ECGS stongly supports Phitrust Active Investors engagement initiatives and encourages investors to join!

Engagement focus on Accor, Renault, Safran and Societe Generale by Phitrust Active Investors

PhiTrust Active Investors, the activist French Governance engagement fund will attempt to file external resolutions to the 2014 General Meetings of these four companies, each being led by a Chairman/CEO. 

Subsequent to their contacts with the Chairmen of the Board of Directors of these listed companies, and after discussing the issue with several institutional investors, the Board of the 

Phitrust fund decided that the separation of powers was the most important topic to tackle at the four following companies: 

ACCOR: the newly appointed Chairman/CEO (as of 2014) was already an influential shareholder for several years, and the strategy he helped implement has not borne fruit. 

RENAULT: after the departures of the "second in command" of both Renault and Nissan, the issue of power centralisation has become increasingly important to shareholders. 

SAFRAN: the refusal of the Board of Directors to take into account the shareholders' vote on items related to the Chairman/CEO's compensation is among the issues which lead to the encouragement of the company to return to the organisational management structure that prevailed prior to 2011.  

SOCIETE GENERALE: the recent position taken by French banking regulator ACPR (independent authority linked to the Bank of France) asking French banks to apply European rules regarding the separation of powers, calls attention to Société Générale's current governance structure.  

Phitrust Active Investors maintains that such a confusion of powers implies a risk for the shareholders and invite investors to file for the the resolutions on its website and if needed to request the necessary elements allowing to participate in these initiatives.   

To file for the resolution click here

Top learn more about Phitrust Active Investors initiatives visit



 London, March 05, 2014