La société soumet au vote des actionnaires plusieurs autorisations d'augmentation de capital et d'achat et vente de ses propres actions. Pourtant, elle n'interdit pas l'usage de ces opérations en période d'offre publique. Proxinvest recommande à ce que la société s'engage à ne pas réaliser ces opérations en période d'offre publique, ce qui pourrait constituer des moyens de défense contre les société réalisant une offre sur ses titres, et qui créerait donc une évolution artificielle du cours de l'action, peu compatible avec les intérêts des actionnaires. Par conséquent, nous recommandons l'opposition pour les résolutions 9, 11 à 14 et 16 et 17.
Par ailleurs, la société soumet au vote de ses actionnaires des autorisations d'émissions d'actions gratuites et d'options au profit des salariés et des mandataires sociaux. Cependant, les montants de ces autorisations excèdent les plafonds de Proxinvest et aucune condition de performance n'est prévue par la société (résolutions 10 et 11).
ESI Group is engaged in researching, developing, designing, creating and distributing computer software; and acquiring, receiving, holding, managing and trading in a portfolio of securities, especially in fields related to the publishing of scientific software, including digital simulation software for prototyping and manufacturing processes and related decision-making support tools.
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 :
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.
ESI group has changed its closing date (from the end of January to the end of December) and published its turnover for the last two months of the year (which will be only 11 months long). The Group mainly published proforma revenues for the 12 months of 2019, showing a 7.8% increase in sales, compared to a 2.7% increase between 1 February and 31 October. These figures clearly exceeded expectations and could suggest that the French software company specializing in virtual prototyping is finally entering a new phase of strong growth. We fear that this is not the case.
In general, Wärtsilä is in compliance with the Finnish regulations relating the organisation and procedures of the Annual General Meeting. Under ITEM 10 the board of directors seeks approval for the Company's executive remuneration policy. ECGS notes that this is the first time that Wärtsilä puts its executive remuneration policy to a(n) advisory vote, which it strongly welcomes. ECGS furthermore applauds all the proposed changes to said policy. On the other hand, ECGS notes that the maximum variable remuneration is not in accordance with its guidelines. Accordingly, ECGS recommends to vote O...
In general, Stora Enso is in compliance with the Finnish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 10 the board of directors requests an advisory vote on the Company’s executive remuneration policy. ECGS notes that this is the first time that Stora Enso puts its executive remuneration policy to a vote, which it strongly welcomes. Although ECGS has some concerns with regard to Stora Enso’s remuneration policy, the proposed structure is basically in line with its guidelines. Accordingly, ECGS recommends to vote FOR. Under ITEM 11 the shar...
In general, DSV Panalpina (formerly DSV, see below) is in compliance with the Danish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 5.5 it is proposed to re-appoint Ms. Malou Aamund as Member of the board of directors. Although she is considered independent, ECGS has concerns over her aggregate time commitments. In view of these concerns, ECGS normally would have recommended opposition. However, considering that the proxy card does not permit this, it recommends abstention instead. ECGS notes that DSV completed the acquisition of Panalpina W...
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