Jehanne Leroy
EUR 984.80 Purchase single report

Etude de l'AG du 05/05/2017

Under agenda item A, a shareholder resolution is proposed by Phitrust Active Investors which brought together 13 other investors. Together, these 14 co-filers own 2.3% of Accor's capital. It proposes to delete the double voting right provision from the articles of association.

On the 19th of April, the Board lately and unanimously decided not to support this external proposal. Proxinvest has concerns about Board members failure to ensure fair equal treatment between shareholders and consequently we decide to revise our voting recommendations over the election of the Board members who decided to support the double voting right provision.

Proxinvest recommends that shareholders support this resolution A which restores equal treatment between shareholders via the "one share - one vote" principle and helps to avoid a disproportionate influence of a competitor on Accor governance and on the outcome of the 2018 general meeting.

ITEMS 12 and 13: Despite the contestation recorded in 2016 on Mr Bazin's Say on Pay, the company did not improved its disclosure and individual achievement rates of annual bonus financial criteria are still not disclosed.

ITEMS 14, 15 and 26: The company proposes to implement a new free shares plan ("Co-Investment Plan"). Atlhough this new remuneration plan is quite interesting and innovative, we regret that it will be added to the performance shares plan already in place. It could have been acceptable if it had replaced the performance shares.

Accor S.A.

Accor is a hotel operator. Co. offers its guests and partners the expertise of a hotel operator and brand franchisor (HotelServices) and a hotel owner and investor (HotelInvest). Co. divides its activities into three segments: Luxury-upscale, Midscale and Economy. Luxury-upscale makes up 11% of Co.'s portfolio and comprises brands such as Sofitel, Pullman, MGallery, and Grand Mercure; Midscale makes up 43% of its portfolio and comprises the Novotel, Suite Novotel, Mercure and Adagio brands; and Economy makes up 46% the Co.'s portfolio, comprising the brands ibis, ibis Styles, ibis budget and hotelF1. At Dec 31 2013 Co. operated around 3,600 hotels and 460,000 rooms in 92 countries.


Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.

Proxinvest main services are :

  • ​Proxy reports
  • Definition and monitoring of client customized voting guidelines
  • Corporate Governance Data and Rating
  • Thematic research
  • Engagement support

Proxinvest has been a pioneer and champion of good corporate governance and has grown into a recognised expert in the field.

Proxinvest is independently-owned and only works for investors : Proxinvest does not provide consulting services to the companies it covers, mitigating related risks to its clients and ensuring the independence of our analysis. As a result Proxinvest is able to take a robust, independent, engaged and unconflicted view of the companies in which our clients invest.

As Managing Partner of Expert Corprate Governance Service Ltd (ECGS), Proxinvest has built a large network of corporate governance experts to support clients in corporate governance analysis worldwide. 

Jehanne Leroy

Other Reports on these Companies
Ahmed Ben Salem ...
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Fehmi Ben Naamane
  • Hana Maalej
  • Harold De Decker
  • Hela Zarrouk
  • Jean Sassus
  • Jean-François Granjon
  • Jeremy Garnier
  • Johanna Jourdain
  • Laurence Hofmann
  • Nicolas David
  • Olivier Lebrun
  • Salma Bouraoui
  • Stephane Houri
  • Steven Gould
Other Reports from Proxinvest
Other Reports from these Analysts

ResearchPool Subscriptions

Get the most out of your insights

Get in touch