Report
Charles Pinel
EUR 508.94 For Business Accounts Only

Etude de l'AG du 23/06/2017

Bien que le conseil ne soit pas majoritairement composé de membres libres de conflits d'intérêts potentiels, les renouvellements de mandats proposés seront soutenus car ils concernent des administrateurs indépendants ou qui représentent les principaux actionnaires à l'exception du Président-Directeur Général. Pour ce dernier, les actionnaires pourront critiquer le cumul des fonctions et l'absence de mise en place de contre-pouvoirs (résolutions 12 à 16).

La société propose deux résolutions portant sur la rémunération attribuable au Président-Directeur Général au titre de l'exercice 2016 ("Say on Pay") et sur la politique de rémunération attribuable au titre de l'exercice 2017 (Sapin II). La communication de la société est insuffisante, voire confuse pour la rémunération actionnariale. En prenant en compte l'attribution d'actions gratuites, la structure n'est pas équilibrée et les montants trop élevés. Par conséquent, nous recommandons l’opposition aux résolutions 17 et 18.

Underlying
SES Imagotag

Ses Imagotag SA Formerly known as Ses-Imagotag SA. Ses Imagotag SA is a France-based company, which designs and markets electronic shelf labeling systems for food and non-food retail industries. The Company's solutions include store electronic systems (SES), electronic labels, software, radio and mounting systems. The Company's solutions are designed for every type of retail environment, including hypermarkets, supermarkets, electronics stores, garden centers, pharmacies and service stations. The Company's products are distributed in approximately 50 countries worldwide. Ses Imagotag SA's main clients include Intermarche, E. Leclerc, Monoprix, Groupe Casino, Carrefour and Auchan. The Company has a global presence, through its own subsidiaries and representations, in Italy, Spain, the United Kingdom, Scandinavia, Canada, Mexico and Singapore, as well as more than 60 international partners. It operates through imagotag GmbH, a manufacturer of electronic components.

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.

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Analysts
Charles Pinel

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