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Expert Corporate Governance Service (ECGS)
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Natixis - AGM and EGM 28 May 2019

GOVERNANCE

 On 1 June  2018, Laurent Mignon left his position as Chief Executive Officer to become Chairman of the Management Board of BPCE, Natixis' main shareholder with 71% of the capital. He succeeded François Pérol as Chairman of the Board of Directors of Natixis and François Riahi became the new Chief Executive Officer.

 The Board remains composed of a majority of members who are not free of potential conflicts of interest, which makes it impossible to support most of the many co-optations and renewals proposed (resolutions 12 to 22).

 REMUNERATION

 Due to changes in governance, in addition to the resolution on regulated officers specific to banks, six resolutions on the compensation of corporate officers are proposed.

 The remuneration of the new Chairman of the Board is considered excessive and will not be approved (resolutions 7 and 9).

 The remuneration of the CEOs reaches acceptable levels but suffers from a lack of transparency (lack of communication of the achievement rates of each of the bonus criteria) and an insufficient long-term part to be supported, bearing in mind that no change will take place in this area in 2019 (resolutions 6, 8 and 10).

Underlying
Natixis

Natixis is a player in the European banking industry. As the banking partner of large companies in France, Co. also plays an active role in serving financial institutions (banks, insurance companies, pension funds, etc.). Co.'s activities are divided into in three main business lines: Wholesale Banking, Investment Solutions (Asset Management, Private Banking, Insurance, and Private Equity) and Specialized Financial Services. Co. operates in four geographical regions: France; other EU countries; North America (Canada, USA); and other OECD countries. As of Dec. 31 2013 Co.'s total assets totaled Euro510,131,000,000.

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Proxinvest
Proxinvest

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