Report
Expert Corporate Governance Service (ECGS)
EUR 492.40 For Business Accounts Only

Etude de l'AG du 03/05/2017

This year as in previous years we continue to have concerns regarding the overall governance of the Company.

Notably, there is an absence of disclosure regarding executive compensation. Furthermore, we note that non-executives receive a fixed sum that does not appear to be linked with attendance, nor is attendance at board meeting disclosed coupled with the substantial increase in board fees proposed for 2017 leads us to oppose setting board fees in Resolution 7.

Moreover, regarding the overall corporate governance of the Company, our concerns include, the absence of a single independent director with the exception of Yves Speeckaert a new nominee to the baord, the separation between functions of the Chairman and CEO, the Company's slate method of board elections (which we oppose in Resolution 6).

Finally we recommend opposing the election of the statutory auditor's and their fees in Resolution 8 given that the Company fails disclose the first year the auditor was elected to the board. Moreover the auditor has served since at least 2002, thereby surpassing the maximum number of years the we believe and auditor may remain on the board and retain their independence.

Underlying
Tenaris S.A. ADS

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. 

Analysts
Expert Corporate Governance Service (ECGS)

Other Reports on these Companies
Other Reports from Proxinvest
Other Reports from these Analysts

ResearchPool Subscriptions

Get the most out of your insights

Get in touch