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)

Unilever Plc - EGM 12 October 2020

In general, Unilever plc ("Unilever") is in compliance with the UK regulations relating to the organisation and procedures of the Extraordinary General Meeting. Under ITEM 1 approval is sought for a unification of Unilever under a single parent company: Unilever plc (i.e. Unilever NV will cease to exist). First of all, ECGS strongly endorses the strategic rationale of the (proposed) unification. It acknowledges the increased strategic flexibility and enhanced corporate governance in terms share structure and applicable regulators. Despite that the unification offers some corporate governanc...

Expert Corporate Governance Service (ECGS)

Hargreaves Lansdown - AGM 08 October 2020

Items 3 and 4: Remuneration report and policy Our concerns regarding the excessive short-term incentive overwhelm the positive features of the Hargreaves Lansdown's remuneration such as acceptable quantum and the payout adequately aligned with performance. We strongly disagree with any remuneration weighted more towards rewarding short-term performance and any LTI awards without performance conditions. Item 21: Amend the Hargreaves Lansdown Sustained Performance Plan 2017 We do not consider the proposed plan conditions satisfactory: ECGS strongly believes that the executive LTI should be su...

Expert Corporate Governance Service (ECGS)

Colruyt - EGM 08 October 2020

In general, Colruyt is compliant with the Belgian regulations relating to the organisation and procedures of an Extraordinary General Meeting. Under ITEM II.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 II.4 - II.8 are enabling r...

Pierre-Antoine Bourgoin

Generix - Assemblée générale du 30 septembre 2020

Les dépenses somptuaires soumises au régime de l'article 39-4 du Code général des impôts s'élèvent à 180 042 €, soit 5,28% du résultat net part du groupe. Bien que ce montant soit en baisse par rapport à l'exercice précédent (199 293 €, soit 8,71% du résultat net partu du groupe), celui-ci reste significatif (résolution 1). Les rémunérations des mandataires sociaux exécutifs au titre de l'exercice 2019-2020 sont d'un montant maîtrisé (résolutions 6 à 10), à l'exception de la rémunération de Madame Aïda Collette-Sene en raison des attributions d'actions gratuites et d'options (résolution 7). ...

Expert Corporate Governance Service (ECGS)

Porsche Automobil Holding - AGM 02 October 2020

General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by postal vote or by granting authority to the proxies designated by the Company. Porsche Automobil Holding SE has issued ordinary shares and non-voting preference shares. All ordinary shares are owned by the Porsche and Piëch families. Only the preference shares are listed on the stock exchange. Preference shares...

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)

Unilever Plc - EGM 12 October 2020

In general, Unilever plc ("Unilever") is in compliance with the UK regulations relating to the organisation and procedures of the Extraordinary General Meeting. Under ITEM 1 approval is sought for a unification of Unilever under a single parent company: Unilever plc (i.e. Unilever NV will cease to exist). First of all, ECGS strongly endorses the strategic rationale of the (proposed) unification. It acknowledges the increased strategic flexibility and enhanced corporate governance in terms share structure and applicable regulators. Despite that the unification offers some corporate governanc...

Expert Corporate Governance Service (ECGS)

Hargreaves Lansdown - AGM 08 October 2020

Items 3 and 4: Remuneration report and policy Our concerns regarding the excessive short-term incentive overwhelm the positive features of the Hargreaves Lansdown's remuneration such as acceptable quantum and the payout adequately aligned with performance. We strongly disagree with any remuneration weighted more towards rewarding short-term performance and any LTI awards without performance conditions. Item 21: Amend the Hargreaves Lansdown Sustained Performance Plan 2017 We do not consider the proposed plan conditions satisfactory: ECGS strongly believes that the executive LTI should be su...

Expert Corporate Governance Service (ECGS)

Colruyt - EGM 08 October 2020

In general, Colruyt is compliant with the Belgian regulations relating to the organisation and procedures of an Extraordinary General Meeting. Under ITEM II.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 II.4 - II.8 are enabling r...

Pierre-Antoine Bourgoin

Generix - Assemblée générale du 30 septembre 2020

Les dépenses somptuaires soumises au régime de l'article 39-4 du Code général des impôts s'élèvent à 180 042 €, soit 5,28% du résultat net part du groupe. Bien que ce montant soit en baisse par rapport à l'exercice précédent (199 293 €, soit 8,71% du résultat net partu du groupe), celui-ci reste significatif (résolution 1). Les rémunérations des mandataires sociaux exécutifs au titre de l'exercice 2019-2020 sont d'un montant maîtrisé (résolutions 6 à 10), à l'exception de la rémunération de Madame Aïda Collette-Sene en raison des attributions d'actions gratuites et d'options (résolution 7). ...

Expert Corporate Governance Service (ECGS)

Porsche Automobil Holding - AGM 02 October 2020

General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by postal vote or by granting authority to the proxies designated by the Company. Porsche Automobil Holding SE has issued ordinary shares and non-voting preference shares. All ordinary shares are owned by the Porsche and Piëch families. Only the preference shares are listed on the stock exchange. Preference shares...

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