Publigroupe: ISS supports Laxey applications
The U.S. shareholder advisory firm ISS recommends, with regard to the Publigroupe annual general meeting, that the proposals put forward by the British hedge fund Laxey be approved. Laxey is calling for the removal of the 5 percent registration and voting rights restriction.
The US shareholder advisor ISS recommends accepting the proposals of the British hedge fund Laxey at the Publigroupe Annual General Meeting. ISS clearly supports the principle of "one share, one vote", said Institutional Shareholder Service (ISS) in a recently published recommendation to shareholders on the occasion of the Publigroupe AGM on April 30, according to SDA. Precautions against takeovers, such as restrictions on voting rights, serve as a hurdle to prevent inefficient managers and board members from being replaced.
Publigroupe spoke out against abolishing the voting cap a week ago. The Lausanne-based company cited independence as a key element for the company's success. Laxey, which is also a major shareholder in Implenia, has held a 4.98 percent stake in Publigroupe since February, according to the latest information.
