French shareholders say goodbye to Lei Florange

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The shareholders of many major French companies have voted to opt out of the Florange Act’s provisions on double voting rights and the use of issuance authorizations as anti-takeover measures. Two notable exceptions are Air France KLM and Renault, where proposals to opt out of double voting rights provisions have been rejected, a phenomenon that is partially attributable to the French State’s increase in its shareholding through either share borrowing or the outright acquisition of shares.
Between 2014 and 2015, as shown in the table, several major French issuers have seen dramatic shifts in shareholder support for their compensation votes.
Source: ISS