Item 5: We recommend opposing the re-election of KPMG as auditor. While we have no concerns over the ratio of non-audit/audit fees we note that KPMG has audited the Company since the financial year 2002 which exceeds our maximum acceptable term of office of 10 years in case no audit tender has taken place after the initial engagement period which has not been disclosed by the Company.
Items 6a, 6b, 6e, 6f and 6g: We recommend to oppose the re-election of various Board members due to concerns over aggregate time commitments or independence concerns.
SAP is engaged in selling licenses for software solutions and related support services. Co. derives its revenue from fees charged to its customers for the use of its cloud solutions and for licensing of on-premise software products and solutions. Additional sources of revenue are support, professional services, development, training, and other services. Co. has more than 300,000 customers in over 180 countries. Co.'s SAP HANA platform holds the ability to simplify both the user experience and the overall IT landscape, creating a smaller data footprint, increased system throughput, and easier data processing and operation.
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>Last 3-year mandate for Hasso Plattner but no plan for his succession was unveiled - During SAP’s AGM in Manheim yesterday, the mandate of Hasso Plattner (75 ) as president of the supervisory board was renewed for three years. This will be his last mandate, given his age. While the end of Hasso Plattner’s presidency was foreseeable and expected, this event was a reminder that he will be sorely missed in the company, insofar as he was the group’s big technology vision...
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.
Nous tenons à attirer l'attention des actionnaires sur les manquements suivants : La Société n'est pas suffisamment transparente sur la rémunération. En effet, la rémunération totale que Proxinvest considère est de 594 000 €, alors que la rémunération totale selon la société est de 24 000 €. Les informations relatives aux membres du Conseil restent trop sommaires. La société pourrait davantage présenter les membres de son Conseil, notamment en faisant apparaitre les biographies, ce qui permettrait d'avoir une meilleure lisibilité. De manière générale, la Société n'est pas assez transparente...
La société a vécu une année difficile en termes de rentabilité, avec une perte nette de 3,3 M€ sur un chiffre d’affaires consolidé de 12.5 M€. Néanmoins, après l’augmentation de capital de 37 M€ réalisée en 2018, la société présente une situation financière solide, avec 35 M€ de trésorerie nette destinée à la croissance. La société propose à ses actionnaires de renouveler l'ensemble de ses délégations financières. Proxinvest n'en soutient quasiment aucune car elles portent toutes sur des montants très élevés et sont toutes utilisables en période d'offre publique. La société a proposé égaleme...
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. ...
On 5 November 2018, Chairman and Chief Executive Officer Philippe Lazare was replaced by Nicolas Huss as Chief Executive Officer and Bernard Bourigeaud as Chairman of the Board. The functions of Chairman and Chief Executive Officer are now separated. This change leads to approval of the cooptation and appointment of Nicolas Huss to the Board of Directors (resolutions 7 and 8). The Board's high level of independence (67%) also allows us to support the other five appointments and renewals of directors (resolutions 9 to 13). REMUNERATION The remuneration due to Philippe Lazare for 2018 wil...
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