Etude de l'AG du 19/04/2017

We recommend that shareholders oppose the authorization to acquire own shares and bonds (respectively in item 4 and item 5), as the maximum price of the repurchases (120% of the market price) exceeds the ECGS guidelines limit of 110% of the market price. Furthermore, concerns over the possibility to use share buy-backs to increase the executive variable remuneration, as EPS is one of the key performance indicators for both the annual bonus and the long-term incentive.In item 6, shareholders are ...