(News Bulletin 247) – Institutional Shareholder Services (ISS) recommends that Atos shareholders reject the resolutions proposed by three activist shareholders, the technology services group reported on Wednesday.
ISS, an influential shareholder advisory firm, notes in particular that these dissident investors did not oppose the recovery strategy put in place by the company.
In its report, relayed this Wednesday by Atos, ISS judges in particular that these shareholders, who each hold less than 1% of the capital, have not presented proposals with a view to improving the group’s operational performance, nor arguments sufficiently convincing to justify a change at this stage.
‘There is no tangible proof that the board (of directors, editor’s note), which has been considerably renewed in recent years, is not functioning satisfactorily,’ said the shareholder advisory firm.
Activist investors, led by the Sycomore AM fund, are proposing, among other things, to revoke Bertrand Meunier from his position as chairman of the board and to appoint Léo Apotheker, the former boss of SAP, as a director.
In its press release, Atos welcomes the recommendation of ISS and encourages shareholders to vote for all the resolutions it has proposed to support its transformation, judging that the draft resolutions of the three activist shareholders aimed to ‘destabilize’ the ‘business.
The general meeting of shareholders of Atos is to be held on June 28.
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