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Crédit Agricole – AGM 13 May 2020

Disclaimer: ECGS does not provide any service to the Company, except assistance on managing their voting guidelines and governance data (provided by Proxinvest, the French partner of ECGS).    

  In the context of the Covid-19 crisis and in line with the recommendations of the European Central Bank expressed on 27 March, the bank doesn not pay dividends as long as the coronavirus crisis persists and "at least until the beginning of October 2020" (resolution 3). ECGS would have appreciated that the resolution relating to shares cancellation be withdrawn for the sake of consistency (resolution 38).

On 14 April 2020, Philippe Brassac, CEO, and Xavier Musca, Deputy CEO, decided to waive half of their variable compensation for 2019 in order to contribute to the solidarity fund for the elderly created by Crédit Agricole (resolutions 20 and 21).

The new remuneration policy of Executives for 2020 has been deeply modified with the introduction of a real long-term remuneration. This change was expected by the shareholders. Moreover, even if it remains too high, the qualitative part of the bonus criteria is reduced (resolutions 16 and 17).

Underlying
CREDIT AGRICOLE SA

Credit Agricole is active in the market of retail banking and related businesses. Co. provides day-to-day banking, savings products, mortgage and consumer loans, insurance, private banking, asset management, lease finance and factoring, corporate and investment banking. Its activities can be divided into six business lines: French Retail Banking - Regional Banks; French Retail Banking - LCL; International Retail Banking; Specialized Financial Services; Savings Management and Insurance; and Corporate and Investment Banking. Co.'s customers are personal customers, farmers, small businesses, companies and local authorities. As of Dec 31 2013 Co.'s total assets amounted to Euro1,536,873,000,000.

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Proxinvest
Proxinvest

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