Gender imbalance in corporate boards in the EU

ECGS has, at this stage, defined in its voting policy a minimum of 15% for all countries in our universe. In any case, the EU objective should be progressive: if the objective chosen is high, companies should be allowed a number of years to meet the requirements. ECGS sanctions companies on the election or re-election of the Chairman of the Nomination Committee. We believe that the Chairman of the Nomination Committee with the help of external research consultants should be able to identify female candidates.

The French state in line with its new policy, has voted against the compensation of the former. CEO of Air France-KLM

Proxinvest had recommended to its investor clients to oppose the resolution 4 of the General Meeting of Air France-KLM on May 31, 2012 and the French state, Air France-KLM’s main shareholder, has finally assumed its role on the sensitive issue of severance packages.

Election of the Board: is the Italian ?voto di lista?, as defined by the By-laws, still valid? The cases of Fiat, UniCredit and Prysmian

The “voto di lista” mechanism is compulsory for Italian listed companies since 2007 and calls for shareholders to vote on slates of nominees, submitted by both controlling shareholders and minorities. Through such mechanism, the worthy goal is to ensure a minority representation on corporate boards, providing that at least one director has to be elected from the slate submitted by minority shareholders.

French Pension funds caps CEO pay to ? 1.7 million

The ERAFP, the French civil servants pension fund has taken the initiative of capping  CEOs compensation to the equivalent of 100 times the French minimum wage (SMIC).


On January 27th, ECGS (Expert Corporate Governance Service) sent a letter to the Chairman and the CEO of UniCredit asking them to undertake a strong action aimed at regaining their shareholders’ trust by making every effort to recall the excess money paid to Mr Alessandro Profumo at the time of its departure.

CEO remuneration in Europe

After three years of decline, Proxinvest observed on the figures related to FY2010 published in 2011 a huge increase in the total CEOs (including stock options and shares valued at date of grant). The average total remuneration of the forty top French CAC 40 CEOs increased by 34% in 2010 to 4.11 million euros.

Fighting Corruption in Switzerland: Companies Need Strict Rules

The largest listed companies in Switzerland are committed to fighting corruption. However, major differences are observed in the implementation of anti-corruption policies. This particularly relates to issues not sufficiently regulated under Swiss law. In order to enable companies to strengthen their anti-corruption systems, this legal uncertainty should be lifted.

2012 Unicredit?s rights issue: a no way out situation for long term shareholders

On December 15th General Meeting, Unicredit’s Directors asked shareholders to approve €7.5 billion share capital increase to be carried on through a rights issue. A capital strengthening was requested by the EBA (European Banking Authority) and Unicredit actually needed it also following third quarter’s €10.16 billion devaluation of Unicredit’s investments.
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