BNP Paribas – AGM 19 May 2020
Press release of 2/4/20 (): cancellation of the dividend
ITEM 13 and 14: The Company is not proposing any negative changes to the executive remuneration policy, so we support resolution 13. However, the remuneration policy of the Chairman does not respect our voting policy (see resolution 12: excessive remuneration), as does that of the CEO (see resolution 13: excessive fixed and total remuneration and undemanding performance criteria for long-term remuneration). However, by virtue of paragraph 2 of II of Article L. 225-100 of the French Commercial Code, only the rejection of the resolution to approve the information report on compensation (resolution 14) would oblige the Board to present a revised compensation policy to the general meeting of shareholders. ECGS would like to see the Board propose an amended remuneration policy and we therefore recommend opposing this resolution.
BNP Paribas is engaged in the provision of banking and financial services. Co.'s business activities are divided into two segments: Retail Banking & Services and Corporate and Investment Banking. The Retail Banking and Services business includes domestic markets and international financial services. The Corporate and Institutional Banking comprises of corporate banking, global markets, and securities services. Other activities include principal investments, which related to Co.'s central treasury function, some costs related to crossbusiness projects, the residential mortgage lending business of personal finance, and certain investments.
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