ECGS supports the Deutsche B?rse-NYSE Euronext merger

DSW  the German partner of ECGS  supports the merger with NYSE Euronext out of the following reasons:

Carrefour thanks its Chairman on low vote score


Following the strategic hesitation and shaking at the Board of Carrefour, ECGS partner Proxinvest had recommended to oppose to the reappointment of the Chairman of the Board of Directors, Amaury de Sèze.

Another DSW?ECGS success at the AGM of MAN

The countermotion filed by DSW regarding the election of 3 members of the supervisory board of MAN who also sit on the board of the competitor Scania was strongly supported by the EU- Commission which shares the concerns of DSW with regard to severe conflicts of interest.

A link between directors' independence and executive pay ?


Proxinvest has observed in the last two years that Spanish CEO reached record high levels of remuneration. Actually the major Spanish bank BBVA offers an explanation at its upcoming general meeting of shareholders of March 10.

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.

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