Proxy Report - 25/05/2018
Alors même que les modifications du régime de retraite du Président ont été rejetées en 2017, la société a maintenu le dispositif, montrant ainsi le peu de cas qu'elle fait de l'avis de ses actionnaires. Cette année, elle propose de nouveau des modifications de ces régimes de retraite supplémentaires. Malgré la baisse minime de cotisations proposée, nous considérons toujours que le Directeur Général et encore plus le Président du conseil n’aurait pas dû bénéficier de la création de ces nouveaux régimes de retraite. Nous maintenons donc notre recommandation négative et déplorons le manque d’écoute du conseil d ‘administration suite à la contestation de l’AG 2017.
Par ailleurs, la société propose cette année une augmentation de 33% du fixe du Directeur Général, compensée par la baisse des bonus cible et maximum et la baisse du plafond des actions de performance en valeur. Ainsi, la structure correspond désormais parfaitement aux préconisations de Proxinvest et nous félicitons la société de les avoir suivies. Nous recommandons donc l'approbation à la résolution 13.
Safran designs, develops and manufactures high technology electronics through three businesses: Aerospace, Defense and Security. Aerospace includes Aerospace Propulsion (propulsion systems for commercial aircraft, military transport, training and combat aircraft, rocket engines, civil and military helicopters) and Aircraft Equipment (mechanical, hydromechanical and electromechanical equipment); Defense (optronic, avionic and electronic systems); and Security (biometric technologies for fingerprint, iris and face recognition, identity management products, access management and transaction security, including tomographic systems for detection of dangerous or illicit substances in baggage).
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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