Rubis - AG ordinaire et extraordinaire du 9 décembre 2020
Le principal objet de la présente Assemblée générale est la modification de l’article 56 des statuts relatif au dividende des associés commandités.
La modification proposée (introduction d’un Cours de Référence (« High watermark »)) s’apparente à un renforcement de la condition de versement du dividende statutaire que Proxinvest critiquait depuis plusieurs années en raison de l’effet cliquet potentiel. Ce renforcement est bienvenu et nous félicitons la société d’avoir entendu nos réserves.
Nonobstant la question des pourcentages inchangés qui paraissent élevés (3% de la hausse de la capitalisation, dans la limite de 10% du résultat net part du groupe), l’introduction d’un high watermark est tout à fait approprié, corrige le caractère court-termiste du précédent calcul qui créait un manque d’alignement avec les actionnaires, et répond aux attentes exprimées par Proxinvest auprès des associés commandités depuis 2017 et réitérées dans notre dernier échange d’octobre 2020 avec le Président du conseil de surveillance, M. Heckenroth, et M. Riou.
Nous félicitons donc la société pour cette écoute, cette évolution et recommandons donc l’approbation.
Rubis is a holding company based in France. Co., through its subsidiaries, is engaged in the bulk import, production or distribution process, and storage of petroleum products in Europe, the Caribbean, and Africa. Co. operates bulk liquid storage facilities for petroleum products, chemicals, fertilizers, edible oils and molasses, and foodstuffs, as well as distributes butane, propane, and petroleum products in wholesale and retail. Co.'s customers primarily include hypermarkets and supermarkets; oil companies; chemists; and traders and intermediaries of fuel, oil or gas, manures, and other liquids.
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.
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