EUR 1000.00 For Business Accounts Only

Danone - AGM 26 June 2020

ITEMS 4 and 6: The Board does not comprise a majority of independent members;
therefore, we cannot support the renewal of Mrs. Seillier and Mr. Engles. Regarding the
latter, it should be noted that he also has an attendance rate of 67% in 2019, which was
already the case in 2017. Thus, on average over the last 3 years, his attendance rate has
been only 78%, which seems rather low.
 
ITEMS 9 to 11: Mr. Faber's 2019 remuneration presents amounts and structure in line
with our recommendations. In addition, the company's transparency allows a good
overall understanding of the amounts awarded. For these reasons, we support
resolution 10; however, the company could enhance its disclosure by clearly
communicating the annual bonus criteria target for a full understanding of the amounts
awarded.  
Regarding the remuneration policy, it is overall in line with our recommendations
(except for the maximum bonus, which is excessive). We therefore support it.
However, we note that ECGS is in favour of the implementation of Clawback clauses,
but, the company does not mention whether such a clause is provided for in the
remuneration policy.
 
ITEM 20: The Company proposes to amend its Articles of Association in order to
become a oSociété à Missionp
 oCompany with a Purposep

as now possible under the
Pacte Law. To this end, the Company proposes the insertion of a oRaison d'Êtrep

 oPurposep

social and environmental objectives, the establishment of a Mission
Committee responsible for monitoring the execution of this mission and the
appointment of an independent third party body to verify the execution of this mission.
If this resolution is adopted, Danone will be the first CAC 40 oSociété à Missionp