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

Société Générale - AGM 21 May 2019

Disclaimer: ECGS does not provide any service to the Company, except assistance on
managing their voting guidelines (provided by Proxinvest, the French partner of ECGS).


ITEMS 9 to 13: the company proposes some improvements on post-employment
benefits. We support these changes.

ITEM 15: the 2019 remuneration policy proposes 2 major changes which correspond to
criticisms ECGS made on previous years: firstly, the LTI TSR criterion will no longer
allow vesting in case of performance below the median. Secondly, the company
proposes to add a solvency ratio among the annual bonus criteria. As this new
remuneration policy is better than the previous one, we support it.

ITEM 17: We do not support the 2018 amounts granted to the CEO for several reasons.
Firstly, the qualitative portion is excessive and the company should improve its
disclosure. Moreover, LTI performance condition allows vesting in case of performance
below the median. Finally, while Société Générale paid penalties totaling approximately
$1.3 billion in relation to the Libyan matter and to the IBOR matter, impact on the CEO’s
remuneration was very small.

Underlying
Societe Generale

Societe Generale is a universal banking and financial services group based in France. Co. is engaged in operations in areas such as retail banking, corporate and investment banking, financial services, insurance, private banking and asset management. Co.'s three segments are: French Retail Banking (FRB); International Retail Banking & Financial Services (IBFS); and Global Banking and Investor Solutions (GBIS). FRB offers products and services to individual, professional and business customers; IBFS comprises banking networks and consumer finance activities; and GBIS covers global activities of Corporate and Investment Banking. Co. maintains operations across 76 countries globally.

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.

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. 

Analysts
Expert Corporate Governance Service (ECGS)

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