Agenda: We have no concerns over the agenda items at this year's AGM.
General: Thyssenkrupp AG was formed in 1999 through the merger of Thyssen AG and Friedrich Krupp AG Hoesch-Krupp.
Today, Thyssenkrupp is a diversified industrial group with traditional strengths in materials and a growing share of capital goods and services businesses. Since the sale of its Brazilian steel mill Companhia Siderúrgica do Atlântico (CSA) to Ternium in 2017 (for details see below), the Company focuses on five business areas: Components Technology, Elevator Technology, Industrial Solutions, Materials Services and Steel Europe.
Around 158,000 employees in 79 countries develop high-quality products and intelligent industrial processes as well as services for sustainable progress. In financial year 2016/2017, the Company generated sales of EUR 43bn.
In February 2017, Thyssenkrupp reached an agreement with Ternium on the sale of its Brazilian steel mill CSA, which brought the loss-making chapter of 'Steel Americas' to an end. The sale was completed in September 2017 and resulted in one-time impairment charges causing a net loss for financial year 2016/2017.
On 20 September 2017, Thyssenkrupp signed a memorandum of understanding with Tata Steel to combine the companies' European steel activities in a 50/50 joint venture. An agreement is expected to be reached in early 2018, the closing of the transaction at the end of 2018 after regulatory approval. As a result of the transaction, the steel business would no longer be included in the Company's balance sheet, which will lead to significant improvements to key balance sheet ratios.
ThyssenKrupp is the parent company of the ThyssenKrupp Group. Co. has six business areas: Components Technology, which provides components for the automotive and machinery sectors; Elevator Technology, which supplies passenger and freight elevators, escalators and moving walks, passenger boarding bridges, stair and platform lifts; Industrial Solutions, which comprises the System Engineering and Marine Systems units; Materials Services, which focuses on materials distribution and technical services; Steel Europe, which develops, produces and markets flat carbon steel in the European market; and Steel Americas, which produces, processes and markets steel products in North and South America.
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ThyssenKrupp is a diversified industrial company that generates approximately 55% of its sales in Europe. The company had been unprofitable because of the significant drag on earnings associated with its Steel Americas business unit. As we have been advocating for more consideration given to splitting the company into a steel business and a capital goods business, we are happy with sale of the CSA steel plant in Brazil, the full closure of Steel Americas, and the intended merger of Steel Europe with Tata Steel. While the current structure provides some earnings diversification and smooths vola...
After issuing a profit warning, no-moat Thyssenkrupp reported full-year results with 2% and 5% underlying order and revenue increases, respectively, excluding the discontinued steel business. However, the group adjusted EBIT margin contracted 140 basis points on the back of raw material price increases and currency impacts, leading to a 39% decline in adjusted EBIT from continuing operations. The shares are under review, and we expect to update our model in the near term. In the company's large...
La société a annoncé depuis son entrée en bourse sa volonté de diversifier son conseil d'administration, qui n'est composé que d'une femme (représentante d'une société administratrice) et que d'un membre indépendant (les taux d'indépendance et de féminisation ne sont donc que de 25%). De plus, l'actionnaire majoritaire, Apax, est surreprésenté au conseil, en possédant la moitié des sièges, pour une participation au capital de 42,19%. Si l'entrée en bourse de la société est récente, nous l'incitons fortement à prendre en compte cette nécessité de diversifier son conseil. Le renouvellement de ...
Proxinvest attire l'attention des actionnaires sur plusieurs points : - Tout d'abord la société est dans un processus qui va permettre à un actionnaire chinois, Fosun, de rentrer au capital via une émission de nouvelles actions lui étant réservée. Suite à cette émission, Fosun deviendra le premier actionnaire et propose donc de nommer un administrateur au conseil de la société. -Ensuite la direction de la société est modifier puisque Marie Meynadier va céder ses fonctions à Mike Lobinsky le 1er Janvier 2019. De ce fait lors de la présente assemblée la société propose une nouvelle politique d...
Item 2: Approve the Remuneration Report The structure is not acceptable as the STI and LTI are equally weighted. Though 25% of the bonus is deferred, it is not subject to further performance conditions and is only held for one year. Additionally, alignment with performance has not been definitively demonstrated, as no bonus targets are disclosed. Finally, awarded amounts are high in relation to index and sector comparisons. Item 4: Re-elect as a director, Emma Adamo. The director is not independent as she is a member of the Weston family. The Garfield Weston Foundation controls Wittington I...
The Company is seeking shareholder approval for the Company’s shares to be transferred to Takeda Pharmaceutical Company Ltd. The Company will become a wholly owned subsidiary of Takeda. This will be effected by means of a Scheme of Arrangement under Jersey Companies Law. Although the Company has presented a strategic justification for the merger and the price represents a significant premium on the pre-offer share price, there are significant governance concerns arising around shareholders' rights following the transaction, as well as the implementation of retention payments which are not sub...
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