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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...

Pauline Delecourt

BigBen Interactive - AGE 31 Octobre 2019

Le Conseil d’Administration de BigBen Interactive, qui s’est réuni le 4 septembre 2019, a approuvé le principe du projet de regroupement des actifs et passifs constitutifs de son Pôle Gaming au sein de la société Nacon, SAS immatriculée le 18 juillet 2019, filiale à 100%. Il est ainsi proposé d’approuver une opération d’apport partiel d’actifs, qui consiste en une restructuration interne du groupe et qui ne peut pas affecter les intérêts des actionnaires.

Expert Corporate Governance Service (ECGS)

Altice Europe NV- EGM 06 November 2019

In general, Altice Europe is in compliance with the Dutch regulations relating to the organisation and procedures of the Extraordinary General Meeting. Under ITEM 2 approval is sought for a change of auditor. Although ECGS favours a regular change of auditor, it considers the proposed change insufficiently motivated in view of the specific circumstances at Altice Europe (see analysis). Accordingly, ECGS recommends to vote OPPOSE.

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...

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