Report
Jehanne Leroy

Proxy Report - 15/06/2018

Alors même que la société recueillait l’an dernier des taux d’approbation assez faibles sur ses autorisations financières, principalement en raison de leur maintien en période d’offre publique, elle réitère cette année, sourde à la contestation de ses actionnaires. Ainsi, comme l’année dernière, Proxinvest ne soutiendra pas ces autorisations, non seulement en raison du maintien en période d’offre publique, mais également en raison des montants demandés dans le cas des autorisations sans DPS.

De la même façon, alors que la plupart des sociétés du SBF120 proposent des rémunérations sous forme d’options et d’actions gratuites assises sur des conditions de performance mesurées sur 3 ans minimum, Genfit continue à proposer des plans dont seulement 33% des conditions de performance sont mesurées sur 3 années. On déplorera le manque d’écoute de la société envers ses actionnaires.

Underlying
Genfit SA

Genfit is a biopharmaceutical company engaged in the discovery and development of drugs and biomarkers in therapeutic areas of high unmet need due to the lack of effective treatments or diagnostic tools and/or due to the increasing number of patients worldwide. Co. concentrates its research and development efforts to participate in the commercialization of treatment solutions and diagnostic tools to fight certain metabolic, inflammatory, autoimmune or fibrotic diseases affecting especially the liver (such as non-alcoholic steatohepatitis or "NASH").

Provider
Proxinvest
Proxinvest

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. 

Analysts
Jehanne Leroy

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