ICGN, following two ECGS partners, Proxinvest and Frontis, strongly opposes the European proposals for the revised Directive, the Italian Growth Decree and the French Florange Act on differential voting rights


On 29 January 2015, the International Corporate Governance Network (ICGN) has issued a strong message to the European Parliament, the Italian Government and the French authorities on the issue of differential voting rights.

ICGN is now also publicly challenging amendments proposed in the European Shareholder Rights Directive which introduces mechanisms such as differential voting rights, loyalty shares and tax incentives. A similar letter has been submitted to the Italian Government against provisions outlined in the Growth Decree.

For further details, please see


As mentioned in an earlier notice of this site the leading French governance activist investor, Phitrust, is currently conducting the engagement of about 20 institutional investors on the matter. See hereby their recent press release.