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Expert Corporate Governance Service (ECGS)
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Accor - AGM 30 June 2020

 ITEM 4: The Company proposes the renewal of Sébastien Bazin, Chairman and CEO. In
terms of governance, Mr. Bazin's record is negative since it was under his chairmanship
that the board refused to restore the "One Share - One Vote" principle. Moreover, Mr.
Bazin holds an excessive number of mandates in listed companies. In terms of stock
market performance, his record is rather mixed, since although Accor's share price has
progressed well under Mr. Bazin's leadership, it has underperformed the CAC 40. In
terms of environmental performance, the group's performance is good. Considering the
impact that Mr. Bazin's chairmanship had on the Company during his last term of office
(and in view of the excessive number of directorships he held), we do not support this
renewal.
 
ITEM 11: As part of the CEO's remuneration policy for 2020, the Company proposes to
increase the long-term portion to 250% of the fixed salary (compared to 200%
previously): the total variable portion was already excessive with the previous ceiling.
This increase in the long-term portion (+25%) will therefore automatically also increase
the total variable portion (+12.6%) and therefore the total remuneration (+10%), which
now stands at €5.2 million, which is excessive. The previous policy was more
reasonable and preferable. We therefore recommend opposition to resolution 11.
 

Underlying
Accor SA

Accor is a hotel operator. Co. offers its guests and partners the expertise of a hotel operator and brand franchisor (HotelServices) and a hotel owner and investor (HotelInvest). Co. divides its activities into three segments: Luxury-upscale, Midscale and Economy. Luxury-upscale makes up 11% of Co.'s portfolio and comprises brands such as Sofitel, Pullman, MGallery, and Grand Mercure; Midscale makes up 43% of its portfolio and comprises the Novotel, Suite Novotel, Mercure and Adagio brands; and Economy makes up 46% the Co.'s portfolio, comprising the brands ibis, ibis Styles, ibis budget and hotelF1. At Dec 31 2013 Co. operated around 3,600 hotels and 460,000 rooms in 92 countries.

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