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“Big Business” N ° 28: shareholder democracy

2020-10-20T12:09:50.927Z


EXCLUSIVE SUBSCRIBER LETTER - Will the fate of the Lagardère, Suez or Unibail-Rodamco-Westfield groups be played out at their general meetings?


Dear subscribers,

The late Albert Frère, who was one of the godfathers of French capitalism, left a famous maxim: "Small shareholder, small c ..., large shareholder, big c ...".

It should be read bearing in mind the memory of the banter of the Belgian investor, whose earthiness and good nature sometimes made you forget that it could rain or shine on the CAC 40.

Albert Frère, at the end of a meeting at the Élysée in 2008. GERARD CERLES / AFP

This sentence sums up a reality: power in the company is not always, or at least not all the time, proportional to the number of shares held.

Example at Lagardère.

Holding, between them, 47% of the group's capital was not enough for the activist fund Amber and Vivendi to obtain in court the convening of a general meeting.

The Paris Commercial Court dismissed them last Wednesday.

Surprising?

Not that much.

Of course, in law, any shareholder holding at least 5% of a company can request the convening of a general meeting, but only if he can prove that this

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Source: lefigaro

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