Report
Jehanne Leroy

Proxy Report 27/06/2018

Proxinvest attire l'attention des actionnaires sur les points suivants ;

- Après 2,5 ans de conflit, Vivendi et Ubisoft sont parvenus, le 20 mars 2018, a un accord résultant en la cession par Vivendi de la totalité de sa détention dans Ubisoft (via l’entrée au capital d’Ubisoft d'Ontario Teachers et Tencent, un rachat d'actions par Ubisoft, un rachat par Guillemot Brothers et un placement privé). Par ailleurs, Vivendi s'est engagé à ne pas racheter d'actions Ubisoft pendant 5 ans. Depuis cette annonce, le cours a augmenté de 39%, ce qui semble être un signe clair du marché qui voit d'un bon œil la fin des hostilités.

- La communication de la société sur le bonus annuel d'Yves Guillemot est l'une des meilleures du SBF 120 puisque la société communique non seulement a posteriori quels étaient les objectifs des critères du bonus qui devaient être atteints, mais elle communique également à l'avance les objectifs qui devront être atteints l'an prochain. A cela s'ajoutent des montants maitrisés et une structure respectant (à peu près) nos recommandations. Nous soutenons donc les résolutions 5 à 11.

Underlying
Ubisoft Entertainment SA

Ubisoft Entertainment is an international independent developer, publisher & distributor of video games. Co. centers its business activities on developing, publishing & distributing video games for portable & home consoles, the PC, smartphones & tablets in both physical & online formats: high-definition with games for Xbox 360, PlayStation®3 & PC; casual with games for Nintendo®, KINECT & PlayStation®3 Move; and online for on-line games. Co.'s catalogue includes various types of games: Action/Adventure, Shooters, Sports, Strategy, Simulation, TV and Movie licenses, Games for everyone and Driving. Co.'s trademarks include Assassin's Creed®, Rainbow Six® Vegas 2, and Rayman Raving Rabids®.

Provider
Proxinvest
Proxinvest

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. 

Analysts
Jehanne Leroy

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