Proxinvest’s main ethical obligation is the satisfaction of its clients and the provision of diverse and personalised services that meet the specificities of each contract.
Voting advice agencies, which do not make public offerings or generally do not issue mandates, are privately owned. This activity is similar to that of legal advisors or private financial analysts, who reserve their analyses and opinions solely for their clients. In this regard, the AMF points out that “the recommendations they issue are part of a contractual relationship with their clients” (AMF No. 2011-06-7) and ESMA, in its discussion of the role of voting advice agencies, stresses the primary importance of direct dialogue between companies and investors (cf. Proxinvest’s adherence to the Best Practices Principles for Providers of Voting Research and Analysis). The recommendations of the Regulators or of a professional code of conduct are therefore aimed at all private individuals who regularly issue voting advice in the context of an activity announced as the primary or ancillary activity of a “voting advice provider”.
As recommended by the AMF and has always done, Proxinvest, in its analysis report, “gives reasons in its analysis report for the meaning of the voting recommendations it issues resolution by resolution, in particular with regard to the published general voting policy”.
As recommended by the AMF, Proxinvest has always wanted to be transparent with regard to its voting policy and criteria, even though this is a matter of corporate know-how and a proprietary methodology whose quality is demonstrated by the loyalty of its subscriber clients. Proxinvest’s voting policy has been posted online for many years, starting in January, so that issuers can consult it before the general meeting season (March-June).
The company is also subject to the watchful eye of an Advisory Steering Committee made up of members of diverse and complementary professional backgrounds.