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Casino Guichard-Perrachon – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Bic – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Babcock Group PLC – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Altice Europe – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Aggreko PLC – Proxinvest Corporate Governance Rating ® : A

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Aurubis - February 28, 2019

General: Aurubis is a leading worldwide provider of non-ferrous metals and the world's largest copper recycler. The Company processes complex metal concentrates, scrap metals and metal-bearing recycling materials into metals of the highest quality. Aurubis produces more than 1m tons of copper cathodes per year and has about 6,700 employees, production sites in Europe and the USA as well as an extensive service and sales system in Europe, Asia and North America. As of 30 September 2018, Salzgitter AG held 20.00% of the Company's shares. In financial year 2017/2018, Group revenues increased by...

Expert Corporate Governance Service (ECGS)

Osram Licht - February 19th, 2019

Item 2: We recommend to oppose the dividend proposal. The dividend is not covered by free cashflow for a third consecutive year and we consider a dividend payment inappropriate at this time. Items 3a-3c: We recommend to oppose the discharge of the Management Board members due to two profit warnings in financial year 2017/2018 which raise fundamental concerns over the reliability of the Management Board's forecasting ability and its communication to stakeholders.

Jehanne Leroy

Bénéteau - 8 Février 2019

De nouveau, Proxinvest attire l’attention des actionnaires sur les rémunérations des dirigeants attribuées au titre de l’exercice, mais également les politiques de rémunérations pour l’exercice 2018-2019. Ainsi, on regrettera que la société ne communique toujours pas les poids de chacun des critères du bonus utilisés, ni leurs taux de réalisation, ni leurs objectifs. En effet, ce manque de transparence ne permet pas à l’actionnaire de comprendre comment a été déterminé le montant du bonus attribué. Par ailleurs, on s’étonnera que les valorisations des actions gratuites attribuées ne figurent ...

Charles Pinel

Trigano - 07 Janvier 2018

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 cinq membres dont deux personnes de la famille du principal actionnaire. La société fait preuve de légèreté dans la transparence des informations communiquées aux actionnaires en matière de rémunération. Par conséquent, la plupart des résolutions référentes aux rémunérations des dirigeants connaitront un recommandations négatives au regard de ce manque de transparence. Dans la  même optique, ...

Jehanne Leroy

Vilmorin & Cie - 7 Décembre 2018

Depuis l’exercice 2016-2017, Vilmorin & Cie se réfère au Code de gouvernement d’entreprise Middlenext. Ainsi, bien que la société se conforme parfaitement au code MiddleNext puisque son conseil comprend 2 administrateurs indépendants (1 seul selon Proxinvest), on regrettera toutefois qu'elle n'ait pas saisi l'occasion de la vacance du siège de M. Foucault (qui a démissionné) pour nommer en son sein un administrateur non lié au premier actionnaire et parfaitement indépendant. Par ailleurs, bien qu'il soit tout à fait appréciable que la société ait communiqué que le bonus annuel du Directeur gé...

Expert Corporate Governance Service (ECGS)

Altice - 2018, November 20th

ITEMS 2a and 2b: It is proposed to elect Philippe Besnier and Nicolas Paulmier as non executive directors. Both have close links with Numericable, a formerly listed subsidiary of the Group. Therefore, as the Board is only 12.5% independent, such elections cannot be supported. ITEM 4: it is proposed to delete, under article 24.1 of the Bylaws, a disposition very similar to a counterpower. Considering that the President (Patrick Drahi) already has a lot of powers over the company and its Board (article 24.1 gives him a veto right for example), to delete said disposition is not in shareholders' ...

Jehanne Leroy

Euronext - Proxy Report 04 /10/2018

Il est proposé de ratifier les nominations en tant que membres du Directoire du Daryl Byrne (CEO Dublin) et Chris Topple (CEO London) en remplacement de Deirdre Somers et Lee Hodgkinson, respectivement.Nous n'avons pas de remarque particulière à formuler sur ces nominations et recommandons l'approbation.

Expert Corporate Governance Service (ECGS)

Micro Focus International PLC - proxy report-21/08/2018

Item 1: To approve the disposal of the SUSE business segment Shareholder approval is sought for the disposal of SUSE Business to Marcel BidCo GmbH, a subsidiary of EQT Partners, for a total cash consideration of $2.535bn. The disposal will have a significant impact in the Company balance sheet as SUSE Busines represents an important part of the Company assets. SUSE Business is a German-based, multinational, open-source software that develops and sells Linux products to business customers. Founded in 1992, it was the first company to market Linux for the enterprise. It operates in 40 countrie...

Jehanne Leroy

Fonciere des Murs - Proxy Report - 14/09/2018

La société décide de coopter comme membre du conseil Foncière Margaux, filiale de Foncière des Régions (Covivio), principal actionnaire, en remplacement de GFR Kléber, autre filiale qui a été dissoute. Proxinvest regrette que la société n'ait pas saisi l'occasion pour augmenter le nombre de membres libres de conflits d'intérêt au sein du conseil dont le taux d'indépendance ne s'élève qu'à 28,57%. Par ailleurs, la représentante de Foncière Margaux, Marielle Seegmuller, représentait déjà au conseil GFR Kléber et n'avait assisté qu'à 75% des réunions du conseil lors de l'exercice précédent (résol...

Charles Pinel

LDC SA - Proxy report - 23/08/2018

Le conseil de surveillance ne comporte que deux membres libres de conflits d'intérêts selon les critères de Proxinvest. Dans ces conditions, les renouvellements des mandats de la société CAFEL et de Jean-Paul Sabet ne seront pas soutenus, d'autant que la durée de six ans de leurs mandats est trop longue pour permettre aux actionnaires de se prononcer régulièrement sur la composition du conseil (résolutions 6 et 7). Les rémunérations des dirigeants apparentés aux principaux actionnaires sont acceptables malgré une transparence insuffisante et l'absence de part à long-terme. En effet, les monta...

Expert Corporate Governance Service (ECGS)

Koninklijke Boskalis Westminster N.V. - Proxy report- 15/08/2018

On 3 July 2018, Royal Boskalis Westminster announced that in light of strengthening the Offshore Energy division, the Supervisory Board has decided to increase the Board of Management from three to four members. Therefore, under agenda item 3, the Supervisory Board makes a binding nomination to appoint Mr. B.H. Heijermans, MSc, as new member of the Board of Management for a period commencing on 1 September 2018 until and including the Annual General Meeting of Shareholders in 2022. We have no concerns over the proposed appointment of Mr. Heijermans and recommend approval.

Expert Corporate Governance Service (ECGS)

GB Group PLC- Proxy report - 26/07/2018

Contrary to UK market practice, the Company does not have annual elections of directors. Elections are staggered and only two directors are standing in the current year. There are concerns over the composition of the Board. The Chairman, Mr. Rasche, undertakes some general and operational consultancy for the business through his consultancy business Rasche Consulting Ltd, for which he is given expenses by the Company. Furthermore, 50% of the Board are executives and only 33% are independent. There is insufficient independent representation on the Board. Item 6: Re-appoint the auditors Ernst...

Jehanne Leroy

Soitec S.A. - Proxy report 26/07/2018

Proxinvest attire l'attention des actionnaires sur plusieurs points. Tout d'abord sur la composition du conseil d'administration qui compte que trois membres indépendants d'après Proxinvest sur 12, ce qui porte le taux d'indépendance à 25%. ce qui est insufissant. Ensuite Proxinvest remarque et apprécie le fait que les augmentations de capital respectent maintenant les préconisations de Proxinvest en terme de montants et d'utilisation.

Expert Corporate Governance Service (ECGS)

Babcock International Group PLC - Proxy report 19/07/2018

Item 2: Approve the Remuneration Report The structure is weighted more towards rewarding long-term performance, the payout is adequately aligned with performance, accelerated vesting in the event of a change of control is not possible, and the quantum is not excessive. Item 8: Re-elect the Lead Independent Director The Lead Independent Director is not considered independent due to his tenure on the Board. This does not meet ECGS guidelines due to the importance of this role in providing leadership for the independent directors on the Board.

LISI Link Solutions for Industry - Proxy report 24/07/2018

La présente assemblée propose à la nomination Véronique Saubot. Les informations relatives à la candidate sont complètes et n'appelle pas de remarque de la part de Proxinvest. Nous saluons cette régularisation de la société, qui se met en conformité avec la Loi Copé-Zimmermann : le taux de féminisation du Conseil est ainsi porté à 43%.

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