In item 4, the Board proposes to ratify the appointment of Mr. Francisco José Aljaro Navarro as CEO, to replace Mr. Reynés Massanet, who resigned in February 2018 and appointed as Chairman-CEO of Gas Natural. Mr. Aljaro Navarro has been the CFO of Abertis since 2005, and we have not identified any specific concerns over his appointment as CEO of the Company for the statutory term of 4 years. Hence, we recommend approval.
In item 6, the Board asks the shareholders to authorize the sale of Abertis' 57% stake in Hispasat to Red Eléctrica, for a minimum consideration of € 656 million. As Hispasat is the Spanish satellite communication operator, it is a national strategic asset and any changes in control are subject to the approval of the Spanish Government. The minimum price requested by Abertis for the sale of 57.0% of Hispasat corresponds to a valuation of € 1'150 million for the entire company, which is approximately 28% higher than the price agreed with Eutelsat in May 2017 for the acquisition of its 33.7% stake, which is still subject to a pending Government authorization (Red Eléctrica would replace Abertis in
the agreement at the same terms as those agreed with Eutelsat). In any case, the consideration for the sale of Hispasat shall be at least equal to the value at which it is recorded in Abertis' accounts, and the transaction will not result in any loss for the
Company. The controlling stake of Albertis in Hispasat may be used by the Spanish Government as a tool to interfere in the competing offers launched by ACS and Atlantia to acquire the Company. In our opinion, the sale of Hispasat will remove a potential
limitation to the free competition between ACS and Atlantia, allowing Abertis' shareholders to freely choose between the offers. Therefore, we recommend approval.
In item 8, shareholders are called to an advisory vote on the Annual Remuneration Report. The quality of disclosure was improved in the last year, through the disclosure of the performance conditions for the vesting of the annual bonus. However, we regret that the entire remuneration is paid in cash and there are no share ownership guidelines for executive members. Also taking into account that the severance payments, equal to 3 years of base salary plus annual bonus, exceed our voting policy limit of 2 years of remuneration, and the pension contributions are very high in our opinion (40% of the CEO's base salary), we recommend opposition.
Abertis Infraestructuras is the parent company of a group of companies engaged in the management of mobility and communications infrastructures operating in five sectors: motorway concessions, telecommunications, airports, car parks and logistics services. Its business purposes include the construction, maintenance and operation of motorways under concession in Spain and internationally; the construction of roads; ancillary construction activities, maintenance and operation of motorways, and communications and/or telecommunications for the mobility and transport of people, goods and information, under the necessary authorization, as the case may be.
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Feasibility Study Results in December to be a Catalyst for this Junior
The redevelopment of the Liang Court site will create an integrated development linked to Fort Canning MRT station and facing the Singapore River promenade. ART’s Somerset serviced residence with 192 units is slated to open in 2H24, while CDREIT’s 475-room lifestyle hotel under Moxy brand is scheduled for completion in 2025. ART and CDREIT plan to stay invested in the Liang Court site. BUY ART (BUY/Target: S$1.66) and CDREIT (BUY/Target: S$2.05). Maintain OVERWEIGHT.
In May 2018, Hochtief purchased 78.8% of Abertis shares through a public tender offer launched at € 18.36 per share. Hochtief increased its holding to 86.7% through market purchases made until June 13th. Taking into account that the Company holds 8.0% of the share capital in treasury shares, the minority shareholders that did not accept the offer made by Hochtief currently represent 5.3% of the share capital. On June 21st, Hochtief launched a purchase offer for the remaining 5.3% at the same price of the tender offer (€ 18.36 per share). The EGM is called to approve the delisting of Abertis' ...
Proxinvest souligne que la société propose la ratification de la cooptation de deux nouveaux administrateurs libre de conflit d'intérêts, en résolution 8 et 9. Ainsi, le conseil devient majoritairement indépendant, ce qui est une amélioration, notable en termes de gouvernance. Nous recommandons donc l'approbation des résolutions 8 et 9.La rémunération attribuée à Yazid Sabeg s'élève ainsi à 455 000 euros, soit 292% de la médiane des Présidents de conseil des 250 premières sociétés cotées françaises. Or Proxinvest est défavorable à l'attribution de rémunération excédant cette médiane.Par conséq...
General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by postal vote or by granting authority to the proxies designated by the Company. Item 2: In view of the recent events relating to COVID-19, ECGS is in favour of postponing decisions on the dividend, reductions or suspensions that would allow companies to avoid liquidity risks or not generate risk for their surviv...
General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by postal vote or by granting authority to the proxies designated by the Company. LEG Immobilien is one of Germany's leading listed real estate companies with around 136,000 rental properties and more than 365,000 residents. The Company has seven branch offices in North Rhine-Westphalia, providing personal local c...