Electricité de France (EDF) – AGM 7 May 2020
ECGS draws investors' attention to several points:
- Following the notice of meeting published on 10 April 2020, including a correction to the agenda initially communicated, the Company finally decided not to proceed with the payment of an ordinary dividend of €0.48 per share and a bonus dividend of €0.53 per share, merely validating the interim dividend of €0.15 per share already paid. This choice is explained by the Covid-19 crisis, which is currently affecting France and the world and which justifies giving priority to solvency. In line with the commitment campaign of our ECGS partnership in 2020 on responsible distribution, ECGS recommend to approve the distribution.
- ECGS is opposed to the ratification of the cooptation of two directors appointed by the French State, Véronique Bédague-Hamilius and François Delattre, particularly in view of the lack of a majority of members free of interests on the board and the already satisfactory representation of the largest shareholder on the board, but supports the renewal of Claire Pedini, an independent director.
- ECGS continues to oppose several proposed financial resolutions, due to the possibility left by the Company to use these various authorizations during a public offer period, which is contrary to our voting policy.
Electricite de France is an integrated energy company with a presence in a range of electricity-related businesses: nuclear, renewable and fossil-fuel fired energy production, transmission, distribution, marketing as well as energy management and efficiency services, along with energy trading. Co. is an integrated energy company engaged in all aspects of the energy business: generation, transmission, distribution, supply and trading of energies. Co. is an electricity operator in France and abroad. The breakdown used by Co. for its activities is as follows: France; United Kingdom; Italy; Other International; and Other activities.
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