Investors want real separation of functions between the president and the general manager

Posted Feb 22 2022 at 11:09Updated Feb 22. 2022 at 17:07

For months, the separation of the functions of president and general manager has become the norm in France, with the exception of Sodexo, where Sophie Bellon decided last week to combine them. Seb, Orange, Veolia, Air Liquide, ArcelorMittal, Bouygues, L’Oréal, Danone, Saint-Gobain, Scor, Valeo: all have taken the plunge in early 2022 or in 2021. This should appeal to investors and proxy advisors who have long called for greater board control over management. However, they are not completely satisfied.

“This discourse of dissociation of functions is recent. For years, companies have told us about the benefits of stacking. Now, at the time of the succession of their CEOs, they have a very different discourse,” ironically Marie-Sybille Connan, ESG analyst for Allianz Global Investors. This major shareholder of the CAC 40 has just published its voting policy for the general meetings of 2022.

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