Charles Pinel
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Proxy Report - 25/04/2018

Remuneration (resolutions 4 to 7 and 9):
Although the transparency of the remuneration is satisfactory, amounts are very high for Thomas Buberl, CEO, as well as Denis Duverne, Chairman of the Board. The severance benefit of the CEO is also too generous.

Board members (resolutions 10 to 14):
Given the separation of function between Chairman of the Board of directors and CEO, we recommend that shareholders approve the re-elections of Denis Duverne and Thomas Buberl.

Patricia Barbizet and Rachel Duan are proposed in order to replace Isabelle Kocher and Suet Fern Lee, who decided to retire from the Board. Given their independence, we recommend that shareholders approve these appointments.

Deanna Oppenheimer attended only 73% of Board meetings in 2017. She holds 4
directorships in listed companies and she is founder of two companies.


AXA is a holding company. Through its subsidiaries, Co. is engaged in insurance and assets management. Co. operates primarily in Europe, North America, the Asia-Pacific Region and, to a lesser extent, in other regions including the Middle East, Africa, and Latin America. Co. has five operating business segments: Life & Savings, Property & Casualty, International Insurance, Asset Management, and Banking. In addition, various holding companies within the AXA Group conduct certain non-operating activities. As of Dec 31 2013, Co. had total assets of Euro757,143,000,000.


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Charles Pinel

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