La langue de la diplomatie (the language of diplomacy)

Over the same weekend that the UN wrestled with the question of whether to intervene in the internal affairs of Libya, the French financial markets regulator, the Autorité des Marchés Financiers (AMF), issued a stunning piece of surprise, summary intervention in the proxy advisory market.

Having consulted with “the professionals concerned” according …… continue reading >>

Report on French Code shows increase in CAC40 combined Chair/CEOs

AFEP-MEDEF has released their second annual report on the application of the French Corporate Governance Code (AFEP-MEDEF Code) by companies in the SBF 120 index. The report highlights an increase from 34% to 40% in the percentage of companies in the CAC 40 where the roles of Chairman and CEO are combined. …… continue reading >>

French companies improve corporate governance disclosures

The findings of the 2010 AMF report on the corporate governance of listed companies, based on a sample of 60 companies (34 in the CAC 40 and 26 in the SBF 120), show improvements both in practices and in transparency with regard to corporate governance and executive compensation. However the AMF …… continue reading >>

Soc Gen rebuffs Chair/CE split, but was it legal?

French SICAV Proxy Active Investors is crying foul over the high handed dismissal of its proposal to separate the chair and CEO roles at Société Générale.

On April 7th 2010, PhiTrust, the managers of Proxy Active, and a group of international institutional shareholders filed a resolution requesting a statue change to split …… continue reading >>

Proof of ownership problems hit activism

Not for the first time, proof of share ownership is being used to stymie shareholder engagement and activism. This time it’s France where Franco-American Financier and Activist Guy Wyser-Pratte is attempting to bring about changes at Lagardère SCA.

With echoes of Apache v Chevedden, following a series of wrangles about …… continue reading >>

French bill seeks gender parity on boards

President Nicolas Sarkozy’s UMP party yesterday introduced a Bill into the French Parliament which seeks to ensure gender balance in boards of directors within five years, with an interim target of 20% within 18 months.

The Bill provides for a gradual implementation of the obligation for gender parity on boards of directors …… continue reading >>

Former Vivendi execs face share price manipulation charges

A French judge has order seven executives at Vivendi to stand trial over alleged financial wrong doing. The executives include Jean-Marie Messier, Edgar Bronfman Jr and Guillaume Hannezo (former Chief Financial Officer). Reuters has reported that the charges include divulging misleading information, stock price manipulation and misuse of corporate funds.

Messier was …… continue reading >>

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