Jehanne Leroy
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Proxy Report - 01/06/2018

ITEM 6: It is proposed to re-elect Patrick Pouyanné as Chairman and CEO. Governance got improved under his leadership, and the group made some efforts to limit his impact on environment. Therefore, we support his re-election. However, we urge the company to remove the double voting right provision (especially considering that only 5% of the capital has double voting rights).

ITEM 12: Regarding the 2018 remuneration policy, we appreciate that the company disclosure a priori the targets that will have to be achieved in 2018. However, the company decided to increase the number of performance shares to be granted to the Chairman and CEO who is already very generously paid. Thus, we cannot support the 2018 remuneration policy.

Total S.A.

Total is an international integrated oil and gas company also active in solar and biomass energy sources. Co. engages all aspects of the petroleum industry, including Upstream operations (oil and gas exploration, development and production, and LNG (Liquefied Natural Gas)) and Downstream operations (refining, petrochemicals, specialty chemicals, marketing and marketing and trading and shipping of crude oil and petroleum products). In addition, Co. is engaged in the coal mining and power generation sectors. Co.'s worldwide operations are conducted through three business segments: Upstream, Refining & Chemicals, and Marketing & Services.


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Jehanne Leroy

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