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).
Ryanair Holdings is a holding company. Through its subsidiaries, Co. operates an ultra-low cost, scheduled-passenger airline serving short-haul, point-to-point routes between Ireland, the U.K., Continental Europe, and Morocco. Co. offers over 2,000 scheduled short-haul flights per day serving approximately 210 airports throughout Europe, and flying approximately 1,600 routes. In addition, Co. provides various ancillary services and engages in other activities connected with its core air passenger service, including non-flight scheduled services, Internet-related services, and the in-flight sale of beverages, food, and merchandise.
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 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.
Two weeks ago, it seemed rational to tilt our allocation more towards cyclicals and away from defensives (macro, expensive nature of the growth/quality theme). Alas! Donald Trump has gotten involved, rekindling volatility and considerably reducing visibility. What can we do when the search for security is once again pushing yields down, which is favourable for long-term sectors, often synonymous with quality but too expensive? Favour the cash flow/distribution trade combined with an a...
>Price environment still tough - Ryanair yesterday reported FY 2018-19 (to end-March 2019) results a shade lower than the consensus with net profit (excluding Laudamotion) of € 1,025m (consensus: € 1,032m), down 29%, giving a net margin of 13.5% (-680bp). These results include: i/ a 5.7% drop in yields (of which -15.4% in Q4); ii/ an 11.3% rise in ancillary revenues per pax (good performance in seat bookings and priority boarding masked by negative impact of € 38m cau...
Il y a 15 jours, colorer de manière plus cyclique, moins défensive, son allocation paraissait rationnelle (macro, cherté de la thématique qualité croissance). Las ! D Trump est passé par là réveillant la volatilité et diminuant considérablement la visibilité. Que faire alors que la recherche de sécurité pousse de nouveau les rendements à la baisse ce qui est favorable aux secteurs à duration longue souvent synonyme de qualité mais trop chers ? Favoriser le couple cash-flow / distribut...
Item 3: Approve the Remuneration ReportThe remuneration structure is satisfactory, though accelerated vesting is possible. Potential and actual total variable remuneration exceed guidelines, but not very much. They are moderate in comparison with UK market practice. Overall, the quantum during the year was not excessive. We recommend shareholders vote in favor.
Item 3: Approve the Remuneration Report The structure is weighted more heavily towards short-term performance. One of the performance metrics for the LTI is the payment of sustainable dividends, which is not considered appropriate as executives can potentially influence the payout level. The LTI also includes relative TSR as a performance metric. Nevertheless, the quantum is not excessive and even maximum potential amounts are moderate. On balance, we recommend shareholders vote in favor. Item 4: Approve the Remuneration PolicyThe main concern with the Company's remuneration policy is that pa...
Item 2: Approve the Remuneration ReportThe remuneration structure is unsatisfactory. The main concern at the Company is that the potential maximum incentive pay including the bonus, matching shares on the deferred portion of the bonus and the LTI amounts to 1000% of base salary, which is considered grossly excessive. Actual incentive pay during the year was1.6 times the ECGS limit. Furthermore, variable remuneration is overly reliant on a single performance metric, benchmark profit before tax. A second performance criteria will be used in the coming year. We note that the Company has adjusted ...
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