The Authorité des Marchés Financiers (AMF), the French stock market regulator, has issued a consultation paper on improving levels of shareholder participation in French AGMs.
The document makes 17 recommendations, including improved access to information on websites, and improvements to the running of AGMs by distinguishing abstentions from other votes, better arranging mechanisms for written questions and responses, and coordination of electronic voting mechanisms.
Changes may be made to vote counting by loosening requirements relating to signatures in order to encourage internet votes prior to the AGM, and by establishing a record date system as close to the AGM as possible. Also suggested is the creation of a framework for shareholder responsibility, including a more transparent proxy solicitation process, clarification of the roles of proxy voting providers, and extending the range of investors required to make public their voting policy and behaviour. The consultation is open until 15 October.
See Consultation Paper, in pdf format and in French.
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