Proxy Report - 25/04/2018
This year, there are two proposals for the appointment of representatives of Caisse des Dépôts et Consignations (CDC). This will result in over-representation of the largest shareholder on the board. In this context, the three resolutions pertaining to the appointment or mandate renewal of Board members related to the CDC cannot be approved (resolutions 8 to 10).
Regarding compensation, just like last year, structure remains its principal weakness: the reduced bonus payment coupled with the absence of a long-term component rendered compensation heavily dependent on base salary and thereby not linked to underlying performance. However, very moderate quantum mitigates our concern and allows for approval.
Finally, 3 external proposals related to the elections of directors have been filled in by Credit Agricole Assurance, which owns 18% of the capital. Considering that CAA holds 18% of the capital, Proxinvest can accept CAA to have 2 seats on the Board. As CAA already has 1 representative on Icade’s Board, Proxinvest supports only 1 of the proposed candidates.
Icade is a property developer/real estate investment trust (REIT). Co. offers its clients and business partners a range of complementary products and expertise in the development, design, contracting, marketing, and administrative and technical management of their properties. Co.'s activities are segmented into three divisions: Property Investment, Property Development, and Services. Property Investment focuses especially energy, water, waste and carbon comprises significant properties; Property Development targets properties and operations whose service orders were launched during the year, and Services division manages office buildings and housing units on behalf of third parties.
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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