Related party agreements (resolutions 4-8):
We appreciate that each new agreement is submitted in a separate resolution giving shareholders the flexibility to vote for or against resolutions without having to reject the report in its entirety. However, the Company does not submit previously approved agreements to a vote, which is contrary to best practices. Remuneration (resolutions 19-24):
Chairman of the Board:
Quantum is reasonable compared to the median non-executive Chairman in the CAC40 Index.
CEO and Deputy CEO:
Although qualitative criteria weighting for the bonus was excessive and the bank failed to adopt a LTIP, the allocated amounts are reasonable compared to the companies included in the CAC 40 Index and European banks and we welcome the improvement in transparency with the disclosure of the achievement rates for bonus criteria. Therefore, we recommend approval.
Although the potential amounts are reasonable compared to the companies included in the CAC 40 Index and European banks, the new remuneration policy does not address our concerns: the lack of a LTIP, excessive weighting for bonus qualitative criteria, and a potentially generous severance payment. Therefore, we recommend opposition.
Loyalty dividend (resolutions 28-29):
Crédit Agricole S.A. set up a loyalty dividend scheme to reward its shareholders for their loyalty. The European Central Bank (ECB) has required Crédit Agricole S.A. to remove the loyalty dividend bonus clause because it is considered as a “preferential distribution” in breach of the Capital Requirements Regulation (CRR). Crédit Agricole S.A. will comply with the ECB’s request by submitting a proposal to the General Meeting of Shareholders to remove the loyalty dividend bonus clause from its articles of association and to grant free shares in order to compensate the shareholders who are entitled the loyalty dividend. According to Proxinvest, it was not necessary to compensate shareholders who are entitled to the loyalty dividend.
Credit Agricole is active in the market of retail banking and related businesses. Co. provides day-to-day banking, savings products, mortgage and consumer loans, insurance, private banking, asset management, lease finance and factoring, corporate and investment banking. Its activities can be divided into six business lines: French Retail Banking - Regional Banks; French Retail Banking - LCL; International Retail Banking; Specialized Financial Services; Savings Management and Insurance; and Corporate and Investment Banking. Co.'s customers are personal customers, farmers, small businesses, companies and local authorities. As of Dec 31 2013 Co.'s total assets amounted to Euro1,536,873,000,000.
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 :
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.
Credit Agricole SA reported net income of EUR 1.1 billion for the third quarter, virtually the same as it did in the corresponding period last year. However, the corresponding quarter was inflated by nonrecurring income of around EUR 100 million, so underlying growth was therefore stronger at around 17%. We maintain our fair value estimate of EUR 11 as well as our no-moat rating. Credit Agricole recorded decent revenue growth of 6% year on year, somewhat inflated by the first-time inclusion of the acquired Italian banks. Revenue from insurance activities was especially strong. Corporate and i...
Credit Agricole SA reported net income of EUR 1.1 billion for the third quarter, virtually the same as it did in the corresponding period last year. However, the corresponding quarter was inflated by nonrecurring income of around EUR 100 million, so underlying growth was therefore stronger at around 17%. We maintain our fair value estimate of EUR 11 as well as our no-moat rating. Credit Agricole recorded decent revenue growth of 6% year on year, somewhat inflated by the first-time inclusion of t...
Item 1: Approve the share consolidation The Board requests shareholder approval to implement a share consolidation on the basis of 19 new ordinary shares for every 20 existing ordinary shares held. The consolidation is intended to maintain comparability, as far as possible, of the Company’s share price before and after the payment of a special dividend of $2.621 per share. The special dividend is equivalent to 5% of the market capitalisation of the Company as at 14 December 2018. The Company has implemented a series of share consolidations, returning funds to shareholders in this way in 2012...
Item 1: Approve Share Buybacks Shareholder approval is being sought to authorise the Company to make market purchases of its ordinary shares following the inclusion of a typographical error in the resolution granting authority at the 2018 AGM. This error meant that the authority granted at that meeting has already expired. As there is currently no authority in place, the Board proposes the standard share repurchase authority for the UK market with period ending until the earlier of 25 October 2019 (being the later date set out in in the resolution granting authority at the 2018 AGM) and the ...
Afin de pouvoir remplir au mieux la mission de surveillance et de protection de l’ensemble des actionnaires qui lui incombe, il nous semblerait préférable que le conseil ne soit pas composé de seulement cinq membres dont deux personnes de la famille du principal actionnaire. La société fait preuve de légèreté dans la transparence des informations communiquées aux actionnaires en matière de rémunération. Par conséquent, la plupart des résolutions référentes aux rémunérations des dirigeants connaitront un recommandations négatives au regard de ce manque de transparence. Dans la même optique, ...
Assemblée sans sujet particulier, à l'exception des réserves émises par Proxinvest concernant les comptes annuels avec son association d'un quitus et l'absence de comptes consolidés. Contactée par Proxinvest, la société nous a indiqué que l'absence de comptes consolidés et de ce fait de résolution pour les approuver était liée au fait que la filiale Festival basée à Madagascar avait été cédée début 2016. Cependant Proxinvest s'interroge puisque dans les annexes des comptes annuels à la page 23, la société présente une filiale : Festiveo. Ainsi la société devrait communiquer des comptes conso...
Unfortunately, this report is not available for the investor type or country you selected.Browse all ResearchPool reports
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.