Aéroports de Paris - AGM 20 May 2019
ITEM 7: As every year, ADP proposes an individual vote on each related-party
agreement, which is a good practice we support. This year, no less than 18 resolutions
are related-party agreements. Most of them are acceptable. However, the amendment n°
4 of the memorandum of understanding concluded between the Company and SNCF
Réseau and the Caisse des Dépôts et Consignations related to the CDG Express project
raises concerns. Indeed, although we understand that this CDG Express project is quite
important for the strategy of Aéroports de Paris (mainly in its capacity as official partner,
for the promotion of the application of Paris to the Olympic Games in 2024) and that this
project is ambitious and promising, as pointed out for several years now, the company’s
disclosure on this agreement is poor. And specifically regarding the amounts at stake
and the reason why they increased from €12 M to €110 M. Considering our concerns, we
cannot support item 7.
ITEM 26: The Company proposes to renew its Chairman and CEO (Augustin de
Romanet) mandate: performances of the Group since Mr de Romanet is Chairman and
CEO are good on share price and environmental matters. However, in terms of
governance, the outcome is quite negative as there is no counter powers, but also
because when the double voting rights was enforced by the Florange Bill, Mr de
Romanet failed to put to vote a resolution to maintain the "One Share – One vote”
principle. Even if the resolution would have certainly been rejected (because of the
French Government weight on AGMs), he should have at least allowed shareholders to
express their opinion on this matter.
Aeroports de Paris is the airport authority that owns and manages the fourteen civil airports and airfields in the Ile-de-France (Paris) area. Co. owns and operates the three main airports of the Ile de France region (Paris-Charles de Gaulle, Paris-Orly and Paris-Le Bourget), 10 general aviation airfields and the Issy-les-Moulineaux heliport. In the three main airports, Co. provides facilities to accommodate passengers, airlines and cargo and postal services, and offers a range of services. Co.'s activities are divided into five business segments: Aviation, Retail and Services, Real Estate, Airport Investments and Other Activities.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.