On 3rd May 2013 Etica Sgr joined for the first time the AGM of Sanofi, the French multinational pharmaceutical company.
Etica Sgr voted in favor of all Ordinary Meeting agenda items: Etica Sgr has considered positively the company corporate governance structure, which is in line with the main international best practice, as the separation between CEO and Chairman roles and the high percentage of Independent Directors and of women in the Board. Etica Sgr voted in favor of the Director candidate because it has appreciated her skills and it has nothing to report about her background.
Etica Sgr has voted in favor of the dividend proposed by the company, despite of the growth of pay-out ratio compared to 2011 one.
Regarding Extraordinary Meeting items, Etica Sgr has voted in favor of the Employee Stock Purchase Plan, because it could increase employees sense of belonging to the Company and align their interest.
Etica Sgr has voted against the Stock Options Plan because it has considered the ratio between fixed part and variable one of CEO remuneration as too high, even if all the relevant information have been inserted in the plan.
