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Expert Corporate Governance Service (ECGS)

Pernod Ricard- AGM 8 November 2019

ITEMS 6 and 7: On December 2018, Elliott announced holding 2.5% of the capital of Pernod Ricard and, among other things, was asking for an improvement of the Group’s governance. Since their announcement, the following changes happened: Patricia Barbizet, Chairwoman of the French High Committee of Governance (“Haut Comité de Gouvernement d’Entreprise”) became Lead Independent Director in January 2019 The company proposes the election of 2 independent directors to this 2019 AGM. These elections allow for a better independence rate of the Board and allow for a decrease of the overrepresentati...

Jehanne Leroy

Pernod Ricard- Assemblée Générale des actionnaires du 8 novembre 2019

GOUVERNANCE Depuis l’arrivée du fonds activiste Elliott au capital de la société, les changements suivants ont été faits en termes de gouvernance : - Patricia Barbizet, Présidente du Haut Comité de Gouvernement d’Entreprise, a été nommée Administratrice référente en janvier 2019- La société propose à la présente assemblée la nomination de 2 administrateurs indépendants, ce qui aura pour effet de porter le taux d’indépendance à près de 43% selon Proxinvest (contre 36% l’an dernier).- Ces nominations ont également pour effet de faire baisser légèrement la surreprésentation du Concert au conseil...

Expert Corporate Governance Service (ECGS)

WPP PLC - EGM 24 October 2019

Disposal of 60% of Kantar business is tabled to vote. This is the biggest step in the WPP reorganisation announced at the end of 2018. The CEO Mark Read, Sir Martin Sorrell’s successor, set out a three-year plan of “radical evolution” to return the business to growth, aiming a new WPP as a leader in creativity and technology. Part of this broad restructuring, WPP has simplified its businesses, sold off companies (according to FT, more than 30 subsidiaries for a total of almost £900m), cutting 3,500 jobs worldwide. After the deal, Kantar will be held 60% by Bain Capital (indirectly) and 40% by ...

Expert Corporate Governance Service (ECGS)

Metso - EGM 29 October 2019

In general, Metso is in compliance with the Finnish regulations relating to the organisation and procedures of the Extraordinary General Meeting.Under ITEM 6, the board of directors seeks approval of a partial demerger of Metso. Pursuant to the proposal, it is proposed to carve out the Company's Minerals business (through a partial demerger) and to combine it with the businesses of Finland-based Outotec Oyj ("Outotec"). As a result of the partial demerger, Metso¶s current Flow Control business will become the continuing business of the currently listed Metso, which will be subsequently renamed...

Expert Corporate Governance Service (ECGS)

ASR Nederland - EGM 30 October 2019

In general, ASR Nederland is in compliance with the Dutch regulations relating to the organisation and procedures of the Extraordinary General Meeting.Under ITEM 2a, the supervisory board gives notice of its intention to appoint Ms. Ingrid de Graaf-de Swart as member of the Company's executive board for a period of 4 years. ECGS notes that according to Dutch law and the Company's Articles of Association, shareholders are NOT entitled to vote on this agenda item. Shareholders will have the opportunity though to ask questions or make remarks with respect to this agenda item during the meeting.Un...

Expert Corporate Governance Service (ECGS)

Mediobanca - AGM 28 October 2019

In item 2.a, shareholders are called to a binding vote on the compensation policy adopted by Mediobanca for the executive Directors and other executives with strategic responsibilities. The Bank has announced that a long-term incentive plan will be approved after the presentation of the 2019-2023 Strategic Plan, on November 12th. The incentive will depend on a 5-year performance period and capped at the equivalent of 200% of executive Directors' base salary (or 40% on an average annual basis). The performance conditions will be disclosed at the presentation of the Strategic Plan. The aggregate...

Expert Corporate Governance Service (ECGS)

BHP Group Plc - 17 October 2019

The Company operates as a Dual Listed Company (DLC). BHP Group plc is incorporated and listed in the UK while BHP Group Ltd is incorporated and listed in Australia. There are two external shareholder resolutions led by the Australasian Centre for Corporate Responsibility (ACCR). Co-filers of the resolutions are Australia’s Vision Super, the Netherlands’ ACTIAM, Denmark’s MP Pension and the Church of England Pensions. This proposal calls the BHP Group to suspend its membership of industry associations whose lobbying activities are not in line with the goals of the Paris Climate and, thus, with ...

Expert Corporate Governance Service (ECGS)

Barratt Developments - AGM 16 October 2019

The Board composed of eight Directors comprises three executives. All independent non-executive Directors are members of the main special committees, Audit, Remuneration, and Nomination. We consider that the Company should consider increasing the number of independent Directors to share their work in the committees. We also appreciate that Sharon White is stepping down from her executive position which will allow dedicating more time to the company. The proposed agenda of this AGM is routine for the UK market. We recommend approval of all the proposal with one exception: the short notice perio...

Expert Corporate Governance Service (ECGS)

SNAM - EGM 23 October 2019

Italian Law n. 120/2011 introduced a temporary minimum representation (33%) of each gender within all Boards of Italian listed companies. The legal requirements expired at the Snam's Board election of April 2019. In item 1 (extraordinary business), the Board of Directors proposes to amend the Company's Bylaws by introducing the statutory requirement that each gender shall represent at least one third of the members of the corporate bodies (Board of Directors and Board of Statutory Auditors), even after the expiration of legal requirements. We recommend to vote FOR.In item 2 (ordinary business)...

Expert Corporate Governance Service (ECGS)

Prudential PLC - EGM 15 October 2019

The proposed demerger seeks to separate the UK and Europe business from the rest of the group, while Prudential plc is going to focus on its market-leading businesses in Asia and the US. We agree with the company’s rational that Prudential Business and the M&G Business are distinct, with divergent market opportunities and strategies, offering different profiles of risk and reward. After the split, each entity will have more control over its business strategy and capital allocation. Despite the high cost of the spin-off, we consider that the approval of the proposed demerger is in the strategic...

Expert Corporate Governance Service (ECGS)

Hargreaves Lansdown - AGM 10 October 2019

Hargreaves Lansdown (HL) plc offers a direct to investor investment service. One of the company’s Wealth 50 recommended funds – LF Woodford Equity Income was suspended in June 2019 after becoming overwhelmed by customer withdrawals. This has left £1.6bn of HL’ client investments trapped until at least December (1.7% of Hargreaves Lansdown’s total Assets Under Administration). Around one out of four HL’ customers is affected. The company waived fees for nearly 300,000 customers locked into Woodford’s suspended fund which will cost more than £2m in revenues. The Executives decided to give up t...

Expert Corporate Governance Service (ECGS)

Colruyt- EGM 10 October 2019

In general, Colruyt is in compliance with the Belgian regulations relating to the organisation and procedures of an Extraordinary General Meeting. Under ITEM I.3, the board of directors seeks authorisation to increase the Company's share capital to issue shares to its employees. As a matter of principle, ECGS generally favours employee stock ownership plans since such plans help to align the interests of employees with those of their companies. However, since the authority requested is not conform to its guidelines, ECGS recommends to vote OPPOSE. In ECGS' view, ITEMS I.4 - I.8 are enabling ...

Charles Pinel

Euronext NV - Assemblée Générale des actionnaires du 8 Octobre 2019

Il est proposé de nommer deux nouveaux membres au conseil de surveillance qui seront soutenus en raison de leur indépendance (résolutions 1 et 2). Il est également proposer de renouveler le mandat de membre du Directoire de Stéphane Boujnah qui en demeurera le Président, et d'y nommer deux nouveaux membres (résolutions 3 à 5). La politique de rémunération du Président du Directoire sera modifiée afin de tenir compte de l'évolution du groupe et de son environnement depuis sa nomination en 2015. Une hausse de la rémunération fixe est ainsi proposée qui semble être raisonnable. En revanche, les ...

Charles Pinel

Atari- Assemblée Générale des actionnaires du 30 Septembre 2019

Les comptes 2017-18 avait été marqués par des réserves émises par les commissaires aux comptes qui avaient mené Proxinvest à poser des questions écrites lors de l'assemblée générale dont les réponses sont disponibles dans le document suivant : l'exercice 2018-19, les comptes sont certifiés sans réserves par les commissaires aux comptes qui expliquent bien les raisons justifiant ce changement. Il convient de noter que l'un des deux commissaires aux comptes, le cabinet JLS Partner, a démissionné avant la fin de son ma...

Charles Pinel

Generix Group - Assemblée Générale des actionnaires du 30 Septembre 2019

En raison notamment d'une transparence insuffisante et d'une structure déséquilibrée liée à une rémunération dite long-terme trop importante pour ceux qui en bénéficient, les résolutions portant sur les rémunérations des membres du Directoire ne seront pas soutenues (résolutions 5 à 9). Avec un conseil de surveillance composé de 5 membres dont 4 non libres de conflits d'intérêts potentiels selon les critères de Proxinvest, les deux candidatures proposées aux résolutions 12 et 13 ne pourront être approuvées. Il est regrettable que les renouvellements des deux commissaires aux comptes ne fasse...

Charles Pinel Assemblée Générale des actionnaires du 30 Septembre 2019

Une assemblée générale extraordinaire est convoquée afin de modifier la dénomination et l'objet social de la société pour tenir compte de l'évolution de son environnement et de ses pratiques. Ces propositions ne semblent pas pouvoir nuire aux intérêts des actionnaires et seront soutenues.

Expert Corporate Governance Service (ECGS)

Biocartis - AGM 27 September 2019

On 9 May 2019, the Company issued convertible bonds for a total principal amount of EUR 150 million. The sole agenda item relates to the proposed approval and ratification, in accordance with Article 556 of the Belgian Companies Code, of conditions of the convertible bonds in case of a change of control. These are standard provisions and they are in line with the market practice. Hence, we see no reason for shareholder concern and recommend to approve.

Expert Corporate Governance Service (ECGS)

Hella GmbH & Co. KGaA - AGM 27 September 2019

General: Hella is a leading automotive supplier with over 125 locations in some 35 countries. In financial year 2018/2019, the Company generated sales of EUR 7.0bn with around 39,000 employees. Hella specialises in innovative lighting systems and vehicle electronics in its segments Automotive and Aftermarket. Furthermore, in its Special Applications segment, Hella develops, manufactures and sells lighting and electronic products for specialist vehicles. As of 31 May 2019, a total of 60.00% of the Company's shares were covered by a pool agreement of family shareholders. A total of 62 members o...

Expert Corporate Governance Service (ECGS)

NN Group - EGM 24 September 2019

In general, NN Group is in compliance with the Dutch regulations relating to the organisation and procedures of the Extraordinary General Meeting. On August 12, 2019, the Company announced that Mr. Lard Friese stepped down as CEO of the Company to become the new CEO of Dutch competitor Aegon. ECGS notes that the sole agenda item of this EGM (ITEM 2) concerns the intended appointment of Mr. David Knibbe as CEO and member of the executive board of NN Group. According to Dutch law and the Company's Articles of Association, shareholders are NOT entitled to vote on such agenda item; it is a discus...

Charles Pinel

Capelli - Assemblée Générale des actionnaires du 11 Septembre 2019

Afin de pouvoir remplir au mieux la mission de surveillance et de protection de l’ensemble des actionnaires qui lui incombe, il nous semblerait préférable que le conseil ne soit pas composé de seulement quatre membres dont trois dirigeants et trois membres de la famille Capelli. Comme lors des années précédentes, la transparence sur la rémunération des dirigeants est très largement insuffisante pour que les actionnaires comprennent les montants en jeu. Les résolutions 5 à 8 ne pourront donc pas être approuvées. La plupart des résolutions financières ne seront pas soutenues en raison de leurs...

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