Report
Expert Corporate Governance Service (ECGS)
EUR 1000.00 For Business Accounts Only

Valeo - AGM 25 June 2020

Under ITEM 17 and ITEM 18 : The Company proposes to transform itself into a
European Company. ECGS is not convinced by the company's arguments because this
transformation does not bring anything and the company remains an international group
of French origin. Even if the company does not seem to envisage this in the short term,
we cannot recommend ending the ban on transferring the registered office to a foreign
EU member state because the level of shareholder protection is not the same in all EU
countries. Similarly, the adoption of the European Company Statute could prove risky for
shareholders' rights in the likely event of a change in European law in the future.
Accordingly, we recommend to OPPOSE.
Under ITEM 5 and ITEM 6: The Company seeks shareholder approval to ratify the co-
optation of Bpifrance Participations (to replace Noëlle Lenoir) and Fonds Stratégique de
Participations (to replace Georges Pauget). It should be noted that the Company
considers both of them to be independent. However, Bpifrance Participations holds
5.13% of the Company¶s capital and 5.02% of voting rights. Accordingly, ECGS does not
consider the candidate to be independent. The independence on board is sufficient
(77%) and we recommend shareholders to APPROVE to both items.
 

Underlying
Valeo SE

Valeo is an automotive supplier, partner to automakers worldwide. As an industrial and technology company, Co. focuses on designing, manufacturing and selling components, integrated systems and modules for automobiles and heavy goods vehicles, both on the original equipment and the aftermarket segments. In addition, Co. offers innovative products and systems that contribute to the reduction of CO2 emissions and to the development of intuitive driving to its customers. Co. operates through four business groups: Comfort and Driving Assistance Systems, Powertrain Systems, Thermal Systems, and Visibility Systems.

Provider
Proxinvest
Proxinvest

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Analysts
Expert Corporate Governance Service (ECGS)

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