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Etude de l'AG du 9/12/2016

Proxinvest attire l'attention des actionnaires sur le manque d'indépendance au sein du conseil d'administration. Par ailleurs, la seule administratrice considérée indépendante selon nos critères détient trop de mandats dans des sociétés cotées et, pour cette raison, nous ne soutenons pas sa réélection. De plus, nous ne soutenons pas les élections des autres administrateurs car ils sont tous non-indépendants.

La rémunération du Président Directeur Général, Philippe Aymard, ne sera pas approuvée car la société ne verse pas de rémunération au titre de ses fonctions. En terme de gouvernance, cette situation n'est pas saine puisque Philippe Aymard exerce des fonctions opérationnelles à la tête de la société, il devrait donc être rémunéré pour ces fonctions. La société devrait améliorer sa transparence vis-à-vis des éventuelles rémunérations de son PDG.

La rémunération du Directeur Général Délégué, Emmanuel Rougier, ne sera pas non plus soutenue en raison de la structure (100% court-terme) et du manque de communication sur les cible et maximum ainsi que sur le taux de réalisation de son seul objectif de son bonus annuel, ceci malgré un montant modeste.

Underlying
Vilmorin & Cie

Vilmorin & Cie SA is engaged in the production, marketing and sale of vegetable and crop seeds for agricultural production and market gardeners. The Vegetable seeds division is involved in the production and sale of vegetable seeds under the brand names, such as Hazera-Nickerson, Vilmorin SA, HM.Clause and Mikado Kyowa Seed, among others, intended for the professional food market, including market gardeners, processors, and specialists in canning, specialists in deep-freezing and freeze-drying. The Field Seeds division is focused on field seeds, including corn, straw cereals, grape and sunflower seeds for European and American clients. The Garden Products division is structured around two companies, Vilmorin Jardin and Suttons. In March 15, 2013, it acquired the Bisco Bio Sciences of India. In October 2013, it announced that it has recently taken over Shamrock. In November 2013, it acquired Eureka Seeds Inc. In March 2014, it acquired Seed Asia based in Bangkok.

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. 

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