Cette année, Somfy propose un vote contraignant sur la politique de rémunération 2017 du Président et du membre du Directoire, ainsi que du Président et des membres du Conseil de Surveillance dans le cadre de la nouvelle loi "Sapin II" (résolution 10 et 11).
Proxinvest invite les actionnaires à approuver la politique de rémunération 2017 du Président et des membres du Conseil de Surveillance, mais leur recommande de s’opposer à celle du Président et du membre du Directoire cette politique est trop peu transparente.
En ce qui concerne la composition du Conseil d’Administration, deux mandats de membre du Conseil de Surveillance prennent fin à l’issue de l’assemblée générale (Valérie Pilcer et Jean Despature), deux mandats sont renouvelés (Paule Cellard et Victor Despature) et trois nominations sont proposées (Marie Bavarel-Despature, Sophie Desormière et Florence Noblot).
Proxinvest salue le fait que ce changement de composition améliore le taux d’indépendance du Conseil, mais regrette l’absence d’une majorité de membres libres de conflits d'intérêts (taux d’indépendance de 37,5%) et de ce fait s’oppose à la nomination et aux certains renouvellements des non indépendants.
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 :
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.
The trend is still bullish, though slower. The invalidation level is below €453.00.The target is at €499.42.Arguments :- The major support has been reached, it causes the bounce.- Prices are moving to the upper boundary of the rectangle.
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 ...
Unfortunately, this report is not available for the investor type or country you selected.Browse all ResearchPool reports
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.