Report
Florian Béchaz
EUR 1000.00 For Business Accounts Only

Klépierre - Assemblée Générale du 30 avril 2020

En termes de gouvernance et de transparence, la société Klépierre est à saluer. Cela s'explique notamment par la séparation des fonctions de Président du Conseil et celui du Directoire ainsi qu'un bon taux d'indépendance du Conseil (55,56%).

De plus, la société communique bien ses critères de rémunérations, bien que cette dernière offre potentiellement des montants très généreux pour une société du SBF120.

On notera l’absence de rémunérations exceptionnelles pour l’année à venir.

Concernant le dividende, bien que le taux de distribution soit particulièrement élevé par rapport aux années précédentes et dépasses les critères de Proxinvest, le dividende est couvert par les flux de trésorerie et est cohérant avec la politique de Klépierre. Nous émettons toutefois quelques réserves quant à la pérennité d’une une distribution de 80% des cashflow net dans un contexte économique ralenti.

Underlying
Klepierre SA

Klepierre specializes in the development, rental, and asset management of real estate properties in 13 Continental Europe countries. Co. also provides services to third party customers. Co.'s properties include shopping centers, office buildings and shops. It structures its operation into business segments and geographic regions: Shopping centers are structured into 6 operating segments, and the remaining two operating segments are Retail Assets and Office Buildings. As of Dec 31 2013, Co.'s portfolio comprised 91 centers in France/Belgium, 25 centers in Scandinavia, 35 centers in Italy, 76 centers in Spain/Portugal, 23 centers in Central Europe, and 6 centers in other countries.

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
Florian Béchaz

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