Proxy Report - 15/05/2018
La société propose de renouveler 4 administrateurs dont 3 liés à Crédit Agricole (actionnaire de contrôle) et 1 lié à Société Générale.
Bien que l'actionnaire Crédit Agricole ne soit pas surreprésenté au conseil, celui-ci ne comprend que 30,7% d'indépendants, soit un niveau en dessous de notre seuil de 50%, même pour les sociétés contrôlées. Ainsi, nous ne soutenons aucun des administrateurs liés à Crédit Agricole. En raison de ce taux d'indépendance du conseil trop faible selon notre politique de vote, nous ne soutenons pas non plus le renouvellement de l'administrateur lié à Société Générale (et ce d'autant plus que Société Générale n'est plus actionnaire de la société).
Par ailleurs, 3 de ces administrateurs proposés en renouvellement présentent des taux de présence au conseil inférieurs à 75%.
Amundi is a holding company. Through its subsidiaries, Co. provides advisory and investment management services. Co. provides savings, financial instruments, equity trading, credit activities, and investment solutions for both private individuals and institutional and corporate clients worldwide.
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.
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