ECGS comments on the Shareholders' rights directive proposal by the European Commission

In a paper publicly released on July 18th, ECGS partners have expressed their common position, commenting on the European Commission's proposal to amend the 2007 shareholders' rights directive.

ECGS since years keeps concerns on the Banco Espirito Santo (BES) governance

The setbacks of the 2nd largest listed Portuguese bank Banco Espirito Santo (BES) shook the markets: In this listed bank where Crédit Agricole is the second shareholder with 15% of capital and three directors seating on board, we discovered a Madoff style banking management. After BNP Paribas was fined by the US regulator earlier this month, this second case (one among many others) is perfectly revealing of the perversions which leads the universal banking model, so praised by the banking lobby over Europe.

BNP Paribas Shareholders heavily penalized by the US legislator

BNP Paribas shareholders heavily penalized by the US because of the banks ambitious management's race for multi-business banking concentration.

Nokia's ex-CEO severance payment highly contestable

Nokia’s General Meeting will be held in a few days in Helsinki (June 17th). On this occasion, ECGS issued its annual proxy reporand took the opportunity to raise once again already expressed concerns at the end of 2013 regarding the amount of severance payment granted to ex-CEO Mr. Elop. Indeed, in September 2013, after having concluded the sale of D&S Business to Microsoft, Mr. Elop’s contract was amended and under the terms of the new amendment, Mr. Elop resigned from his position as CEO as of 3 September 2013 and assumed the role of Executive Vice President, Devices & Services.

Let us be clear about share repurchase !

In the context of a so-called Pact of responsibility favoring business the French Prime Minister, fellow ministers and MPs want to rein the payment of dividends by companies: if we leave these politicians to their old demagogic moons we should here understand that part of the misunderstanding comes from a gross overvaluation of the dividend actually paid to shareholders.

ECGS supports the EuroFinuse initiative on Better Finance Manifesto !

ECGS supports the initiative of EuroFinuse launched in February 2014 for better finance and improved consumer protection, long term investments and better governance. Learn more about the initiative here by reading the official press release of EuroFinuse: 

ECGS strongly supports Phitrust Active Investors engagement initiatives and encourages investors to join!

Engagement focus on Accor, Renault, Safran and Societe Generale by Phitrust Active Investors

PhiTrust Active Investors, the activist French Governance engagement fund will attempt to file external resolutions to the 2014 General Meetings of these four companies, each being led by a Chairman/CEO. 

Bankia, an expected General Meeting quieter than last year?

Bankia’s June 2013 General Meeting was the stage of some unprecedented events when thousands of small shareholders demonstrated half-naked and booed Bankia’s executives (http://www.youtube.com/watch?v=9-AL9xIy_us) after having being soaked as the value of the share plummeted from around 43, 75 EUR to 1, 23 EUR at December 31, 2013 only two years after being listed on the Spanish stock exchange. 

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