PARIS, April 19 (Reuters) - Proxy adviser ISS is recommending to Vivendi’s shareholders that they oppose the re-election of French tycoon Vincent Bollore and the appointment of his son Yannick as board members, documents obtained by Reuters showed on Wednesday.
ISS, citing concerns about a lack of independence of the French media giant’s board, is opposing 15 of 25 resolutions which have been proposed ahead of an annual shareholders meeting on April 25.
The proxy adviser, which says it has 1,700 clients globally including major asset managers and hedge funds, is also recommending that shareholders vote against the pay levels of Vivendi’s management board members, including that of chief executive Arnaud de Puyfontaine.
Bollore, who’s been chairing Vivendi’s board since 2014, is the company’s biggest shareholder with a 20.65 percent stake. His son Yannick heads advertising group Havas.
Reporting by Mathieu Rosemain and Gwenaelle Barzic; Editing by Richard Balmforth