2023 European Proxy Season Review (France edition)
Morrow Sodali is pleased to share its review of the 2023 Proxy Season in France. This comprehensive review highlights several key trends in corporate governance and shareholder engagement.
Notable findings include a return to physical shareholder meetings, a rise in strategic shareholders' influence, and an increased quorum at AGMs due to a higher share capital held by strategic stakeholders and greater participation from large asset managers.
Remuneration policies and Say on Pay were closely scrutinized, with investors showing greater stringency for ex-ante policies. The lack of disclosure on targets and their alignment with business performance remained a common concern. CEO remuneration faced scrutiny from proxy advisors, with several resolutions receiving recommendations against. ESG metrics in executive pay centered on environmental and social criteria, with a focus on GHG emission targets, gender diversity, and employee engagement. The report also touches on the Say on Climate resolutions filed by eight companies in 2023, revealing a divide among investors.
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