In general, Telenet is in compliance with the Belgian regulations relating to the organisation and procedures of the Annual General Meeting.
Under ITEM 4, the Board of Directors seeks approval for the Company's remuneration report. Since we have various concerns over the Company's executive compensation structure we recommend opposition.
Under ITEMS 6a-6n, discharge of the Board of Directors is sought. As we do not approve of the discharge of Directors who missed more than 25% of the board meetings without adequate justification, we recommend opposing the discarge of Mr. John Porter (ITEM 6d), Mr. Diederik Karsten (ITEM 6f), Mr. Manuel Kohnstamm (ITEM 6g), Mr. Jim Ryan (ITEM 6h) and Ms. Suzanne Schoettger (ITEM 6m).
Under ITEM 11, approval is sought for the terms and conditions of the performance share plan(s). As we have various concerns over the LT incentive plan(s) we recommend opposition.
Under ITEM 12, authorisation is sought to issue shares and subscription rights in connection with future incentive plans. In light of our concerns over the various incentive plan(s) we recommend opposition.
Under ITEM 2a, the Board of Directors seeks authorisation to issue shares. Since the maximum number of shares to be issued substantially exceeds our guidelines, we recommend opposition.
Under ITEM 2b, it is proposed to amend Article 7 of the Company's Articles of Association. In our view this is an enabling resolution of ITEM 2a (see above) and There fore we recommend opposition.
Telenet Group Holding is a holding company. Through its subsdiairies and its broadband network, Co. is engaged in the provision of cable television, including television services, broadband internet and telephony services to residential subscribers in Flanders and certain communes in Brussels as well as broadband internet, data and voice services in the business market throughout Belgium and parts of Luxembourg. In addition, Co. is engaged in the provision of mobile telephony services through a mobile virtual network operator partnership with Mobistar NV.
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Lors de notre dernière analyse court terme (15/09/2016), nous avions opté pour un avis positif. Nous restons positif avec un objectif à 50 € et un niveau d'invalidation à 46,19 €. La tendance est maintenant retournée à la hausse. Arguments : - Le support est atteint, il cause...
In our previous short term analysis (15/09/2016), we were positive. We remain positive with a target at 50 € and an invalidation level at 46,19 €. The trend has reversed to the upside. Arguments : - The support has been reached, it causes the bounce. - The moving average is...
La tendance est toujours haussière, son niveau d'invalidation est sous 46,02 €. L'objectif est à 57,00 €.Arguments :- Le support majeur est atteint, il cause le rebond.- La moyenne mobile sert de support.- La canal est déclénché mais son objectif n'est pas encore atteint.
La présente assemblée générale est marquée par le renouvellement de quatre administrateurs et la nomination d'un nouveau membre au conseil. Malgré la non indépendance de la société Orpar nouvellement nommée, le conseil conserve une majorité de membres libres de conflit d'intérêt ce qui lui permet de se conformer au Code de gouvernance Afep/Medef qu'elle applique dans son intégralité…
Proxinvest félicite la société qui propose par la présente Assemblée de changer son mode de gouvernance pour passer d'une société anonyme à Conseil d'administration avec cumul des fonctions de Président et de Directeur Général, à une société anonyme à Conseil de surveillance et Directoire à compter du 1er septembre 2016 …
The EGM is called to approve the merger by incorporation of Exor SpA into its wholly-ownedDutch subsidiary Exor Holding NV. Through the transaction, Exor will change itscountry of incorporation from Italy to the Netherlands. The transaction is aimed atsimplifying the Group's structure, as 85% of Exor's investments are, or are indirectlyowned through, Dutch companies (i.e., Fiat Chrysler Automobiles, Ferrrari, CNHIndustrial and the global insurer PartnerRe Ltd, which is 100% held through Exor NV).Similarly to its listed subsidiaries, Exor will adopt a multiple-voting structure, granting 5votes...
Banco BPM was established in January 2017, resulting from the merger between Banca Popolare di Milano ("BPM") and Banco Popolare. During the last round of TLTRO II in March 2017, 474 European financial institutions bid for €233 billion in loans far exceeding the expected amount of €110 billion. According to Reuters, Banco BPM bid for €3.1 billion in loans (equivalent to 39% of its balance sheet funding from institutional investors, or wholesale funding). These loans have a four-year maturity and carry a 0% interest rate (which could be revised down to -0.4%).In December 2016, Fitch downgraded ...
In item 2.d, the Board proposes the distribution of a dividend of € 0.11 per sharetotalling USD 160 million, despite a net loss of USD 236 million in 2016. We have concerns over the very high consolidated net debt of USD 19'734 million, corresponding to a debt-to-market capitalization ratio of 1.8 at the end of 2016. We also note that free cash flow (USD 914 million in 2016) decreased by 52.1% from 2015, despite 21.7% lower capital expenditures, which were reduced by 56.0% from 2013. As the proposed dividend distribution is fully covered by free cash flow, and taking into account that the Comp...
In general, Proximus is in compliance with the Belgian regulations relating to the organisation and procedures of the Annual General Meeting.Under ITEM 6, the Board of Directors seeks approval for the Company's remuneration report. In light of insufficient disclosure and our other concerns with regard to the executive compensation package, we recommend opposition.There are no further peculiarities.
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