Report
Florian Béchaz
EUR 500.00 For Business Accounts Only

Vallourec - Assemblée générale des actionnaires du 23 mai 2019

Proxinvest apprécie la transparence de la société sur les rémunérations attribuées et attribuables. Si la structure est quelque peu déséquilibrée (insuffisance de long terme), ce qui est compréhensible en raison de la situation de la société, la transparence reste à saluer. La très bonne communication de la société permet de clairement établir le lien entre performances effectives et montants attribués, ce qui nous permet de soutenir les résolutions sur les rémunérations attribuées au titre de l’exercice 2018.

Cependant Proxinvest recommandera l’opposition aux politiques de rémunérations des membres du Directoire au regard des indemnités postérieures à l’emploi excessives.

Par ailleurs, la société présente toujours des pertes opérationnelles impressionnantes.

Enfin Proxinvest note la bonne indépendance du conseil de Surveillance qui permet d’approuver l’ensemble des rénouvellements.

Underlying
Vallourec S.A.

Vallourec is a holding company. Through its subsidiaries, Co. supplies tubular solutions, mainly for the energy markets as well as other industrial applications. Co.'s activities can be divided into two segments: the Seamless tubes segment (production of hot-rolled seamless carbon and alloy steel tubes, both smooth and threaded, for the oil and gas industry); and the Speciality Products segment (production of stainless steel and titanium tubes as well as specific forming and machining activities). Co. is organized into four divisions: Energy and Industry division; Oil Country Tubular Goods division; Drilling Products division; and Brazil division.

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
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  • Corporate Governance Data and Rating
  • Thematic research
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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
Florian Béchaz

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