Proxy Report - 23/05/2018
The company's governance is still highly impacted byy the Shareholders' agreement concluded between the French Government and Dassault Aviation. These shareholders, which hold together 50.5% of the capital, represent more than 56% of the Board (69% excluding employees representatives). Proxinvest recommend that a major part of the Board should be independent (even when the company is controlled). This is the main reason we do not support most of the elections and re-elections proposed.
Regarding 2017 remunerations and 2018 remuneration policy of the Chairman and CEO, we appreciate the improvements made by the company regarding its disclosure and structure and we support these resolutions. However, we allow ourselves not to reiterate this positive recommendation if the company does not keep doing efforts.
Thales is an electronics and systems group, serving defense, aeronautics, transport, space and security markets. Co.'s operations can be divided into four operating segments: Aerospace (Avionics, Space), Transportation (Ground Transport Systems), Defence & Security (Secure Communications & Information Systems Land and Air Systems, Defence Mission Systems), and DCNS. Co. designs and delivers systems for all four environments: air, land, sea and space. These systems detect and assess threats, manage information, support command decisions and control engagements through to threat neutralization. Co. is active in ground transportation; air transport; navigation systems.
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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Proxinvest has been a pioneer and champion of good corporate governance and has grown into a recognised expert in the field.
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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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