Etude de l'AG du 25/04/2017
Whereas the board of Vivendi used to be composed in majority of independent members before Vincent Bolloré came to the capital, it appears that after this General Meeting of 2017, the independence rate will be only of 42%. It used to be 71% in 2014, thus Vincent Bolloré is taking control over the board of directors.
Indeed, three members, free from conflicts of interest are not proposed to re-election (Pascal Cagni, Yseulys Costes and Alexandre de Juniac, who, “didn’t asked to be re-electedâ€) and shareholders are asked to ratify the cooptation of Yannick Bolloré, the son of Vincent Bolloré (resolution 14). The main shareholder is now over-represented at the board (3 members out of 12, that is to say a 25% rate, compared to a capital ownership of 20.65%). Moreover, two employees are proposed to be elected (resolutions 16 and 17).
Furthermore, during the 2015 AGM, Vincent Bolloré’s attitude toward shareholders was really disappointing. Indeed, he did not proposed to shareholders a resolution to allow them to express their opinion on the double voting right. Thus, an external resolution was filed by Phitrust to give shareholders this possibility. This resolution was approved at 50.06%, which is unfortunately not enough to be approved (even though it was approved by more than 60% of the minority shareholders). As a consequence, and in accordance with what Proxinvest said in its previous analysis, the resolution 15 that proposes the re-election of Vincent Bolloré will not be sustained.
Vivendi is an audiovisual group active in the entertainment industry with activities in music, TV, cinema, mobile, fixed and internet, and games. Co.'s operations are divided into five businesses: Canal+ Group which produces and distributes pay-TV in France, analog or digital, and is involved in film making; Universal Music Group which sells recorded music (physical and digital media); GVT which serves as a telecommunication operator for fixed ultra high-speed broadband, fixed-line telecommunications and Pay-TV in Brazil; SFR which is engaged in mobile phone services in France, as well as fixed and ADSL services; and Other Activities which involves ticketing, Wengo and Watchever.
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