The EGM is called to approve the merger by incorporation of Exor SpA into its wholly-owned
Dutch subsidiary Exor Holding NV. Through the transaction, Exor will change its
country of incorporation from Italy to the Netherlands. The transaction is aimed at
simplifying the Group's structure, as 85% of Exor's investments are, or are indirectly
owned through, Dutch companies (i.e., Fiat Chrysler Automobiles, Ferrrari, CNH
Industrial and the global insurer PartnerRe Ltd, which is 100% held through Exor NV).
Similarly to its listed subsidiaries, Exor will adopt a multiple-voting structure, granting 5
votes per common share held for an uninterrupted period of 5 years and 10 votes per
common share uninterruptedly held for 10 years. To be eligible to receive the additional
voting rights, shareholders shall request the registration of their common shares (in
whole or in part) into a Loyalty Register. However, unlike CNH Industrial and FCA, there
will not be an initial allocation of multiple-voting rights on the completion of the
transaction (CNH and FCA shareholders that voted at the EGM called to approve the
merger with the Dutch company were entitled to receive double voting rights even if they
had not held the shares for at least 3 years). Therefore, there will be no changes in
Exor's voting structure for the 5 years after the merger, but it is highly likely that Exor's
controlling shareholder Giovanni Agnelli & C (currently controlling 53.0% of Exor) will
hold a large majority of multiple-voting shares in the long term (as it happened in FCA
and CNH, where Exor holds approximately 92% and 88% of multiple-voting shares).
Although we recognise the benefits of the transaction, through a necessary simplification
of Exor Group's structure, and we welcome that unlike FCA and CNH no multiple-voting
rights will be assigned on the completion date of the transaction, we strongly oppose any
deviation from the "one share one vote" principle, which may significantly affect the
basic principle of the equality of treatment of shareholders in the long term. Whilst Exor's
voting structure will not change in the next 5 years, the controlling shareholder Giovanni
Agnelli & C will have the power to sell a significant percentage of ordinary shares after
the issue of multiple-voting shares, without losing the control of General Meetings. As in
our opinion the long-term risks arising from the multiple-voting structure overcome the
benefits deriving from the simplification of Exor Group, we recommend opposition.
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Exor N.V. is a holding company,incorporated in the Netherlands and controlled by the Italian Agnelli family. It has a capitalization of nearly US$24 billion, with a history of investments running over a century. Its most important investments include Fiat Chrysler Automobiles, PartnerRe, Ferrari, CNH Industrial, Juventus and The Economist. It is the 24th largest group in the world, according to the 2019 Fortune Global 500 List.
Exor (Achat) : Une cession potentielle de PartnerRe pour environ $9 mds BMPS (Vente) : Perte nette de €-1 md en 2019 (vs un RN de €279m un an avant) Credito Emiliano (Conserver): RN de €201m (+7,8%) en 2019 Axa (Achat) : En discussion pour céder ses activités en Europe centrale et orientale à Uniqa Insurance (Achat) Airbus (Conserver) est en pourparlers pour racheter à Bombardier (Achat) sa part dans la co-entreprise A220 Abbvie : Résultat opérationnel de $13mds (+103%) en 2019 Pemex (Vente) : Besoin de $10,7 mds de financement en 2020 ...
Ageas (Achat) : Nouvelle émission d’un titre RT1 Bawag (Achat) : Cerberus cède 8% du capital Chubb : Emission de deux obligations en euros Repsol (Achat) : Dépréciation de €4,8 mds, mais améliore son positionnement ESG Exor (Achat) : Acquisition de 43,78% dans GEDI pour €102,5m Orange (Achat hybrides) : Cède 1 500 sites non-stratégiques en Espagne à Cellnex (Achat) Glencore (Conserver) : Revoit à la baisse ses perspectives pour l’exercice 2019 Atlantia (Conserver) : Moody’s abaisse sa note d’un cran à Ba1, la perspective est néga...
ECGS notes 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. In general, Prosus is in compliance with the Dutch regulations relating to the organization and procedures of the AGM. Under ITEM 2 an advisory vote on the Company’s executive remuneration report is requested. ECGS notes that the total variable salary granted in the year under review, corresponding to 1062% of annual base salary, exceeds the maximum threshold under its guidelines. Accordingly, ECGS recommends to vote OPPOS...
The general meeting is convened to approve a sale of Direct Energy, Centricans North American energy supply, services and trading business, to NRG Energy for $3.625 billion in cash (equivalent to approximately £2.85 billion) on a debt free, cash free basis. We agree that the proposed cash offer is reasonable considering the current market circumstances and the group’s needs in urgent action in light of the Covid-19 impact on earnings and unbearable indebtedness. The disposal of Direct Energy will simplify the group’s structure and will allow focusing on a new strategy enabling the transition t...
Le rapport spécial des commissaires aux comptes ne comporte aucune convention, ni nouvelle, ni ancienne. L'absence de conventions au rapport spécial est, sauf opéra on non signalée aux commissaires aux comptes, le signe d'une bonne autonomie du projet de l'entreprise et d'une meilleure intégrité économique du groupe, surtout pour un groupe familial (résolution 4). Proxinvest estime que le taux d'indépendance du Conseil est très insuﬃsant (23%). Notons toutefois qu'André Delion, membre libre de conﬂits d'intérêts potentiels, assure désormais la présidence du Conseil depuis le 22 août 2019.Quan...
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