DANONE S.A. | Additional item on the agenda (no resolution to be voted on by the shareholders) at Danone's 2021 AGM

Status
Rejected
AGM date
Previous AGM date
Proposal number
29
Resolution details
Company ticker
BN
Lead filer
PHITRUST
Co-filers
Mirova, Ircantec, OFI Asset Management (Delisted), CAVP - Caisse d'Assurance Vieillesse des Pharmaciens
Resolution ask
Strengthen board oversight of issue
ESG theme
  • Governance
ESG sub-theme
  • Corporate purpose
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Consumer Staples
Company HQ country
France
Whereas clause
"Each non executive director whose term of office is in progress or who is standing for election by the shareholders at this General Meeting for renewal of his or her term of office is asked to present to the shareholders :

- his or her strategic vision for the group and in particular his or her opinion on the Local First plan and its developments in economic and social terms
- its position on maintaining its status as a company with a mission;
- its approach to environmental issues and the means to be implemented so that the group can achieve the objectives of the 2015 Paris Agreement;
- its views on the organisation of the company's governance and more specifically on the need to keep management functions separated.
Supporting statement
"The recent governance crisis at Danone has highlighted both formal dysfunctions and fundamental disagreements within the company's Board of Directors.

Formally, leaks of the Board's deliberations took place and were publicly reported, in violation of the rules of law (Art. L225-37 of the Commercial Code), increasing the pressure on all the company's stakeholders.

On the substantive issues of this crisis, the Board of Directors, by voting for the departure of Mr. Emmanuel Faber, the then Chairman and CEO, showed its opposition to the way the strategy was conducted by the Chairman and CEO, but it would also appear to be an opposition to the strategy itself, even though the Board is responsible for presiding over the direction of this strategy and in fact shares responsibility for it.

For this reason, it is proposed to the shareholders that, in accordance with the legal provisions in force, an item be included on the agenda of this General Meeting allowing each director to express his or her individual views on the strategic vision for the group, in particular by developing his or her personal contribution on environmental issues and his or her approach to the organisation of balanced governance. "

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