AGM 2017   

Despite strong support, Resolution A was not adopted

52.4% of shareholders voted in favor of our Resolution A, which proposed to adopt the single voting rights in the company's Bylaws and to respect accordingly the "one share-one vote" principle.

However, this score did not allow the adoption of this resolution (a 2/3 majority was required), and will give double voting rights to the two groups of reference shareholders (JingJiang International and the QIA / Kingdom Holdings concert).

We hope that this vote will not result in the control of Accor by these shareholders to the detriment of the other minority shareholders.

Supported by many long-term French and foreign investors, Phitrust will continue to actively participate in discussion at General Meetings about the impact of these double voting rights for  minority shareholders.


PhiTrust is a French asset management company, accredited by the French Market Authority, founded in 1999. Phitrust develops shareholder engagement strategies to promote good corporate governance practices among listed companies and encourages them to develop business strategies that benefit those at the 'bottom of the pyramid' and protects the environment.

PhiTrust serves institutional and private investors with mutual funds invested in the stock market.

The firm has been able to formulate a specific management methodology which promotes companies demonstrating best practices and positive cooperation with shareholders.

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SRI obligations for management companies

Pursuant to a decree of 30 January 2012 concerning the implementation of the Grenelle II Environmental Act, French portfolio management companies are required to make additional disclosures with regard to the social, environmental and corporate governance criteria they take into account in their investment policies (see cf. Circular 113_04 dated 5 April 2012). In fact, these new requirements are in line with the overall philosophy of PhiTrust regarding the importance given to ESG (environmental, social and corporate governance) factors in its investment strategy. All of the UCITS funds we have set up since our foundation in 1999 take ESG criteria into account in their management.

Share and unit holders receive monthly e-mail newsletters informing them about the ESG criteria and objectives that form part of our investment strategy.

PROXY Active Investors and EURO Active Investors, both tracker funds, and Patrimoine Active Investors,a flexible allocation fund, are all managed by PhiTrust in accordance with ESG criteria.

The entire portfolios of the PROXY Active Investors and EURO Active Investors mutual funds are managed in accordance with ESG criteria.

20% of the total assets under management (equity allocation) of Patrimoine Active Investors are managed in compliance with ESG criteria.

The PROXY and EURO Active Investors funds have complied with the Transparency Code issued jointly by the French Asset Management Association (AFG) and the Responsible Investment Forum (FIR) since the Code was published. Our responses to the questions contained in the Code may be viewed on our website. EURO Active Investors was awarded the Novethic label for the fourth year running.

Patrimoine Active Investors applies the same methods as the two shareholder engagement funds, Proxy and Euro Active Investors, in particular as regards voting in the general meeting and contributing to the implementation of corporate governance initiatives. The KIID and the detailed memorandum to the fund’s prospectus explain clearly how ESG criteria are taken into consideration in the management of this flexible allocation fund.

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