ITEMS 8.1 to 8.3: it is proposed to elect candidates proposed by the Belgian State. However, names, current functions and biographies have not been released yet. Hence, ECGS cannot estimate whether they hold an excessive number of mandates.
Moreover, at the end of the 2018 AGM, the board will have 12 members, including 6 non independent members, which does not respect our Guidelines which requires a majority of independent members. Hence, we cannot support these proposals.
ITEM 5: it is proposed to approve to remuneration report. The company does not disclose the amount of the annual bonus based on 2017 performances. This does not respect the accrual principle and European practice. Moreover, the CEO’s remuneration does not comprise any LTI. Hence, his interests are not in line with the long-term interests of shareholders.
Bpost is engaged in the provision of national and international mail and parcels services comprising the collection, transport, sorting and distribution of addressed and non-addressed mail, printed documents, newspapers and parcels. In addition, through its subsidiaries and business units, Co. sells a range of other products and services, including postal, parcels, banking and financial products, express delivery services, document management and related activities. Co. operates through two business units: the Mail & Retail Solutions and the Parcels & International.
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Adecco: 1Q20 results review; more of the same. Agfa-Gevaert: Closing of the partial sale of Agfa Healthcare. Balta: Negative Covid-19 impact on 1Q20. bpost: 1Q20 results in line - no outlook but FY20 likely well below consensus. D'Ieteren: Car registrations drop 90% in April, VW 91% GrandVision: 80% April sales decline, net debt hardly moved Kendrion: It is all about 2Q, net debt stable for now
Agfa: Completed sale of part of HealthCare’s IT business Balta: 1Q results still OK, coming quarters will be tougher bpost: Slightly better Q1 results, no dividend update yet DSM: Preview: resilience from Nutrition expected in 1Q GrandVision: Materially affected by COVID-19 Inventiva: NATIVE-trial baseline characteristics disclosed Mithra: Myring commercialization in Switzerland with Gynial
ABN AMRO: Withdraws 2019 final dividend and expects a loss over 1Q20. ALD: Impact of Covid-19 – intends to pay dividend. Banks: ECB asks banks not to pay dividends until at least October 2020. Basic-Fit: compensation for members announced – new scenario. bpost: Cancels final dividend for 2019 FNG: Covid-19 impact KBC: Withdraws 2019 final dividend and cancels proposed share buyback Recticel: Guidance withdrawn, but dividend remains
Le Conseil d'administration, réuni le 25 mai 2020, a pris la décision de ne plus distribuer de dividende au titre de l'exercice 2019. Résolution soutenue par Proxinvest. La précédente étude de Proxinvest avait alerté la société sur le manque de lisibilité de la politique de succession de son premier dirigeant. A ce moment, nous avions souligné le fait que M. Denis Kessler, Président Directeur Général, dont le mandat court jusqu'en 2021, était âgé de 67 ans alors que l'âge du Président comme du Directeur Général était statutairement limité à 70 ans. Ainsi, la société apporte désormais des préc...
Aucun changement au sein du Conseil d'administration n'est soumis au vote des actionnaires à cette Assemblée Générale. A l'exception des représentants de l'actionnaire de contrôle qui ne perçoivent pas de rémunération, les rémunérations des dirigeants sont bien trop généreuses par rapport à celles des dirigeants des sociétés de taille comparable pour être soutenues (résolutions 5 à 10). Les politiques de rémunération pour 2020 seront approuvées en raison d'une légère amélioration liée à la mise en place d'un critère RSE. Cependant, elles continueront de générer des montants trop importants (...
Proxinvest attire l’attention des actionnaires sur plusieurs points. Tout d’abord il est à noter le changement d’actionnariat. En effet durant l’été 2019, la société Searchlight a lancé une offre publique sur les titres de la société Latécoère. Dans ce contexte la société l’annonce du rachat de ses titres détenus par les sociétés Apollo et Monarch et de la société CVi Partners, par Searchlight Capital Partners. De ce fait, ce changement d'actionnariat a entrainé de nombreuses modifications dans la gouvernance. Le premier effet visible est le conseil d'administration qui est totalement chang...
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. One of the major shareholders, Roland Oetker, is the former President and since 2008 the Honorary President of DSW, the local partner of ECGS. This report has been prepared using standard ECGS guidelines. Evotec was founded 19...
In general, Danske Bank is in compliance with the Danish regulations relating to organisation and procedures of the Annual General Meeting. Under ITEM 4f it is proposed to re-appoint Ms. Carol Sergeant as Vice Chairman of the board of directors. Although she is considered independent, ECGS does NOT approve of the re-appointment of any board members who were part of the board of directors at the time of the money laundering scandal in Estonia. Accordingly, ECGS recommends to vote OPPOSE. Under ITEM 7 authorisation is sought to repurchase own shares. Although the authority requested woul...
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. Item 2: Management and Supervisory Board are proposing a dividend of EUR 1.10 per share (increased by 733.33% from EUR 0.15) which corresponds to a payout ratio of 53.40% per share (EPS: EUR 2.06). In view of the recent events rel...
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