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Proxy Report - 08/05/2018

Jean-Pierre Clamadieu ayant annoncé son départ pour prendre la présidence du conseil d'Engie, le processus de sélection d'un successeur est en cours, M. Clamadieu assurant temporairement la poursuite de ses fonctions.

Proxinvest observe que Solvay continue d'afficher une bonne progression dans ses résultats cette année, ce qui lui permet d'augmenter son dividende, qui passe à 3,60 € par action. Solvay a continué à démontrer qu'une société familiale pouvait disposer d'un conseil d'administration majoritairement independent (56% d'indépendance) avec une séparation des fonctions de Président et Directeur Général. Proxinvest note toutefois un taux de féminisation de seulement 37,5%, ce qui reste insuffisant.

La société a pu expliquer à Proxinvest les raisons de l'absence de conditions de performance sur les stock-options à la lumière du contexte belge (cf. résolution 2). Proxinvest félicite la société pour l'amélioration de sa transparence sur les rémunérations et les évolutions de politique de rémunération, notamment l'ajout d'un critère de performance lié aux réductions des émissions de carbone pour l'acquisition des Performance Share Units. La rémunération totale excède malheureusement légèrement la rémunération maximale socialement acceptable de Proxinvest.

Underlying
Solvay S.A.

Solvay is engaged in chemical and plastic businesses worldwide. Co. offers chemical products such as advanced materials, barium strontium, calcium chloride, caustic soda, chlorinated products, fluor, peroxygen products, polyglycerols, precipitated calcium carbonate, soda ash, and sodium bicarbonate. It also provides specialty polymers, such as Spire ultra polymers, Solviva biomaterials, and sulfone polymers. Co. structures its activities around five operating segments: Advanced Formulations, Advanced Materials, Performance Chemicals, Functional Polymers and Corporate & Business Services, each with its own specific business model and each comprised of Global Business Units (GBUs).

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. 

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