AXA – AGM 30 June 2020
The General Meeting Assembly was postponed from 30 April 2020 to 30 June 2020 due
to the Covid-19 crisis. The following changes were made to the agenda:
- the dividend has been reduced to €0.73 per share. This decision follows the press
releases of the European Insurance and Occupational Pensions Authority (EIOPA) and
the French Autorité de Contrôle Prudentiel et de Résolution (ACPR), relating to the
adoption of a prudent approach to dividend distribution during the Covid-19 pandemic,
which ECGS approves (resolution 3).
- due to the death of Stefan Lippe in April 2020, it is proposed to re-elect Irene Dorner as
Director when she had to leave. She has also agreed to replace Stefan Lippe as
Chairman of the Audit Committee for approximately one year, a committee of which she
was already a member (resolution 12).
It is proposed to replace the current employee shareholder representative on the Board.
The candidate supported by the Board will not be favoured by ECGS, which prefers to
choose a candidate more distant from management (resolutions 16 and A to F).
REMUNERATIONS
Once again, the total remunerations granted to the CEO and the Chairman of the Board
are excessive. However, the main change in the CEO's compensation policy in 2020
compared to 2019 is positive: reduction in the weighting of individual performance criteria
from 50% to 30% in the calculation of the annual bonus (resolutions 4 to 9).
AXA IM, subsidiary of AXA, is a client of Proxinvest, the French partner of ECGS. It is
important to note that Proxinvest does not provide consulting services to AXA. Voting
advice is provided primarily as a source of information at general meetings.
AXA is a holding company. Through its subsidiaries, Co. is engaged in insurance and assets management. Co. operates primarily in Europe, North America, the Asia-Pacific Region and, to a lesser extent, in other regions including the Middle East, Africa, and Latin America. Co. has five operating business segments: Life & Savings, Property & Casualty, International Insurance, Asset Management, and Banking. In addition, various holding companies within the AXA Group conduct certain non-operating activities. As of Dec 31 2013, Co. had total assets of Euro757,143,000,000.
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