19 November 2014 • Articles
Les Echos
Bourse: les futurs gagnants et perdants des droits de vote double
Topics
General Meetings / Proxy solicitation Regulation / Reform Shareholder Communication Shareholder Engagement
Les Echos summarizes which companies, because they don't already offer double voting rights to long term registered shareholders, may be impacted by the Loi Florange. The article reminds that institutional investors favor the 1 share = 1 vote principle and that Proxy Advisory firms are ready to target directors of companies willing to move from this principle.
Sodali is quoted highlighting the possible boomerang effect of double voting rights, should they be acquired by a non-friendly shareholder and concludes the sole beneficiary of the Law is the French State, which could divest from companies without loosing influence.