Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio.
Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes :
Each theme is rated taking into account several comprehensive sub-categories.
Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter. Indeed, our process is supported by a network of local experts that have a deep knowledge of each local market best practices (from both customs and regulatory points of views).
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STMicroelectronics is a global independent semiconductor company that designs, develops, manufactures and markets a broad range of semiconductor integrated circuits (“ICs”) and discrete devices. Co. offers a diversified product portfolio and develops products for a wide range of market applications, including automotive products, computer peripherals, telecommunications systems, consumer products, industrial automation and control systems. Within its diversified portfolio, Co. is focused on developing products that leverage its technological strengths in creating customized, system-level solutions with digital and mixed-signal content.
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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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 conditions (macroeconomic, hike in interest rates) for a value vs growth outperformance are not aligned in the long term. That said, a marked repositioning was attempted at the beginning of September. This was triggered by the fear of an increase in yields linked to a lack of aggressiveness in the stance taken by central banks. The ECB managed to wipe out this movement. That leaves the Fed (18 Sept.) which could spearhead a tactical reactivation. It would appear prudent to reduce ...
Les conditions (macroéconomie, remontée des taux) d’une surperformance value vs growth ne sont pas réunies à long terme. Pourtant, début septembre, un repositionnement brutal a été tenté. En cause la crainte d’une remontée des rendements liée à un manque d’agressivité des banques centrales. La BCE a été au rendez-vous annihilant ce mouvement. Reste la FED (18/9) qui pourrait être à l’origine de sa réactivation tactique. Il parait avisé de réduire la duration de son portefeuille en che...
>Buy rating reiterated and target price of € 23 (vs € 21) - Following a road show in Canada with Barlow Steibel (investor relations), we reiterate our Buy rating and increase our target price from € 21 to € 23, based on a revaluation of peer multiples in our SOP since our last update. In line with the management’s statements during the last few investor conferences, the group offered reassurance, repeating the scenario for the year end, namely sequential growth in Q3 ...
On 9 May 2019, the Company issued convertible bonds for a total principal amount of EUR 150 million. The sole agenda item relates to the proposed approval and ratification, in accordance with Article 556 of the Belgian Companies Code, of conditions of the convertible bonds in case of a change of control. These are standard provisions and they are in line with the market practice. Hence, we see no reason for shareholder concern and recommend to approve.
General: Hella is a leading automotive supplier with over 125 locations in some 35 countries. In financial year 2018/2019, the Company generated sales of EUR 7.0bn with around 39,000 employees. Hella specialises in innovative lighting systems and vehicle electronics in its segments Automotive and Aftermarket. Furthermore, in its Special Applications segment, Hella develops, manufactures and sells lighting and electronic products for specialist vehicles. As of 31 May 2019, a total of 60.00% of the Company's shares were covered by a pool agreement of family shareholders. A total of 62 members o...
In general, NN Group is in compliance with the Dutch regulations relating to the organisation and procedures of the Extraordinary General Meeting. On August 12, 2019, the Company announced that Mr. Lard Friese stepped down as CEO of the Company to become the new CEO of Dutch competitor Aegon. ECGS notes that the sole agenda item of this EGM (ITEM 2) concerns the intended appointment of Mr. David Knibbe as CEO and member of the executive board of NN Group. According to Dutch law and the Company's Articles of Association, shareholders are NOT entitled to vote on such agenda item; it is a discus...
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