La présente assemblée générale porte sur la distribution exceptionnelle d'actions d'une filiale de PSB Industries, Baikowski. De ce fait la société propose de modifier les articles des statuts relatifs aux distributions de dividendes et de dividendes en nature.
De même la société propose de faire un transfert comptable pour permettre de réduire le coût de cette distribution.
Enfin la société propose dans la résolution 3 la mise en place de la distribution exceptionnelle du dividende en nature. Cette résolution semble acceptable pour Proxinvest au vue de de l'intérêt stratégique, des termes de la distribution.
PSB Industries is a holding company. Co. is engaged in technological industries and is organized into the following three operating segments (business units): Beauty Packaging (Texen), Custom Packaging (CGL Pack), and Specialty Chemicals (Baikowski). Beauty Packaging (Texen) specializes in plastic injection and finishing, chiefly for the cosmetics and perfume industry; Custom Packaging (CGL Pack) specializes in the design and manufacture of custom thermoformed packaging for consumer products; and Specialty Chemicals (Baikowski) specializes in the production of powders and liquids based on ultra-pure alumina.
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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>2019 revenues down 3.5% (-4.6% LFL) to € 266.2m - PSB Industries reported yesterday evening Q4 revenues down 7.5% to € 62.3m (-8.4% LFL). Full-year revenues missed expectations (i.e. € 269m estimated, -2.6% estimated) at € 266.2m, down 3.5% YOY, of which a 3.5% organic decline LFL and a positive 1.1% forex effect (stronger US dollar and Mexican peso). Revenues were further hurt by the slowdown in the US make-up market and exposure to the automotive industry in Europ...
Cette année, Proxinvest recommandera l'approbation pour la rémunération attribuée du Président Directeur Général, Daniel Derichebourg, (résolution 5) en raison de montants raisonnables et d’une stabilité de sa rémunération fixe. En revanche, nous regrettons qu’il n’y ait pas de vote ex ante pour sa rémunération attribuable au prochain exercice, même s’il ne perçoit qu’une rémunération fixe. Cependant, bien que l’année précédente nous avions apprécié les améliorations de transparence, cette tendance n’a pas continué et en raison des montants nous recommandons l’opposition à la résolution conce...
Item 2: Advisory vote on the remuneration report. The positive features of the remuneration overwhelm our moderate concerns about its quantum and the insufficient challenge of some LTI targets. The remuneration is weighted more towards rewarding long-term performance, the payout is adequately aligned with performance, and the quantum may be explained by the Compass group's strong performance. Item 13: The re-election of Mrs Vittal previously recorded a high level of total dissent of 22% due to over-boarding concerns. This year, Mrs Vittal has reduced the number of directorships which now fall...
Item 6: We recommend to oppose the revised remuneration system for the Management Board due to our concerns over the structure of remuneration being paid under the system: The maximum total remuneration (excluding pension benefits and benefits in kind) may reach as much as ~643% of base salary which significantly exceeds ECGS guidelines according to which the maximum total remuneration should generally not exceed 400% of base salary.
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