Telecom Italia 2013 EGM results: everybody wins, nobody wins

The most awaited Italian meeting of 2013 was finally held on December 20th. The voting quorum reached the highest level ever at Telecom Italia’s meetings: 54.26% of the share capital was represented. The major shareholder Telco voted 22.4% of the share capital, while the dissident shareholder, Mr. Fossati, who called the meeting to revoke the entire Telecom Italia’s Board, voted 5% through Findim Group. Approximately 26.9% of the voting capital was represented by (more or less) independent shareholders.

Telecom Italia 2013 EGM: the unusual proxy fight (not) to gain the control

Introduction

On December 20th, the shareholders of the main Italian telecommunication company, Telecom Italia, will be called to vote on the removal of all Board members. The meeting has been called upon the request of the relevant shareholder Findim SA (5%), an investment vehicle created by Mr. Marco Fossati, who strongly contests the clear conflicts of interest of Telecom Italia’s major shareholder, Telco SpA (22.4%).

ECGS disclosed its voting recommendations for the fiscal year 01/10/2012 - 30/09/2013

Following Proxinvest's (The French Partner of ECGS) yesterday publication of its Annual report on French General Meetings, we released our last fiscal year voting recommendations.

Over the period 01/10/2012 - 30/09/2013, we have analysed 487 General Meetings (Annual and Extraordinary) bringing us to a total of 6834 voting recommendations.

Publication of ECGS-Proxinvest 17th report on the "2013 French Proxy season and ECGS-Proxinvest Voting Policy for 2014".

The French proxy advisory firm Proxinvest, member of the ECGS consortium, reported on the content and voting results of 370 General Meetings held in 2013 by 336 French listed companies. While the shareholders of the CAC 40 index companies appeared less critical with an average opposition vote dropping from 5.88% to 4.87% in 2013 and a lower number of rejected or withdrawn resolutions from 50 in 2012 down to 35 in 2013, the French listed companies still have room for improvement in the preparation of their general meetings since 43% of resolutions are still the subject of a negative recommendation by the ECGS-Proxinvest proxy advisors.

Italy: The end of the "shareholder agreements" era ! (if real) a great opportunity for the entire Italian economy. A great article by Frontis Governance (ECGS Italian Partner)

By Sergio Carbonara, Frontis Governance

On last October 31stPirelli announced the termination of the shareholders’ agreement controlling 31.8% of the Company’s share capital. Few months earlier, other agreements controlling major Italian companies were terminated, such as the one related to 58.3% of the publisher of the newspaper Corriere della Sera, RCS Mediagroup (including FiatMediobanca,ItalmobiliareGenerali, Pirelli, Intesa SanpaoloSinpar and Gemina), and the one controlling Telco, the holding company that owns 22% of Telecom Italia’s shares (the Italian shareholders Generali, Intesa Sanpaolo and Mediobanca will gradually sell all their shares to the Spanish competitor Telefonica).

ECGS welcomes the 15th report on French executive compensation

Shareholders of the largest French listed companies will now vote in 2014 on executive compensation following the amendment to the AFEP-MEDEF corporate governance code. Proxinvest the French proxy advisor just published its fifteenth consecutive report on executive compensation.

ECGS and Proxinvest welcome the public consultation on the Best Practice Principles for Governance Research

ECGS and Proxinvest welcome the public consultation on the Best Practice Principles for Governance Research, a consultation which will remain open until December 20th 2013. 

The final version should be released by February 2014 and be then left for adoption by the providers on a "comply or explain" basis.

When French Investment funds leave CAC 40 Index..

When French funds leave CAC 40 stocks…

Since 2012, the total investment of French Funds in CAC 40 companies’ shares decreased by 23.5% from 34 % to 26 % of the total stock held by Investment funds. In this context, we can legitimately ask why French funds are no longer attracted by the biggest French capitalizations while their foreign counterparts are increasing their holdings.

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