Cette année, la société présente un conseil d'administration dont la composition n'est pas conforme aux standards de bonne gouvernance. En effet, il est composé à 82% de membres non libres de conflits d'intérêts selon Proxinvest (au lieu de moins de la moitié) et de 27% de femmes seulement. Rappelons que la loi Copé-Zimmermann instaurant des quotas de diversité de représentation ne concerne pas les sociétés admises sur Alternext.
La société ne communique pas la répartition des honoraires d'audit entre ces différents commissaires aux comptes, ni entre les différents postes de dépense. Nous encourageons vivement la société de se conformer aux pratiques de la place et aux standards de bonne gouvernance, afin de permettre aux actionnaires de juger de l'indépendance des commissaires aux comptes.
Voyageurs du Monde SA is a France-based travel company. It is engaged in the provision of travel-related services, which includes organizing personalized travel itineraries for individual clients; running guided tours and group holidays; providing special interest package holidays; organizing trips for large groups and associations, and providing flight and hotel reservation services in the number of countries in Africa, South America, Asia, the United States and Europe. Voyageurs du Monde SA runs several specialized travel bookshops throughout France and organizes conferences, exhibitions and craft fairs from around the world. In addition, it offers accommodation services in Morocco, Brazil and Egypt. The Company operates through Comptoir des Voyages SA, Original Travel Co Ltd, Villa Nomade SARL, Villa Bahia, Voyageurs d'Egypte, Satyagraha's Guest House and Ke Adventure Travel, among others. The main shareholder of the Company is Avantage SA.
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 :
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.
The implicit probabilities almost certainly flag a downward movement in Fed key rates at the September FOMC. In the US, the long part of the yield curve has already incorporated this movement. However, despite this outlook and the consequent tightening of the 2-year Treasury Note / Schatz spread, the dollar remains surprisingly strong, while an ECB, even a dovish one, does not have a comparable reaction capacity. In short, the US dollar could finally move down. In this case, the sect...
Item 3: Approve the Remuneration Report The structure is weighted more heavily towards short-term performance. One of the performance metrics for the LTI is the payment of sustainable dividends, which is not considered appropriate as executives can potentially influence the payout level. The LTI also includes relative TSR as a performance metric. Nevertheless, the quantum is not excessive and even maximum potential amounts are moderate. On balance, we recommend shareholders vote in favor. Item 4: Approve the Remuneration PolicyThe main concern with the Company's remuneration policy is that pa...
Item 2: Approve the Remuneration ReportThe remuneration structure is unsatisfactory. The main concern at the Company is that the potential maximum incentive pay including the bonus, matching shares on the deferred portion of the bonus and the LTI amounts to 1000% of base salary, which is considered grossly excessive. Actual incentive pay during the year was1.6 times the ECGS limit. Furthermore, variable remuneration is overly reliant on a single performance metric, benchmark profit before tax. A second performance criteria will be used in the coming year. We note that the Company has adjusted ...
Leadership changes Vittorio Colao was succeeded by Nick Read who was appointed Chief Executive Designate on 27 July 2018 and became Chief Executive on 1 October 2018. Margherita Della Valle joined the Board as Chief Financial Officer on 27 July 2018. Item 15: Advisory vote on the Remuneration ReportThe structure is unsatisfactory. The maximum bonus and total incentive pay exceed guidelines. The quantum for the year was excessive. Pay weighted more towards rewarding long-term performance, but there are overlapping performance conditions as free cash flow was used for both the STI and LTI. A b...
Unfortunately, this report is not available for the investor type or country you selected.Browse all ResearchPool reports
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.