Electricité de France (EDF) - AGM and EGM 16 May 2019
The company has again reduced its dividend this year (-33%) but to a lesser extent than the decrease in net earnings per share (-80%). The dividend is therefore not covered by the earnings. In addition, due to the group's investment needs, the problem of maintaining a dividend remains and the proposed reduction seems insufficient to help ensure its sustainability. Moreover, an option is available for payment in shares at a discount. Therefore, resolutions 3 and 4 will not be supported.
Among the many appointments and renewals proposed is that of the Chairman and Chief Executive Officer, which will not be recommended due to the lack of separation of functions and the lack of countervailing powers associated with disappointing stock market performance over the period of his mandate since 2014 (resolution 8).
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.
Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.
Proxinvest main services are :
- Proxy reports
- Definition and monitoring of client customized voting guidelines
- Corporate Governance Data and Rating
- Thematic research
- Engagement support
Proxinvest has been a pioneer and champion of good corporate governance and has grown into a recognised expert in the field.
Proxinvest is independently-owned and only works for investors : Proxinvest does not provide consulting services to the companies it covers, mitigating related risks to its clients and ensuring the independence of our analysis. As a result Proxinvest is able to take a robust, independent, engaged and unconflicted view of the companies in which our clients invest.
As Managing Partner of Expert Corprate Governance Service Ltd (ECGS), Proxinvest has built a large network of corporate governance experts to support clients in corporate governance analysis worldwide.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.