At its November 24th meeting, Proxinvest steering committee, chaired by Gérard Rameix, former Chairman of French stock exchange regulatory body AMF (Autorité des marches financiers) reviewed Proxinvest voting policy guidelines & principles which will be used for the 2021 General meetings. The steering committee includes leading European investors as well as senior executives of major listed companies.
Proxinvest published today its 23rd annual reports on Shareholders General meetings and Shareholder activism and on executive Remuneration surveying the major French listed companies.
According to the 2020 annual report on General meetings and Shareholder activism, 2020 was dominated by a high proportion of closed door general meetings, due to the sanitary crisis which did not allow for a a satisfactory dialogue between management, board members & shareholders. Whereas the proportion of rejected resolutions remain stable (0.63% i.e. one resolution out of 159), the average negative vote decreases to 4.85%. In total 46 resolutions have been rejected to be compared to 42 in 2019. Shareholder activism continues to be on the rise with key debates in major companies on topics such as the corporate structure at Lagardère or the climate strategy at Total.
According to the 2020 annual report on executive remunerations, Proxinvest notes a 2% increase of the average total compensation for CEOs of the first 120 French listed companies (SBF 120). However for the 40 biggest listed companies (CAC 40) the average total compensation decreases by 10% due in particular to a 8% decrease of annual bonuses.
In an initiative to promote good corporate practices, Proxinvest has gathered an independent jury to grant its first annual awards to the following listed companies:
– 2020 General Meeting : Thermador Groupe (France), Bankinter (Europe)
– Report on remunerations : Worldline (France), Red Electrica (Europe)
– ESG innovation: Legrand (France)
Founded in 1995 Proxinvest is France’s leading independent company providing advice on voting at General Meetings and analysing the governance of listed companies. Building on its 25 years independence track record, Proxinvest strategic ambition is to establish istself as the leading
European governance proxy, now offering to institutional investors a full coverage of European listed companies.