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. 

Expert Corporate Governance Service (ECGS)

Revenio Group - AGM 17 March 2021

We note that as a result of the Covid-19 pandemic the AGM will be held as an electronic meeting only. Consequently, it will not be possible to attend the AGM in person. Under ITEM 10 approval of the Company's first remuneration report is sought. We welcome the level of disclosure and have no (major) concern over the Company’s executive compensation in the year under review. Accordingly, we recommend to vote FOR. Under ITEM 13 the (re-)election of the board of directors is proposed. Although there is sufficient independent representation on the board, we have some concerns over the level of f...

Expert Corporate Governance Service (ECGS)

Valmet - AGM 23 March 2021

In general, Valmet Corporation is in compliance with the Finnish regulations relating to the organization and procedures of the Annual General Meeting. Under ITEM 10, shareholders are called to an advisory vote on the Remuneration Report. In general, we deem the overall level of transparency of Valmet's executive remuneration policy in line with Finnish standards, and remuneration amounts are reasonable. However, concerns may arise over the possibility to pay extraordinary bonuses, and long-term incentives depend on performance periods of 1 year, which is not long enough to align the interest...

Expert Corporate Governance Service (ECGS)

Siemens Gamesa Renewable Energy - AGM 17 March 2021

Concerns arise over the lack of independence on the Board (30% as per our guidelines and 40% as per the Company), as well as the over-representation of the main shareholder Siemens AG with 5 out of 10 Board members appointed. Hence, we recommend that shareholders oppose the (re-)election of Mr. Tim Dawidowsky and Mrs.  Mariel von Schumann both as proprietary Directors and of Mr. Klaus Rosenfeld (who is considered as independent by the Company, but not according to our standards as he is the CEO of Schaeffler AG, Siemens Gamesa’s main supplier) in items 6, 7 and 8 respectively.  In item 10, s...

Charles Pinel

Vivendi - EGM 29 March 2021

Arnaud de Puyfontaine, Chairman of Vivendi's Management Board, is a member of Proxinvest Steering Committee. Composed of 12 members divided into 3 colleges (6 individuals from the institutional investors, 3 individuals from the world of issuers and 3 qualified experts), the Proxinvest Steering Committee gives its opinion in a consultative manner on Proxinvest's Corporate Governance Principles and Voting Policy, on the basis of which these voting recommendations are prepared. It is proposed to amend Vivendi's Bylaws to allow a distribution of dividend through the delivery of assets in kind, in...

Charles Pinel

Vivendi - AGE 29 mars 2021

Il est proposé de modifier les statuts de Vivendi pour permettre la distribution du dividende par remise de biens en nature y compris des titres financiers. Cette proposition intervient à la suite de l'annonce le 13 février 2021 de distribuer 60% du capital d'UMG et de procéder à sa cotation d'ici la fin de l'année. La résolution permet uniquement de modifier les statuts afin de procéder à une distribution par remise de biens en nature sachant que les actionnaires pourront se prononcer ultérieurement sur l'opération envisagée. Par conséquent, nous recommandons l'approbation.

Expert Corporate Governance Service (ECGS)

Kering - Assemblée générale des actionnaires du 24 avril 2019

Il convient premièrement de relever que la Société a réalisé d'excellents résultats en 2018, portés notamment par la forte croissance du marché du Luxe. Comme pour l'année précédente, Proxinvest note un manque de contre-pouvoir au sein de la société : nous remarquons le cumul des fonctions de Président du Conseil d'administration et de Directeur Général, ainsi que l'absence d'executive sessions généralisées. Aussi, nous remarquons que la présence de trois censeurs, exerçant chacun des fonctions de direction au sein du Groupe Kering, amoindrit l'efficacité du contrôle de l'action des dirigean...

Expert Corporate Governance Service (ECGS)

Revenio Group - AGM 17 March 2021

We note that as a result of the Covid-19 pandemic the AGM will be held as an electronic meeting only. Consequently, it will not be possible to attend the AGM in person. Under ITEM 10 approval of the Company's first remuneration report is sought. We welcome the level of disclosure and have no (major) concern over the Company’s executive compensation in the year under review. Accordingly, we recommend to vote FOR. Under ITEM 13 the (re-)election of the board of directors is proposed. Although there is sufficient independent representation on the board, we have some concerns over the level of f...

Expert Corporate Governance Service (ECGS)

Valmet - AGM 23 March 2021

In general, Valmet Corporation is in compliance with the Finnish regulations relating to the organization and procedures of the Annual General Meeting. Under ITEM 10, shareholders are called to an advisory vote on the Remuneration Report. In general, we deem the overall level of transparency of Valmet's executive remuneration policy in line with Finnish standards, and remuneration amounts are reasonable. However, concerns may arise over the possibility to pay extraordinary bonuses, and long-term incentives depend on performance periods of 1 year, which is not long enough to align the interest...

Expert Corporate Governance Service (ECGS)

Siemens Gamesa Renewable Energy - AGM 17 March 2021

Concerns arise over the lack of independence on the Board (30% as per our guidelines and 40% as per the Company), as well as the over-representation of the main shareholder Siemens AG with 5 out of 10 Board members appointed. Hence, we recommend that shareholders oppose the (re-)election of Mr. Tim Dawidowsky and Mrs.  Mariel von Schumann both as proprietary Directors and of Mr. Klaus Rosenfeld (who is considered as independent by the Company, but not according to our standards as he is the CEO of Schaeffler AG, Siemens Gamesa’s main supplier) in items 6, 7 and 8 respectively.  In item 10, s...

Charles Pinel

Vivendi - EGM 29 March 2021

Arnaud de Puyfontaine, Chairman of Vivendi's Management Board, is a member of Proxinvest Steering Committee. Composed of 12 members divided into 3 colleges (6 individuals from the institutional investors, 3 individuals from the world of issuers and 3 qualified experts), the Proxinvest Steering Committee gives its opinion in a consultative manner on Proxinvest's Corporate Governance Principles and Voting Policy, on the basis of which these voting recommendations are prepared. It is proposed to amend Vivendi's Bylaws to allow a distribution of dividend through the delivery of assets in kind, in...

Charles Pinel

Vivendi - AGE 29 mars 2021

Il est proposé de modifier les statuts de Vivendi pour permettre la distribution du dividende par remise de biens en nature y compris des titres financiers. Cette proposition intervient à la suite de l'annonce le 13 février 2021 de distribuer 60% du capital d'UMG et de procéder à sa cotation d'ici la fin de l'année. La résolution permet uniquement de modifier les statuts afin de procéder à une distribution par remise de biens en nature sachant que les actionnaires pourront se prononcer ultérieurement sur l'opération envisagée. Par conséquent, nous recommandons l'approbation.

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