A committed shareholder
Caisse des Dépôts systematically exercises its shareholder rights at general meetings. It acts to defend its patrimonial interests, drawing inspiration from the recommendations in place on the issue of good governance. Its exercises its director’s mandates to this end. It also makes the environmental and social impacts of the companies of which it is a shareholder a point of discussion with the management.
Good governance practices
An Advisory Committee has defined the principles of good governance. These principles are brought together in the Directors’ Charter. Objective: to give guidelines to Caisse des Dépôts’ representatives in the companies of which Caisse des Dépôts is a shareholder, in particular at general meetings, or to facilitate interventions into the Board of Directors and the Supervisory Board.
Voting at general meetings
A guide to voting at general meetings sets the rules to apply following resolutions proposed during general meetings. It is based on the principal recommendations established for the Paris money market (number of directors and independent directors, duration of mandates, special committees and composition, transparency of managers’ pay, financial communication, chief executive/managing director distinction, etc).
In practice, the voting recommendations are validated by the hierarchy before the vote is carried out at the general meeting or by post.
The right to vote is exercised for all of the companies of which Caisse des Dépôts is a shareholder. Caisse des Dépôts has refused certain resolutions which were contrary to its voting guide, principally on the issue of governance.
A demanding dialogue
Caisse des Dépôts is an influential institutional investor. Its opinion is taken into consideration during general meetings by the companies of which it is a large shareholder.
Caisse des Dépôts has established innovative communication with the large companies of which it is a significant shareholder, with regular bilateral meetings and the management of these companies throughout the year. This enables it to raise environmental and social issues with these companies on a regular basis.
Supporting the subsidiaries of the group
Caisse des Dépôts supports the sustainable development policies of its subsidiaries.
In order to support their initiatives, it draws on the expertise developed by the Sustainable Development teams, in particular on the issues of socially responsible investment, sustainable property and the fight against climate change.
CNP, the personal insurance subsidiary, conducts its own responsible investment initiatives and, as a listed company, ensures the reporting linked to this field.
