Report
Jehanne Leroy
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Proxy Report - 15/06/2018

Comme lors des 3 précédentes assemblées, le fonds Elliott, principal actionnaire minoritaire de la société a déposé des résolutions externes non agréées par le directoire. Ces résolutions proposent le versement d'un dividende et la nomination d'un membre au conseil.

La pratique de la société en termes de conventions réglementées est particulièrement choquante :
- Tout d'abord, le principal actionnaire XPO Logistics France participe aux votes des conventions conclues avec XPO Inc, son actionnaire de contrôle, directement intéressé. Or, selon les articles L225-38 et 40 du code de commerce, les intéressés, directement ou indirectement, aux conventions réglementées, ne doivent pas prendre part aux votes. Si la Loi avait été correctement respectée et appliquée, la résolution aurait été rejetée.

- De plus, la convention de prestations de services permet la facturation à Jacobson, filiale de XPO Logistics Europe, de 11,3 M€, soit 46% du résultat opérationnel de cette filiale sans que la société ne fournisse quelle qu’explication que ce soit (ni en termes de nature des services, ni leur modalités de tarification)

Underlying
XPO Logistics

Norbert Dentressangle is a player in goods transport between the European continent and Great Britain that focuses its operation on transporting fresh produce, fruit, and vegetables from the Rhone valley to big markets in Great Britain, such as Covent Garden in London. Co. structures its business on four types of companies: Logistics operating companies, which provide warehousing and distribution services; Transport operating companies, which provide domestic and international transport services; Freight Forwarding operating companies, which provide goods transport organization services worldwide, by road, sea and air; and Service companies, which provide services to operating companies.

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. 

Analysts
Jehanne Leroy

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