Vicat - AG du 3 Avril 2020
Le quitus aux administrateurs est regrettable. En effet, tout mandataire social responsable et diligent assume ses responsabilités passées et ne devrait généralement pas avoir besoin de quitus de sa gestion.
En raison de l'absence d'une majorité de membres libres de conflits d'intérêts potentiels (taux d'indépendance de seulement 36,36%), nous recommandons l'opposition au renouvellement de Jacques Le Mercier. Le renouvellement de Sophie Fegueux est en revanche soutenu.
La rémunération des dirigeants manque de transparence quant aux rémunérations variables et exceptionnelles.
L'ancienneté de KPMG en qualité de commissaire aux comptes de la société est de 37 ans, ce qui excède largement notre limite fixée à 3 mandats successifs. Ainsi, nous recommandons l'opposition à son renouvellement.
Les différentes modifications statutaires ne semblent pas porter atteinte aux intérêts des actionnaires. Nous recommandons toutefois l'opposition à la résolution 21 prévoyant un maintien du droit de vote double en cas de transfert par la suite d'une fusion ou d'une scission d'une société actionnaire. En effet, la politique de vote de Proxinvest s'oppose au principe du droit de vote double.
Enfin, pas de potentielle dilution des actionnaires en raison de l'absence de résolution relative aux augmentations de capital.
Vicat specializes in the production and marketing of cement, ready-mixed concrete and aggregates. Co. is also engaged in other activities which are: transport brokering (transporting materials and merchandise to large work sites) and contract work, production of prefabricated concrete products, fabrication of building products and paper. Co.'s business is divided into four segments: Cement, Ready-Mixed Concrete, Aggregates and Other Products and Services. Co.'s activities are conducted in eleven countries across Europe, North America Asia, Africa and the Middle East such as: France, U.S.A., Italy, Switzerland, Turkey, Egypt, Senegal, Mali, Mauritania, Kazakhstan and India.
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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