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Expert Corporate Governance Service (ECGS)

Takeaway.com - EGM 04 December 2019

In general, Takeaway.com is in compliance with the Dutch regulations relating to the organization and procedures of the Extraordinary General Meeting. Under ITEM 2a approval of a combination with UK-based Just Eat is sought. ECGS deems it a rather bold move of Takeaway.com, a company that has never been profitable, to enter into a combination with UK-based Just Eat, which, in terms of size and complexity, is the substantially larger company of the two. Pursuant to the terms of the Offer, Takeaway.com offers 0.09744 company shares for each share held in Just Eat. On the basis of the closing p...

Pauline Delecourt

Olympique Lyonnais Groupe - Assemblée Générale Annuelle des actionnaires du 3 décembre 2019

Proxinvest note que le conseil n'est pas majoritairement indépendant (taux d'indépendance de 43%) et que la durée de mandat de 6 ans ne respecte pas le code AFEP/MEDEF et la pratique de la place. Ainsi, les renouvellements de Jean-Michel Aulas (cumul des fonctions de Président et Directeur-Général) et Thomas Riboud ne seront pas soutenus (résolutions 5 et 6). De la même manière, Proxinvest s'opposera à la ratification de la cooptation d'Ardavan Safaee en résolution 8. Ensuite, la société ne rémunère pas directement son dirigeant, Jean-Michel Aulas, mais c'est la société holding, Holnest, anci...

Pauline Delecourt

Somfy - Assemblée Générale Extraordinaire des actionnaires du 3 décembre 2019

Somfy propose 4 résolutions concernant des modifications statutaires. Concernant la résolution 4, selon les articles L225-96 et L225-98 du Code de Commerce, désormais, seules les voix exprimées sont prises en compte lors des votes en Assemblée Générale Ordinaire et Extraordinaire. Ces articles précisent que les votes "Abstention" ne sont plus considérés comme des voix exprimées, et ainsi ces abstentions ne sont donc plus prises en compte comme des votes négatifs, ce qui était le cas précédemment. Proxinvest regrette ce changement législatif car un vote Abstention permettait à l'actionnaire d...

Expert Corporate Governance Service (ECGS)

NMC Health - AGM 05 December 2019

The Company called the general meeting under short notice authority. The notice of meeting was released only16 days before. However, the intention to call the meeting was announced on 22 August 2019. There are two items on the agenda: a share buy-back programme and the Directors' remuneration policy. None of these points justify the use of short-term notice. tem 1: NMC Health seeks approval of a new share buy-back. The Company has an acceptable ability to generate cash flows and debt burden enabling it to comfortably finance the dividends and share buybacks. However, the EPS performance metr...

Expert Corporate Governance Service (ECGS)

Whitbread - EGM 06 December 2019

The general meeting is called to approve a new remuneration policy (Item 1) and a restricted share plan (Item 2). Summary of key changes: New restricted share plan: the award will not be subject to performance conditions but to performance underpin. The maximum restricted share award reduced to 125% (110% for Finance Director and Human Resources Director) of base salary. Increase of the annual short term incentive up to 200% of base salary (in exceptional circumstances). Reduced pension from 25% to 15% within the next three years. Increased shareholding requirement and introduction of...

Expert Corporate Governance Service (ECGS)

ABN AMRO - EGM 17 December 2019

In general, ABN AMRO is in compliance with the Dutch regulations relating to the organisation and procedures of the Extraordinary General Meeting.  Under ITEM 2c (iv), it is proposed to newly appoint Ms. Laetitia Griffith as Member of the supervisory board for a 4-year period. Based on the available information, Ms. Griffith would qualify as independent board member in accordance with provision 2.1.8 of the Dutch Corporate Governance Code. ECGS has no concerns over her appointment and accordingly recommends to vote FOR.

Expert Corporate Governance Service (ECGS)

Associated British Foods - AGM 06 December 2019

ABF proposes several amendments to its remuneration policy (Item 3). The new provisions of the UK Corporate governance code claim for alignment of executive and all employee pension benefits.  The Company does not comply: the pension is only cut for new joiners. Mr. G. Weston, the CEO, continue benefiting from an extremely generous defined benefit plan aiming to offer 2/3 of pensionable pay at retirement. Moreover, we note that remuneration outcomes vary largely during the last 10 years confirming a weak alignment between executive remuneration and value creation.  Finally, the base salary i...

Expert Corporate Governance Service (ECGS)

Argenx - EGM 25 November 2019

In general, Argenx is in compliance with the Dutch regulations relating to the organisation and procedures of the Extraordinary General Meeting. Under ITEM 3, the board of directors seeks approval to amend the Company’s stock option plan ("the Plan"). Although ECGS has no (major) concerns over the proposed amendments, it notes that Plan allows for a (potential) aggregate capital increase of 14.5% of the Company’s issued share capital, which exceeds ECGS’guidelines. In addition, ECGS considers the vesting period for time vesting awards (of between 1 and 3 years) too short. Based on the above, ...

Expert Corporate Governance Service (ECGS)

Coloplast - AGM 05 December 2019

In general, Coloplast is in compliance with the Danish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEMS 4 and 5.2 the board of directors  seeks approval for the Company's remuneration report (ITEM 4) and remuneration policy (ITEM 5.2). Although ECGS strongly welcomes the first separate remuneration report, Coloplast's remuneration structure is NOT considered to be in line with its guidelines. Accordingly, ECGS recommends to vote OPPOSE to both agenda items. Under ITEM 6.1 it is proposed to (re-)appoint Mr. Lars Søren Rasmussen as Chairman of ...

Expert Corporate Governance Service (ECGS)

Adyen - EGM 06 December 2019

In general, Adyen is in compliance with the Dutch regulations relating to the organisation and procedures of the Extraordinary General Meeting. Under ITEM 2, the supervisory board proposes to newly appoint Ms. Mariëtte Bianca Swart as the Company's Chief Legal and Compliance Officer (CLCO) and member of the executive board for a period of 4-years. ECGS has no concerns over Ms. Swart’s appointment and accordingly recommends to vote FOR. Under ITEM 3, the supervisory board proposes to newly appoint Mr. Kamran Zaki as Adyen's Chief Operating Officer (COO) and member of the executive board for a...

Expert Corporate Governance Service (ECGS)

Pandora- EGM 04 December 2019

In general, Pandora is in compliance with the Danish regulations relating to the organisation and procedures of the Extraordinary General Meeting. ECGS notes that the current Chairman of the board of directors, Mr. Peder Tuborgh, expects to resign from the board with effect as of December 31, 2019. Under ITEM 1, it is proposed to newly appoint Mr. Peter A. Ruzicka as Chairman of the board of directors. The proposed term of appointment of 1 year is in line with provision 3.1.5 of the Danish Recommendations on Corporate Governance. Based on the available information, Mr. Ruzicka would qualify ...

Pauline Delecourt

Genfit - AG Mixte du 27 Novembre 2019

Le 2 Septembre 2019, le Conseil d’Administration a accepté la démission de Jean-François Mouney de ses fonctions de Président-Directeur Général de la Société et a décidé la dissociation des fonctions de Président du conseil de Directeur Général de la société à effet le 16 Septembre 2019. La société décide ainsi de nommer Pascal Pringent en tant que Directeur Général de la Société et a confirmé Jean-François Mouney dans ses fonctions de Président du Conseil. Proxinvest salue cette amélioration de gouvernance, réclamée depuis la réunification des fonctions en 2017. Concernant les engagements rè...

Expert Corporate Governance Service (ECGS)

London Stock Exchange - EGM 26 November 2019

London Stock Exchange Group (LSEG) called the general meeting to approve an acquisition of Refinitiv in an all-share transaction for a total enterprise value of US$27bn. After the transaction, Refinitiv shareholders will hold 37% of LSEG share capital but less than 30% of the total voting rights. The company proposes to create a new class of shares - limited-voting ordinary shares giving 1/10 of voting rights. Thus, the Refinitiv shareholders are not obliged to propose a takeover bid. Refinitiv shareholders form a consortium including certain investment funds affiliated with Blackstone, such ...

Expert Corporate Governance Service (ECGS)

Chr. Hansen - AGM 27 November 2019

In general, Chr. Hansen is in compliance with the Danish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 6a it is proposed to re-appoint Ms. Dominique Reiniche as Chairman of the board of directors. Although she is considered independent, ECGS has concerns over her aggregate time commitments. Ms. Reiniche is serving as chairman of the board of directors of Chr. Hansen Holding A/S (listed) and Eurostar International Limited (substantial non-listed company) and non-executive director of Severn Trent plc and Mondi plc (both listed), which exceeds...

Expert Corporate Governance Service (ECGS)

Telia Company - EGM 26 November 2019

On October 20, 2019, the board of directors of Telia Company received a request from its major shareholder, the Swedish state, to call for an EGM regarding the election of a new board member and board chair that will take over from the current chair Ms. Marie Ehrling. The nomination committee has endeavoured to find a chair who, with a strong commercial drive and experience from the telecommunications sector, can lead the work of the board of directors. Taking into account the competencies and experiences needed in the future, the owner representatives of the nomination committee have decided...

Pauline Delecourt

Gaztransport & Technigaz - Assemblée Générale Extraordinaire du 14 Novembre 2019

A l’occasion de l’assemblée générale mixte en date du 23 mai 2019, toutes les résolutions soumises au vote de l’assemblée ont été adoptées, à l’exception de la résolution 14 relative à l’autorisation à donner au Conseil d’administration de procéder à l’attribution gratuite d’actions existantes ou à émettre en faveur des salariés et mandataires sociaux de la Société ou de certains d’entre eux. En effet, cette résolution a été approuvée par 62,38 % des actionnaires présents ou représentés alors qu’une majorité de 66,67 % était nécessaire. Lors de la dernière assemblée générale, Proxinvest avait...

Expert Corporate Governance Service (ECGS)

Ferguson - AGM 21 November 2019

Board changes: The CEO, John Martin, will step down on 19 November 2019 when he will be succeeded by Kevin Murphy, currently Chief Executive Officer USA. For the new CEO, Ferguson amend and proposes to vote a new remuneration policy with increased incentive caps (up to 700% of the base salary from the previous 500%). The Board Chairman, Gareth Davis, is also leaving his chair at the AGM and the Board in January 2020. Geoffrey Drabble, former chief executive of Ashtead Group, is a successor. Finally, Darren Shapland is also stepping down as a Non-Executive Director and Chairman of the Audit ...

Expert Corporate Governance Service (ECGS)

Smiths Group - AGM 13 November 2019

The group plans to demerge Smiths Medical by the end of the first half of CY2020 to create two stronger industry-leading companies with distinct strategies and focus. Item 2: the remuneration policy received high shareholder dissent at the 2018 AGM: 16.9% of the vote cast against and 8.1% abstained. The remuneration report had lower contestation: 5.5% against and 10% abstain. Several improvements are made based on feedback from major investors and shareholders. Elections to the Board: the board's key committees all consist of all non-executive directors with one exception. This is a very par...

Expert Corporate Governance Service (ECGS)

Eutelsat Communications - AGM 7 November 2019

The mandates of John Birt and Jean d’Arthuys will expire at the end of this Annual General Meeting, and Carole Piwnica resigned. Hence, the board of Directors will comprise 10 members (previously 12) with a majority of independent members (independence rate: 60%). The board of Directors seeks shareholder approval of the election of Cynthia Gordon (ITEM 5) and the re-election of Ana Garcia Fau (ITEM 6). Given the independence rate and the fact that the two Directors do not hold an excessive number of mandates, ECGS recommends to APPROVE.Under ITEMS 8, 9, 10, 12 and 13 : the Board of Directors s...

Pauline Delecourt

Eutelsat Communications - AG du 7 Novembre 2019

GOUVERNANCE Compte tenu de l'expiration à l'issue de la présente Assemblée, des mandats d'administrateur de John Birt et de Jean d'Arthuys ainsi que de la démission de Carole Piwnica avec date d'effet au 7 novembre 2019, le conseil passera de 12 membres à 10 membres et sera majoritairement composé de membres libres de conflits d'intérêts potentiels. En effet, il est proposé d'approuver la nomination de Cynthia Gordon (résolution 5) et le renouvellement d'Ana Garcia Fau (résolution 6), propositions qui seront soutenues. REMUNERATION La politique de rémunération des dirigeants se caractéri...

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