Report
Expert Corporate Governance Service (ECGS)
EUR 500.00 For Business Accounts Only

Orange - AGM 21 May 2019

On 26 April 2019, the Company published a convening notice which included 4 external
proposals and one non-voting item.
ITEM 3: The Company proposes to increase to €0.70 per share (€ 1,862 million). The
dividend will be covered neither by the Group’s earnings per share (€ 0.63) nor by its free
cash flows (defined by ECGS as being cash flow – investing cash flow i.e € 954 million).
Hence, taking into account future investments that the Company will require (mainly
regarding the 5G technology challenge), and its will to maintain or reduce its
indebtedness, ECGS chooses to support the employees’ proposal (a dividend amounting
to € 0.55 per share).
ITEM 10: ECGS appreciates that this year, the Company respected IFRS 2 relating to
Share-based Payments and disclosed in its remuneration charts the valuation of the
performance shares that were granted to executives in 2018.

Underlying
Orange

Orange provides consumers, businesses and other telecommunications operators with a wide range of services including fixed telephony and mobile telecommunications, data transmission, Internet and multimedia, and other services. Co.'s portfolio comprises business lines (fixed-line, mobile, Internet), focusing on all customer segments (small and medium-sized businesses, multinationals), and personal and professional services for home, office, travel, and mobile. Co. manages eight operating segments: France, Poland, Spain, Rest of the Europe, Africa and Middle East, Other non-controlling equity interests, Enterprise Communication Services, and International Carriers and Shared Services.

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
Expert Corporate Governance Service (ECGS)

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