French manufacturer Zodiac Aerospace has become the target of activist shareholders, who are demanding changes to corporate governance.
The Financial Times reports that CIAM, a Paris-based hedge fund, is attempting to co-ordinate other shareholders to block the appointment of a new supervisory board member, and oppose the granting of performance shares to chief executive Olivier Zarrouati, deputy CEO Maurice Pinault and former CEO Yannick Assouad.
The FT quotes Anne-Sophie d’Andlau, co-founder of CIAM, arguing that Zodiac’s governance is “not correct” and constitutes an “impediment” to resolving operational issues.
CIAM opposed the appointment of Fidoma to Zodiac’s board. Fidoma is the holding company of the Domange family, already represented on the board by chairman Didier Domange.
Related Posts
-
December 1, 2021
Mehta was initially elected to act as temporary chair for a 12-month period, but will now remain in post until 2024.
-
August 27, 2021
Hester will join the airline's board next month and take over from current chair John Barton on 1 December.
-
January 18, 2022
Xu is co-founder, chief executive officer and chair of DoorDash, the leading online food delivery company in the US.
-
November 23, 2021
Bate, a chartered management accountant with a background in corporate M&A transactions, takes over from Ian Johnson.