Idi, 26 juin 2019
Notons premièrement que l'associé commandité, indéfiniment responsable des dettes sociales, est une société par actions simplifiée dont les associés ne supportent les pertes qu'à concurrence de leurs apports.
La forme sociale de la SCA empêche les actionnaires commanditaires de pouvoir choisir leur premier dirigeant et porte donc atteinte à la responsabilité de celui-ci envers ces premiers. Précisons que le Gérant n'est pas directement rémunéré par IDI mais par Ancelle et Associés, ce qui n'assure pas un parfait alignement des intérêts du premier dirigeant avec ceux des associés commanditaires.
Par ailleurs, Proxinvest s'oppose à tout dispositif anti-OPA. Ainsi, bien que la forme de SCA soit le dispositif anti-OPA par excellence, la société continue de proposer une opération sur capital maintenue en période d'offre publique (résolution 14). Ceci constitue un obstacle à la pleine valorisation de la société.
Enfin, sur les dix membres du Conseil de Surveillance, Proxinvest dénombre seulement quatre membres indépendants.
Groupe IDI activity is divided in two areas: through its subsidiaries, EURIDI and Marco Polo Investissements, Co. is engaged in management buy-out/buy-in and growth capital investments in French small-mid caps valued between Euro7,000,000 and Euro75,000,000 also, through its subsidiary, IDI Mezzanine, is engaged in mezzanine financing. Also Co. is active in the purchase of secondary market portfolio.
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 :
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Proxinvest has been a pioneer and champion of good corporate governance and has grown into a recognised expert in the field.
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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.
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