14th Proxinvest report on AGMs

Paris, 14th February 2011

The Proxinvest’s annual survey on companies meetings points out the increasing criticism of shareholders. The annual survey records for France an average refusal rate on resolutions submitted by boards among the highests in Europe: 6.3% for the CAC40 in 2010 against 5.9% in 2009 and 4.8% in 2008. For SBF250 companies it reaches 5% in 2010 against 4.6% in 2009 and 4.1% in 2008.

Fix rather than variable: DSW calls for change in supervisory boards? remuneration


The Deutsche Schutzvereinigung für Wertpapierbesitz (DSW) e.V. advocates changing the remuneration of members of supervisory boards in German companies.

ECGS recommends opposing the remuneration system of Novartis


ECGS supports Ethos refusal to approve the remuneration system of Novartis put to the vote at the annual general meeting of the company to be held on 22 February 2011. The variable remuneration of executive management appears too high compared to the fixed remuneration and incentive plans are not described in sufficient detail to allow the establishment of a clear link between remuneration received and achievement of pre-defined performance targets.

Capital Shopping Centres: another example of shareholders clout


ECGS just reformed its assessment of the merger between Capital Shopping Centres and Trafford Centre Group, a situation which once again demonstrates the merits of well-informed proxy voting.

ECGS response to the European Consultation on Legal Certainty of Securities Holdings and Disposition



ECGS provided some comments to the recent E.C. consultation on Legal Certainty of Securities Holdings and Disposition, greeting the action of Brussels aiming at improving the legal framework for investment management and the protection of investors.

ECGS survey on Executives Remuneration in French listed companies

14/12/2010 : Proxinvest 12th survey on  Executives Remuneration in French listed companies
Proxinvest, Managing Partner and responsible for the French market within ECGS, publishes a summary of remuneration practices in French listed companies and calls for the increase of the shareholder voice on the remuneration issue by the introduction of the "Say On Pay" principle in France.

Women on the Board

by Jella Benner-Heinacher, ECGS chairwoman

The higher representation of women on the boards of listed companies is a corporate governance issue that is also taking on significantly greater importance for both companies and shareholders in Germany.

Only 7.2 percent of all shareholder representatives on the supervisory boards of the 30 largest listed German companies (the DAX 30) are women. Compared to other industrialised countries, Germany is a ‘poor performer’. But what are the reasons for this?

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