Report
Jehanne Leroy
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Etude de l'AG du 10/05/2017

Malgré la forte contestation enregistrée en 2016 sur le Say on Pay de M. Brandicourt (36,74% d’opposition), contestation portant non seulement sur son Golden Hello, mais aussi sur le manque de communication de la société, la société n’a apporté aucune amélioration de fond à sa communication ; elle s’est simplement contentée de présenter désormais dans un tableau les critères du bonus.

Ce manque de communication ne permet pas aux actionnaires de comprendre les montants attribués : en effet, les 2 indicateurs financiers utilisés pour le bonus progressent légèrement (entre 1,2% et 2,5%), mais la société estime que leur taux d’atteinte global est de 194,1%. Cela semble particulièrement généreux pour de si faibles progressions.

Enfin, on s’étonnera du fait que la société propose aux actionnaires d’approuver la modification du régime de retraite de M. Brandicourt alors qu'elle n'a toujours pas daigné faire approuver à ses actionnaires ledit régime de retraite. On notera par ailleurs que la condition de performance proposée ne semble pas particulièrement exigeante.

Underlying
Sanofi

Sanofi is an integrated, global healthcare company focused on patient needs and engaged in the research, development, manufacture and marketing of healthcare products. Two segments make up Co.'s business: Pharmaceuticals and Vaccines. The Pharmaceuticals segment covers research, development, production and marketing of medicines, consisting of flagship products, plus a broad range of prescription medicines, generic medicines, and consumer health products. The Vaccines segment includes research, development, production and marketing of vaccines in five areas: pediatric vaccines, influenza vaccines, adult and adolescent booster vaccines, meningitis vaccines, and travel and endemic vaccines.

Provider
Proxinvest
Proxinvest

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. 

Analysts
Jehanne Leroy

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