticals division provides therapies including Cotellic, in combination with Zelboraf for advanced melanoma, and Alecensa for a specific type of lung cancer. Co.'s diagnostics division consists of four business areas: Diabetes Care, Molecular Diagnostics, Professional Diagnostics and Tissue Diagnostics. Co.'s diagnostics division provides in vitro diagnostic tests, used by healthcare providers to screen, diagnose and monitor therapies.
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The wave of medical innovation is accelerating at a dizzying pace. Sector players are thus refocusing on the pharma business, which is enjoying strong growth. The groups’ metrics have improved: the EPS CAGR growth over the 2014-2018 period was 3.5%, while we expect +8.5% over the 2018-2022e period. Against this backdrop, we favour AstraZeneca (Top Pick), which boasts EPS growth twice that of the sector over this period (17.5%), Novartis, which will benefit from Alcon's exit, its ...
ROCHE - BUY - Top Picks | CHF329(+23%) Promising but still early-stage data with RG6042 in Huntington’s disease Huntington is a disease with no treatment today The drug showed effect and good safety in phase I/IIa A clinical benefit still has to be established We maintain a cautious central-case scenario
The wave of medical innovation is accelerating at a dizzying pace. Sector players are thus refocusing on the pharma business, which is enjoying strong growth. The groups’ metrics have improved: EPS growth over the 2014-2018 period was 3.5%, while we expect +8.5% over the 2018-2022e period. Against this backdrop, we favour AstraZeneca (Top Pick), which boasts EPS growth twice that of the sector over this period (17.5%), Novartis, which will benefit from Alcon's exit, its promising...
La société fait preuve d'une grande transparence concernant les montants attribués aux mandataires sociaux. En revanche, elle l'est beaucoup moins concernant les critères de performances des parts variables de la rémunération, qui restent inconnus. Par ailleurs, l'indépendance du Conseil d'administration est particulièrement préoccupante puisqu'il n'est composé que d'un administrateur indépendant sur six. Pour cette raison la résolution 11 portant sur le renouvellement de Marie Meynadier (membre non indépendante) n'est pas soutenue.
Suite à l'augmentation de capital lancée en mars 2019, 4 nouveaux actionnaires ((i) Latricogne Capital, (ii) les SCI Allianz Immobilier Durable et SCI Alliance Value Pierre, (iii) Cargo Investment B.V. et (iv) Madame Danièle Fredj) ont demandé à obtenir un siège au conseil. Il est donc proposé la nomination de 4 de ces représentants. Comme le conseil ne comprend pas une majorité d'administrateurs indépendants et que ces nouveaux actionnaires ne sont pas les principaux actionnaires de la société, conformément à notre politique de vote, nous ne soutenons aucun de ces candidats. Par ailleurs, la...
"Le 16 novembre 2018, les conseils d’administration de Groupe SFPI et DOM Security ont constaté la réalisation définitive de la fusion absorption de Dom Security SA par Groupe SFPI. "(Document de référence 2018 - Groupe SFPI) La gouvernance pourrait être améliorée en augmentant le taux d'indépendance du Conseil. Nous recommandons l'opposition à la nomination d'ARC Management, notamment pour cette raison. La société ne communique pas suffisamment d'informations sur les politiques de rémunération. Bien que les montants en ex-post soient raisonnables, il serait positif que la société s'améliore...
In item 6, we recommend opposing the authorization to increase the share capital by up to 50%, as the authority includes the power to exclude pre-emptive rights in connection with 20% of the share capital, exceeding ECGS' voting policy limit of 10%. In item 7, we also recommend opposing the authorization to reduce the minimum advance notice period for calling an EGM from 30 to 15 days, because it would strongly limit the time for foreign shareholders to adequately inform, analyse the resolutions and cast their votes through the custodian chain. In item 8.3, the Board proposes to appoint Ms. ...
WFD Unibail-Rodamco N.V. is part of the Unibail-Rodamco-Westfield Stapled Group which gathers WFD Unibail-Rodamco N.V. (“WFD”) and Unibail-Rodamco SE (“UR SE”). WFD portfolio consists of assets in the United States and The Netherlands. Class A shares of WFD and UR SE shares are stapled and have the same ISIN Code. Thus, on the market, buying a FR0013326246 share gives right to 2 securities: one from WFD and one from UR SE (each security giving right to attend their respective General meetings). The company proposes to amend its article 31.3 of the Articles of Association so that if applicabl...
The meeting is expected to be held on second call on 7 June 2019. The positions of Chairman and CEO were separated in practice in July 2017 through the appointment of Mr. Vilá Boix. Although the Company defines Mr. Álvarez-Pallete López as Chairman-CEO and Mr. Vilá Boix as COO, we note that the COO is responsible for the "highest executive functions over all the Company's business areas", which, in our opinion, are the typical responsibilities of a Chief Executive Officer. This is why this report refers to Mr. Álvarez-Pallete López as Executive Chairman and Mr. Vilá Boix as CEO. In any case...
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