Proxy Report - 05/05/2018
This general meeting raises the debate on the level of the responsible dividend for EDF.
While the board of directors proposes to divide the stock dividend by two, th employee shareholders, via the EDF Actions France, propose in resolution A not to distribute dividends. Proxinvest congratulates the board for this strong and uncomfortable decision to drastically reduce the dividend. Because of the investment needs and the free cash flow, it remains high to ensure its sustainability. The company offers the option for the stock dividend that give the possibility to limit the cas outflows but the stock dividend option offers a discount of 10%. Thus, the more dividend EDF distributes, the more minority shareholders who opt for the cash dividend are diluted on unfair conditions.
The 2017 general meeting had rejected certain agreements in view of a supposed lack of information as the state is not taking part in the vote. It is again proposed to approv this time the final agreement for the acquisition of Areva reactor activities for €2.4 billion,with EDF accounting for 75.5% of the new Framatome facility, alongside Mitsubishi Industrials (19.5%) and Assystem (5%).
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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