Report
EUR 508.93 Purchase single report

Etude de l'AG du 29/06/2017

Nous alertons l'entreprise sur le manque d'indépendance de son conseil de surveillance. En effet, seulement 30% des membres du conseil sont considérés comme libres de conflits d'intérêt selon Proxinvest, tandis que la société estime que son conseil est indépendant à au moins 50%. La société devrait davantages suivre les recommandations de son code de gouvernance afin de juger de l'indépendance de son conseil avec plus de justesse.

La rémunération des dirigeants pose également problème sur plusieurs points : des problèmes de structure (augmentation non justifiée du fixe, rémunération actionnariale trop importante), des problèmes de transparence (concernant le "management agreement"), des problèmes de transparence (concernant les critères de performance du bonus annuel) et des problèmes de quantum, avec une rémunération totale potentiellement trop importante en comparaison des sociétés à capitalisation proche. Par conséquent, nous ne soutiendrons pas les résolutions 12 et 14.

Underlying
Valneva SE

Valneva, together with its subsidiaries, is focused on vaccine development and antibody discovery. Co. generates revenue from both its marketed product, a vaccine for the prevention of Japanese encephalitis (IXIARO®/JESPECT®), commercial partnerships around a portfolio of product candidates and licensed technology platforms (EB66® cell line, VIVA,Screen antibody discovery technology, and the IC31® adjuvant) developed by Co. Related business activities include product research and development, regulatory and clinical activities, manufacturing of commercial product and advanced clinical product candidates, as well as administrative, corporate development, and marketing and sales activities.

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. 

Other Reports on these Companies
Alexandre Iatrides ...
  • Emmanuel Matot
  • Jean-François Granjon
  • Martial Descoutures
  • Pierre Corby
  • Stephane Houri
Other Reports from Proxinvest

ResearchPool Subscriptions

Get the most out of your insights

Get in touch