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 :
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. Indeed, our process is supported by a network of local experts that have a deep knowledge of each local market best practices (from both customs and regulatory points of views).
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ASML Holding provides lithography systems for the semiconductor industry, manufacturing machines that are used in the production of integrated circuits or chips. Co. develops, produces, markets, sells and services advanced semiconductor equipment systems exclusively consisting of lithography systems. Co. sells its products to micro-processor manufacturers and Foundries, NAND-Flash memory and DRAM memory chipmakers. Co.'s products line includes the following: PAS 5000 lithography systems, which Co. no longer manufactures but continues to refurbish; PAS 5500 products; TWINSCAN DUV systems and TWINSCAN EUV systems based on a new platform utilizing the concepts of the TWINSCAN platform.
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.
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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.
Semiconductors Semiconductor Top Picks 1Q20: ASMI and Besi Semiconductor stocks posted excellent share price return in 2019 Mobile set to be a key driver, especially for equipment in Q1 2020 ASMI and Besi our Top Picks for Q1 Lowest surprise potential for Infineon and Soitec
The rotation towards cyclicals penalised tyre names in H2, but they could return to favour in 2020 thanks to their strengths (lower volume sensitivity, price mix, firm grip on capex, FCF, etc.), attractive valuations and despite persistent volumes weakness (estimates cut by ~3% on avg.). However, a selective approach is called for. We play Michelin vs Continental (Large Caps) and Pirelli vs Nokian (Midcaps). - Cf. sector report published this morning. - ...
Item 2: Advisory vote on the remuneration report. The positive features of the remuneration overwhelm our moderate concerns about its quantum and the insufficient challenge of some LTI targets. The remuneration is weighted more towards rewarding long-term performance, the payout is adequately aligned with performance, and the quantum may be explained by the Compass group's strong performance. Item 13: The re-election of Mrs Vittal previously recorded a high level of total dissent of 22% due to over-boarding concerns. This year, Mrs Vittal has reduced the number of directorships which now fall...
Item 6: We recommend to oppose the revised remuneration system for the Management Board due to our concerns over the structure of remuneration being paid under the system: The maximum total remuneration (excluding pension benefits and benefits in kind) may reach as much as ~643% of base salary which significantly exceeds ECGS guidelines according to which the maximum total remuneration should generally not exceed 400% of base salary.
Item 2: Advisory vote on the remuneration report. Despite the Board's discretion to reduce the bonus outcome, the executive remuneration level is excessive: the base salary exceeds peer medians and the total pension benefit is 30% of the CEO's base salary. This does not meet the new UK Corporate Governance Code provisions, the recommendation of the Investment Association to reduce pensions and our acceptable maximum level for the UK market. Despite challenging performance conditions, the CEO's remuneration is excessively weighted towards variable incentives. The main performance criterion - Ad...
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