Report
Jehanne Leroy
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Proxy Report - 27/04/2018

Items 13-19: We regret that CNP Assurances did not take advantage of the mandate renewal of several of its directors in order to increase the independence rate on its Board Items 20-21: We welcome the fact that the Company decided to exclude the authorisation to repurchase shares and to issue shares with pre-emptive rights during a public takeover period and hence recommend that shareholders vote for said resolutions.

Item 22: CNP requests the authorisation to issue contingent convertible securities (CoCos). Given that the potential dilution of 10% does not exceed the maximum in our guidelines and that the potential conversion discount is not considered excessive compared to market practice, we recommend that shareholders approve this resolution.

Underlying
CNP Assurances

CNP Assurances is an insurance company. Co. designs, develops, distributes and manages savings, pension & personal risk, and term creditor products. Co. offers savings products and insurance against the risks of everyday life to its customers. Co.'s operations are organized along three business segments. The Savings business concerns products enabling policyholders to build up capital which they can cash in. The Pensions business concerns products designed to enable policyholders to receive an annuity or lump sum on retirement. The Personal Risk business includes products enabling policyholders to insure against the risks of death, accident or illness, property damage or liability claims.

Provider
Proxinvest
Proxinvest

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.

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Analysts
Jehanne Leroy

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