Toute l'actualité de l'engagement actionnarial par PhiTrust


Notre impact:
- 1450 initiatives privées
- 120 initiatives publiques
- 27 résolutions externes déposées

Depuis plus de dix ans, nous croyons que l’éthique du management et la gouvernance ont un rôle fondamental au sein des entreprises dans lesquelles nous investissons pour le compte de nos clients.
Face aux défis immenses de la crise que nous vivons aujourd’hui, nous sommes de plus en plus convaincus que nos entreprises cotées en Europe ont besoin d’actionnaires minoritaires actifs qui les aident à développer des stratégies innovantes pour répondre aux enjeux financiers, commerciaux et sociaux de notre monde actuel, et nous essayons d’y contribuer par notre stratégie d’investissement.

30 juin 2015

ALSTOM: Is there anyone responsible?

Alstom's general meeting at the end of June addressed all sensitive subjects concerning the company and its practices over more than ten years, and more precisely, during the period when Patrick Kron managed it. The Sherpa Association published a long and detailed report repeating the grievances of the American courts concerning recognised cases of corruption, Alstom having pleaded guilty and been fined $772 million.

Even though this decision by the American courts may appear "remote-controlled", as it may have appeared for BNP PARIBAS, it is clear that the acts of corruption of which it is accused did exist and are stirring up trouble concerning the methods used by Alstom (as well as numerous companies…) to win contracts in their countries or for export. Eight years ago, several investors from English-speaking countries already expressed their concerns to Alstom's general management about events concerning Sudan, but unsuccessfully at the time…

During the General Meeting, Patrick Kron stated that he had an obligation for discretion, given the agreements made with the American courts, which would explain why he cannot publicly defend himself… But the question, the only question, which arises from these investigations and this conviction is simply: who is responsible?

In other cultures, particularly Asian, the boss duly notes the accusations and resigns, taking responsibility for the failure. In France, the boss rarely resigns and Patrick Kron has said that he does not intend to resign for this event or waive his severance bonuses.

But who is responsible? The employees who were imprisoned in the USA, the senior managers, the directors? In the case of Alstom (as in many other cases), no one! Of course, our position does not target the man himself, as Patrick Kron must have values and an ethic that he has tried to gradually put in place at Alstom. But it does call upon the manager, the person who is the boss, to fully accept his responsibility as manager and resign to allow the organisation to continue within a different framework.

These cases of corruption have certainly destabilised the general management and the Board of Directors, which may come to reflect on the appropriateness of selling 75% of the business to General Electric and the configuration of the new railway-only Alstom, in a segment where there are numerous competitors and few orders in Europe.

At a time when we are wondering about the acquisitions of our finest industrial assets by foreign companies, strategic errors and management faults are advance indicators of the poor health of a company, and the company, its employees and its shareholders will one day pay the price.

We have requested Mr Patrick Kron assume his responsibilities by refusing his severance payment. He did not do so and he agreed to be reappointed as a director of the new Alstom. It is a great pity because it tarnishes the image of the company manager a little more amongst employees, shareholders and the French, who do not understand why the manager, when he has failed, does not feel responsible.

Olivier de Guerre
PhiTrust Active Investors