Essilor AGM : ECGS and Proxinvest call for a rotation of the audit firms

Most of the investors do not really look carefully at proposals requiring to renew auditors : during the 2012 proxy season in France, this type of proposal was approved by 98.8% of the voting rights. However some responsible investors start to do their best efforts to address the problem of auditors' independence and a coalition of investors led by USS was launched with the support of ECGS and Proxinvest.

In line with the recommendations of this coalition and with the ECGS voting policy, Proxinvest recommends Essilor shareholders to oppose PricewaterhouseCoopers which has certified the accounts of the company for 30 years. Proxinvest, the French partner of ECGS, also recommends opposition to the re-election of the audit firm Mazars since the non-audit fees paid to Mazars amounted to 53.7% of the audit fees on a three-year basis. In addition, the auditors failed to mention the supplementary pension granted to Hubert Sagnières in their special report on regulated related-party agreements.

Paris, 15th May, 2013