Report
Florian Béchaz
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Vétoquinol S.A. - Assemblée Générale des actionnaires du 21 mai 2019

Proxinvest attire l'attention des actionnaires sur les points suivants :

Tout d'abord, notons que le Conseil d'administration de la société est largement composé par la famille Frechin, actionnaire de contrôle, qui est représentée par 4 sièges sur 8 (50%).
Par ailleurs, Proxinvest regrette que la société maintienne la possibilité de l'usage de ses délégations financières en période d'offre publique, ce qui n'est pas favorable aux intérêts des actionnaires puisque cela peut être considéré comme la mise en place d'un arsenal anti-OPA.

Enfin, la communication de la société concernant les rémunérations de ses dirigeants mandataires et sociaux et leurs structures ne semblent pas en ligne avec les pratiques de la place.

Cependant il est à noter que cette année à dissocier les politiques de rémunérations pour l’exercice à venir (rémunération ex-anté).

Underlying
Vetoquinol SA

V?toquinol is a global player in the animal health sector, serving both the livestock (cattle and pigs) and pet (dogs and cats) markets. Co. designs, develops, and sells veterinary drugs and non-medicinal products in Europe, the Americas and the Asia Pacific region, as an independent entity. Co. is also active in the therapeutic fields of anti-infectives, pain-inflammation and cardiology-nephrology treatment. As of Dec 31 2013, Co.'s product portfolio included brands such as Aurizon®, Epiphen®, Ipakitine®, Marbocyl®, Propalin®, Tolf?dine®, Tolfine®, Clavaseptin®, and Vetprofen®. Co.'s brands are V?toquinol, Tomlyn, and Evsco in the U.S.A. and Equistro for the horse range.

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 :

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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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