Items 11 and 12: Numerous points are related to the remuneration of Philippe Lazare. Despite an improvement in the performance criteria for his long-term compensation, the characteristics of his annual bonus as well as his severance pay do not respect our guidelines.
Item 4: Again this year, the company offers an option to pay the dividend for the year in shares at a discount of 10%. As a result of this discount, Proxinvest is opposed to this resolution.
Items 6 to 10: The composition of the Board will change this year thereby reducing the independence rate.
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.
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