Blog Archives

Vivendi shareholders tackle Vincent Bolloré at the AGM

The extraordinary grip over all of his asset  by Vincent Bolloré was confirmed during the general meeting of Vivendi on 25 April by the adoption of all the resolutions, notably thanks to the double voting right and following very questionable threats against

Posted in Compensations, ECGS - Europe @en, General Meetings, Governance-BOD, Legal issues, News @en Tagged with: , ,

Multiple voting rights – illusion of reward of long-term shareholders

European overview Italy and France has recently changed their legal framework to introduce or to automatically offer double voting rights to shareholders. In France, the 3rd paragraph of the article 225-123 of the French Commercial Code automatically offers double voting rights from

Posted in ECGS - Europe @en, Engagement @en, General Meetings, Governance-BOD, News @en Tagged with: , , , , , ,

At Renault Proxinvest challenges the validity of the State voting for its recently acquired covered shares

In view of the Renault general meeting, for which the Research report is available as usual on the  http://shop.ecgs.com/  , following the unexpected rise of the State stake in order to impose the double voting rights,  Proxinvest wrote to RENAULT  and to the AMF on 

Posted in Engagement @en, General Meetings, Governance-BOD, Legal issues, News @en, Proxinvest Tagged with: , , , , , , , , ,

A message to Larry Fink, Blackrock

Following up and answering to the recent  position taken by Larry Fink, the Blackrock CEO, ECGS just wrote: Dear Larry : ECGS is, as you possibly know, the only multi-contributors European proxy research firm and as such we contribute actively to the

Posted in ECGS - Europe @en, Engagement @en, Financial markets, Governance-BOD, Legal issues Tagged with: , , , , , , , , , ,

Why shareholders must support Phitrust proposal to return to “one share = one vote” at VIVENDI ?

At the next AGM of VIVENDI, the French fund Phitrust Active Investors has proposed a resolution “A” to restore the « one share – one vote principle » which has been co-filed by ten other responsible investors : RailPen, Aviva

Posted in Engagement @en, General Meetings, Legal issues Tagged with: , , , , , , ,

Another engagement milestone at Vivendi to maintain “One Share, One Vote”

Phitrust, advised and supported by Proxinvest, writes another milestone on institutional investors engagement in a prestigious group of ten truly engaged institutions  RailPen, Aviva Investors (UK), PGGM   (NL), CalPERS (US),  AMUNDI, CPR AM, DNCA Finance, Edmond de Rothschild AM, OFI, Phitrust (France).

Posted in Engagement @en, General Meetings, Governance-BOD, Proxinvest Tagged with: , , ,

The fight between Technicolor and its shareholder Vector Capital activates the debate on the double voting rights introduced by the Florange Law

In a brief press release, Technicolor just announced suing Vector Capital “to obtain a court cancellation of the July 2012 shareholders agreement signed with Vector Capital Group”, this because of the bad blood between the Board majority and the two

Posted in Financial markets, Governance-BOD, Legal issues, News @en Tagged with: , , , , ,

Italy (ECGS alert by Frontis Governance): Approval by the Italian Parliament of the law on multiple voting shares. What changes for Italian companies?

Since the 20th of August, date of publication on the Official Gazette, the Italian law allows listed and private companies to issue multiple voting shares. Here are the main changes, as partially amended by the Parliament.

Posted in ECGS - Europe @en, General Meetings, Legal issues, M&A Tagged with: , , , , , , , , ,

ECGS supports the new Phitrust Active Investors 2015 engagement campaign

The engagement open fund Phitrust Active Investors presented the themes of its new engagement campaign for 2014-2015 in July. Two subjects will be brought for shareholders’ engagement, the first one dealing with the new implementation of double voting rights in France

Posted in General Meetings, Governance-BOD Tagged with: , , , ,

Loyalty Shares , a serious innovation encouraging shareholders stability and discouraging shares lending

Proxinvest discovered recently at a conference of the French SIF (FIR) ,and thanks to the CEO of the French cilvil servants pension fund ERAFP Philippe Desfossés, a quite challenging and refreshing innovation, an unexpected remedy to the recent decision of the French Parliament

Posted in Financial markets, News @en Tagged with: , , , , , ,