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Expert Corporate Governance Service (ECGS)
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Wallix Group - Assemblée Générale des actionnaires du 06 juin 2019

La société a vécu une année difficile en termes de rentabilité, avec une perte nette de 3,3 M€ sur un chiffre d’affaires consolidé de 12.5 M€. Néanmoins, après l’augmentation de capital de 37 M€ réalisée en 2018, la société présente une situation financière solide, avec 35 M€ de trésorerie nette destinée à la croissance.

La société propose à ses actionnaires de renouveler l'ensemble de ses délégations financières.
Proxinvest n'en soutient quasiment aucune car elles portent toutes sur des montants très élevés et sont toutes utilisables en période d'offre publique.

La société a proposé également de renouveler ses autorisations d'attributions d'options (résolution 16) et d'actions gratuites (résolution 17): la dilution potentielle élevée, l'absence de transparence sur conditions de performance et l'absence de plafond pour les dirigeants, nous a conduits à exprimer des recommandations négatives. Par contre nous soutenons l’autorisation sur les BSAR Managers (résolution 18) à cause des efforts faits par la société pour en limiter le montant.

Underlying
Wallix Group SA

Wallix Group SA is a France-based company specialized in the security software industry. The Company publishes computer security software relating to the access control and the traceability of privileged accounts or privileged access management (PAM) in the information systems of a number of companies. The Group serves various sectors, including healthcare, cloud & telcos and bank & insurance, among others. Through its solution, Wallix Bastion, the Group helps companies enhance their protection from cyber risks. Its solutions are distributed via a network of trained resellers. Wallix Group's portfolio includes audit and compliance, remote access security, cloud security and controlling industrial systems. In addition, through its subsidiaries the Company also provides computer security software editing services. Apart from France, the Company also operates in the United States.

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.

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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
Expert Corporate Governance Service (ECGS)

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