During its meeting on 30 March 2020, the Board of Directors decided to hold the Annual General Meeting of 17 April 2020 behind closed doors (without the physical presence of its shareholders), as authorized by the Ordinance of 25 March 2020, due to the lockdown measures taken by public authorities.
The Ordinary and Extraordinary General Meeting of CNP Assurances took place on 17 April 2020 at 2.30 p.m. without the physical attendance of shareholders. The meeting was chaired by Jean-Paul Faugère, chairperson of the CNP Assurances Board of Directors, and was attended by the Chief Executive Officer, the Deputy Chief Executive Officer, and the Secretary of the Board.
During the meeting, the chair of the Board presented the economic and financial background of the past year, and emphasised that the solidity of CNP Assurances would not be impacted by the current situation, due to the cautious investment policy that continues in line with the company’s long-term strategy, and the controlled management of insurance risks.
He reminded the assembly that, in view of the highly exceptional nature of the current environment, the proposal had been made to allocate the entire income of 2019 to the new budget instead of paying a dividend, which however does not exclude the possibility that the Board of Directors may propose a dividend payment to shareholders once the situation has been reassessed.
Chief Executive Officer Antoine Lissowski presented significant events for the Group in 2019, as well as the performance for this period. He reiterated that for 2020, the many uncertainties linked to the extent and duration of the crisis generated by the COVID-19 epidemic and their potentially negative impact on CNP Assurances have led to the decision on 7 April last to withdraw the Group’s growth target for net income in 2020, which had been announced on 20 February 2020.
Presentations by the chairs of the audit and risk committee, the appointment and remuneration committee, and the Auditors giving a full overview of their reports, were reviewed.
All resolutions put to the vote of the shareholders were passed, in particular those following on bond exchanges and security transfers between the French Government, Caisse des Dépôts, La Poste and La Banque Postale (ratification of the appointment by cooptation of six Board members, subsequent to the resignation of the Government and the six Board members representing Caisse des Dépôts).
The full text of the proposed resolutions and details of the vote have been published on the CNP Assurances website.
Shareholder information before the general meeting
Notice of the general meeting 17th April 2020
Draft Articles of association CNP Assurances
Amendment of 30 March 2020
Message to the shareholders who vote by correspondence