The 2014 Proxy Season Review in France: What to Expect in 2015?

The French Sodali team has analyzed the 2014 Proxy Season and offers its findings in this short memo. The introduction of the Say on Pay, in accordance with the new AFEP-MEDEF Corporate Governance Code from June 2013, has seemingly been a success although a deeper look into it shows year II may be bumpier for corporates and Boards of directors. Indeed, shareholders have sent some signals and all other remuneration related resolutions already receive relatively high level of dissent. 2015 will also likely see the reappearance of the debate on double voting rights, while they become the rule unless stated otherwise in companies’ bylaws.