Expert Corporate Governance Service (ECGS)
EUR 500.00 Purchase single report

ArcelorMittal - AGM 07 May 2019

After a historic loss of nearly $ 8 billion in 2015, ArcelorMittal has decided to propose a dividend of $ 0.20 this year, doubled compared to 2018.

The company, after difficult years, continues to control its debt and pays dividends for a second year, even if it remains very moderate. We will therefore recommend approval of the resolution III.

For several years, ECGS has been complaining about the excessive amount of directors’ fees, which exceeds € 100 000  per person, as it creates a real economic dependence on the company. In addition, it is not indexed to real attendance. We therefore recommend opposition to resolution IV.

Resolution XI proposes to grant bonus shares for the two CEO Office executives (Lakshmi Mittal and his son Aditya Mittal). The performance ceilings and conditions of the authorization allow the approval.

It should be noted that the company refers to the «Ten Principles of Governance of the Luxembourg Stock Exchange" domestic code, even though it is subject to less stringent governance legislation than most companies in the CAC40.

ArcelorMittal shareholders have no control over the remuneration granted to executive officers and do not have any information on related -parties agreements, which is not acceptable.

Arcelor Mittal

ArcelorMittal is a steel company, based in Luxembourg, with operations in more than 60 countries. Co. is active in all major global steel markets, including automotive, construction, household appliances and packaging, as well as activities in Research & Development and technology, with captive supplies of raw materials and its own distribution network. Co. has an industrial presence in over 20 countries spanning four continents, covering key steel markets, from emerging to mature. Co. offers a complete spectrum of steel products from commodity steel to value-added products, from long products to flat, from standard to specialty products, from carbon steel to stainless steel and alloys.


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. 

Expert Corporate Governance Service (ECGS)

Other Reports on these Companies
Iñigo Recio Pascual
Nurhayati Wan
Nurhayati Wan
Other Reports from Proxinvest
Other Reports from these Analysts

ResearchPool Subscriptions

Get the most out of your insights

Get in touch