Publication of ECGS-Proxinvest 17th report on the "2013 French Proxy season and ECGS-Proxinvest Voting Policy for 2014".

The French proxy advisory firm Proxinvest, member of the ECGS consortium, reported on the content and voting results of 370 General Meetings held in 2013 by 336 French listed companies. While the shareholders of the CAC 40 index companies appeared less critical with an average opposition vote dropping from 5.88% to 4.87% in 2013 and a lower number of rejected or withdrawn resolutions from 50 in 2012 down to 35 in 2013, the French listed companies still have room for improvement in the preparation of their general meetings since 43% of resolutions are still the subject of a negative recommendation by the ECGS-Proxinvest proxy advisors.

Italy: The end of the "shareholder agreements" era ! (if real) a great opportunity for the entire Italian economy. A great article by Frontis Governance (ECGS Italian Partner)

By Sergio Carbonara, Frontis Governance

On last October 31stPirelli announced the termination of the shareholders’ agreement controlling 31.8% of the Company’s share capital. Few months earlier, other agreements controlling major Italian companies were terminated, such as the one related to 58.3% of the publisher of the newspaper Corriere della Sera, RCS Mediagroup (including FiatMediobanca,ItalmobiliareGenerali, Pirelli, Intesa SanpaoloSinpar and Gemina), and the one controlling Telco, the holding company that owns 22% of Telecom Italia’s shares (the Italian shareholders Generali, Intesa Sanpaolo and Mediobanca will gradually sell all their shares to the Spanish competitor Telefonica).

ECGS welcomes the 15th report on French executive compensation

Shareholders of the largest French listed companies will now vote in 2014 on executive compensation following the amendment to the AFEP-MEDEF corporate governance code. Proxinvest the French proxy advisor just published its fifteenth consecutive report on executive compensation.

ECGS and Proxinvest welcome the public consultation on the Best Practice Principles for Governance Research

ECGS and Proxinvest welcome the public consultation on the Best Practice Principles for Governance Research, a consultation which will remain open until December 20th 2013. 

The final version should be released by February 2014 and be then left for adoption by the providers on a "comply or explain" basis.

When French Investment funds leave CAC 40 Index..

When French funds leave CAC 40 stocks…

Since 2012, the total investment of French Funds in CAC 40 companies’ shares decreased by 23.5% from 34 % to 26 % of the total stock held by Investment funds. In this context, we can legitimately ask why French funds are no longer attracted by the biggest French capitalizations while their foreign counterparts are increasing their holdings.

Banks are not so fine after all

Halloween is almost upon us and banks do not fail to provide their share scary news. Last Thursday investors were scared by reports that HSBC faced a $2.46 billion fine as a result of a Judgment in Securities Fraud Case1. The bad news was quickly followed by US media reporting that JP Morgan was set for a record $13bn (£8bn) fine to settle investigations into its mortgage-backed securities2.

Christian Dior: a reference in French code compliance!

Christian Dior, the luxury company which gathers each fall as shareholders at the prestigious Carousel of le Louvre, tends to take it easy with its compliance to the French reference code.

Alitalia: Another financial disaster caused by Italian politics and management by the ?State??

In 2008 the Alitalia airline was close to be fully bought by Air France, but the deal was stopped by the strong opposition of Berlusconi in the name of the “italianity” of Alitalia. The company was delisted in 2009 and acquired by a group of Italian “entrepreneurs”, mostly linked with political parties including Roberto Colaninno (associated a few years ago with a Telecom Italia mess) and the Riva Group (the owner of Ilva, a company that poisoned the city of Taranto and is under legal investigation for environmental disaster).

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