Banks are not so fine after all

Halloween is almost upon us and banks do not fail to provide their share scary news. Last Thursday investors were scared by reports that HSBC faced a $2.46 billion fine as a result of a Judgment in Securities Fraud Case1. The bad news was quickly followed by US media reporting that JP Morgan was set for a record $13bn (£8bn) fine to settle investigations into its mortgage-backed securities2.

Christian Dior: a reference in French code compliance!

Christian Dior, the luxury company which gathers each fall as shareholders at the prestigious Carousel of le Louvre, tends to take it easy with its compliance to the French reference code.

Alitalia: Another financial disaster caused by Italian politics and management by the ?State??

In 2008 the Alitalia airline was close to be fully bought by Air France, but the deal was stopped by the strong opposition of Berlusconi in the name of the “italianity” of Alitalia. The company was delisted in 2009 and acquired by a group of Italian “entrepreneurs”, mostly linked with political parties including Roberto Colaninno (associated a few years ago with a Telecom Italia mess) and the Riva Group (the owner of Ilva, a company that poisoned the city of Taranto and is under legal investigation for environmental disaster).

Proxinvest and Ethos held their 9th Annual Seminar in Avignon !

Proxinvest and Ethos, the French and Swiss partners of ECGS, held their 9th annual investors working seminar on voting policies in Avignon on October 3rd and 4th, 2013. This special event gathered more than fifty equity investment decision makers in France, to discuss topics related to Corporate Governance and General Meetings.

Frontis Governance, the Italian Partner of the ECGS network published its 2013 Remuneration and Performance Survey

We welcome the publication of the 2013 Remuneration and Performance Survey released by our Italian focused on the 98 largest Italian listed companies, Pay on Performance, Analysis of 2012 remuneration in Italian listed companies.

Proxinvest, the French partner of ECGS presents its new Governance rating!

The French partner of ECGS released today in Paris, its new product called Proxinvest Governance Metrics © which proposes to assess and attribute a governance rating to each company constituting the French CAC 40 Index. Within this new product, each company’s corporate governance rating is assessed on 42 common risk metrics over three main categories: shareholder democracy, board composition and level of independence and remuneration. This rating is based on Proxinvest Corporate Governance guidelines.

Legal & General shows its guns

ECGS received an interesting article from London by Mark Kleinman, City Editor of Sky News. Public companies which fail to explain the performance measures behind bonus targets for top executives will risk the biggest investor in London's stock market voting against their pay policies, it has warned.

Lessons from formally fair governance: Does Bollor?, the 5% shareholder, now rule the Board?

The Vivendi crisis launched by the public dissent of a 5% shareholder Vincent Bolloré confirms the limits of conglomerates and emphasizes the great interest of demergers. It also emphasizes that the split of functions between Chairman and CEO ought also to be real and not only it finally weakens the Board at Vivendi.

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