Safran faces AGM heat as revolt over French Florange law widens

Proxy advisory firms are threatening to block key financial resolutions at French aerospace group Safran (SAF.PA), opening a second front in a battle between the French government and institutional investors over a new corporate law. The so-called Florange law is already at the center of a fierce debate over moves to introduce double voting rights for long-term shareholders in French companies to encourage stability. Safran has been able to sidestep the row over "one share, one vote" at companies such as Renault (RENA.PA) because it already has a system of double-voting for long-term investors that operates smoothly. Proxies representing big investors say they will vote against resolutions granting share issuance authority at Safran's shareholder meeting on Thursday, because they fail to suspend board powers to issue shares whenever a bid is imminent.

via Business News http://ift.tt/1GfkVXa