Assemblées générales : les actionnaires haussent le ton

“A single logic this year: the level of information transparency. The companies that have improved their communication were rewarded with high scores; others were sanctioned”. Louis Barbier, Sodali’s Director for France, comments on Les Echos on how Loi Florange impacted on the 2015 Proxy season in France and on the decrease on the say-on-pay score: this year the investors’ logic behind the vote has been to reward transparency and disclosure. On Financial Authorizations, then: because of the removal of the board neutrality principle in case of takeover by the Loi Florange , investors have ensured that the financial authorizations indeed contain provisions specifying the impossibility of their use in case of Public Offer.