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Delivering sustainable performance with partnership governance

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Governance covers many different aspects. Considering it paramount, Sycomore AM has devoted this edition of the Responsible Way to the topic. Find out more with the column by Stanislas de Bailliencourt and his perspective from a bond holder’s standpoint. Also, innovation mushrooms in the field. Illustrations with a focus on the Shadow Executive Committee launched by AccorHotels and the case of shareholder foundations in an interview of Virginie Seghers.

The traditional definition of “corporate governance” covers all rules and principles that determine how a company is managed and controlled, as well as the breakdown of power between the different governing bodies. By appointing representatives that constitute boards of directors, shareholders exert some form on control on management.

The central role given to shareholders is partly do to the fact that they bear a certain amount of risk, with no certainty over future returns. But the question is whether shareholders are truly the only stakeholders to be carrying this risk. An employee is hardly in a position to diversify risks by working for several employers, and a supplier’s negotiating power with whoever commissions the work often limits his or her room for manoeuvre. Finally the negative impact of corporate activity on the environment (all forms of pollution, dwindling resources, climate change…) also demonstrates a lack of representation within these companies’ decision-making bodies.

Therefore, it seems that the inclusion of the different stakeholders in the directors’ mandates has the merit of recognising the importance of each and every one and providing a fairer compensation for risk, without denying shareholders their central role in corporate governance.

It seems that the inclusion of the different stakeholders in the directors’ mandates has the merit of recognising the importance of each and every one.

We wish to see the emergence of new governance models that effectively embed the interests of different partners in shareholders meetings or supervisory committees. We believe that companies should raise the importance given to these considerations and ensure that the value created is distributed fairly; this approach would clearly constitute a powerful driver for sustainable performance.

In this edition of our Newsletter, we shall describe our approach as bond investors and address the way we exercise our voting rights as shareholders. Our focus on Prophil will open us up to new forms of governance aimed at aligning the common good with economic profitability. Essentially, these articles will relate discussions and exchanges that not only help us define our vision, but also enable us, at our own level, to drive change and continue to innovate in the field of corporate governance.

Download the full version of our Responsible Way focused on governance in pdf.

Our Experts


Unlike a shareholder, a bond holder doesn’t have a direct lever on a company’s management team (through voting rights). Nevertheless, questions on governance are not entirely devoid of interest to him, particularly if they tend to benefit the shareholder. On such grounds, the credit analysis...Read

Our Experts

Towards a virtuous ESG investment strategy…

What ESG approaches are bearing the biggest future impact for the world? What should investors check before getting involved in ESG initiatives? Reflection from our expert Bertille Knuckey together with Dominique Blanc, Head of Research at Novethic on the occasion of Société Générale’s...Read

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