Jehanne Leroy
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Proxy Report - 03/05/2018

ITEM 6: the renewal of the Chairman and CEO’s mandate is proposed. Proxinvest supports this resolution taking into account counter powers implemented and the group’s market and environmental performances. However, we note that the double voting right has been maintained (even if only 2% of shares have double voting rights), creating a rights distortion between shareholders (precisely between registered shareholders who can have double voting rights and holder of bearer shares who cannot).

ITEM 10: the 2018 Chairman and CEO remuneration policy is not supported considering structure and amounts at stakes which are too generous. Moreover, a 10%-increase in the fixed remuneration affects all components of the remuneration and allows now a total maximum remuneration amounting to €4.3 M, which is excessive for a SBF80 company.


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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

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