Battle in view at the general assembly of Zodiac Aerospace
by Denis Cosnard and Guy Dutheil
Shareholders contest the management of the global leader in aircraft seats and executive compensation.
This will be the first shareholder battle of the year. On January 19, owners of Zodiac Aerospace shares are invited to meet in Port-Marly (Yvelines) for their annual meeting. The meeting promises to be hectic. In a booming aeronautical sector, the repeated setbacks of the French equipment manufacturer and the fall of the stock market price that they caused lead to the anger of some shareholders. Some want to take advantage of the assembly to be heard and to try to block projects of the management. A good test of the power of protesting shareholders in France.
At the manoeuvre, Anne-Sophie d'Andlau and Catherine Berjal, the two founders of the management company CIAM. These militants, who have already led the sling to Club Méditerranée and Euro Disney, are planning to oppose six of the planned resolutions. For a few weeks now, they have started, with a specialized company, to contact the major shareholders of Zodiac to encourage them to do the same. Investor advisors Proxinvest and Glass Lewis also recommend voting against several resolutions.
In 2016, some 20% of the votes had already been expressed against the renewal of the mandates of the Chairman of the Supervisory Board, Didier Domange, and his wife. A noticeable rate of protest, while the French assemblies generally approve the texts submitted to them by majorities worthy of the former USSR. This time, the opposition is likely to be stronger.
"We get the yellow card" "The company is not well managed, its governance is not up to the task, and it has had an impact on the business," explains Berjal. We are taking out the yellow card to urge the supervisory board and the management to correct the shot. As the sector is consolidating, they should also look at possible alliances. "