This year’s general meetings have made the 2015 season a banner year for shareholder activism!

The resistance campaign against the Florange law (which reintroduces automatically double voting rights and the possibility to block public offerings) has, essentially, brought the largest investors together against this deterioration of minority shareholders’ rights. Bolloré’s rise in Vivendi’s capital against the backdrop of contested communication, the unexpected rise of the State stake in order to impose the double voting rights at Renault and several rejected items at Orange have been the hottest cases of the 2015 proxy season.

 In terms of remuneration we have noted the record breaking Golden Hello of Olivier Brandicourt at Sanofi, the strong protest at Danone, and the uncontrolled remuneration structure in Altice and Renault.

The strategic operations of Saint-Gobain and Lafarge in Switzerland have not shown great vigilance from French leaders with regard to minority shareholders’ rights.

Finally, Proxinvest has written several letters to the AMF (Financial Markets Authority) and the CEOs of companies such as, but not limited to, Alstom, Hermès International, Sanofi, Renault, Vivendi and Norbert Dentressangle regarding important communication and transparency issues and the still insufficient respect of minority shareholders.

Proxinvest’s 2015 Voting Policy is applied to all of our studies which are available online, studies that justify our voting recommendations, also accessible online.

Posted by Proxinvest