ANNUAL GENERAL MEETING, 23 MAY 2017
Societe Generale’s Annual General Meeting was held on 23 May 2017 in Paris - La Défense.
The quorum was met at a record level of 60.60% compared to 56.97% in 2016.
Lorenzo Bini Smaghi, Chairman
of the Board of Directors, opened
the meeting. Séverin Cabannes,
Deputy Chief Executive Officer,
then presented the results of
Societe Generale’s good commercial
and financial performances in
2016 before Frédéric Oudéa,
the Group’s Chief Executive Officer,
laid out the longer-term strategy.
Lorenzo Bini Smaghi then provided
an update on corporate governance,
followed by Jean-Bernard Lévy, in his
role as Chairman of the Compensation
Committee, who presented
the Group’s policy in this area.
The Annual General Meeting approved
all resolutions proposed by the
Board of Directors, in particular
the renewal of the terms of office
of Alexandra Schaapveld and
“Ready for a new phase
of development”
4 | LETTER TO SHAREHOLDERS_JUNE 2017
Jean‑Bernard Levy as Directors,
the appointment of William Connelly
and Lubomira Rochet as new
Directors, as well as senior
management compensation
(“Say on Pay”). The company will pay
a cash dividend of €2.20 per share for
2016, up 10% from €2.00 in 2015.
The detachment of the dividend was
set at 31 May 2017 and the dividend
will be paid as of 2 June 2017.
2016: another year
of progress
In 2016, Societe Generale continued
its transformation, and posted
good commercial and financial
performances. Retail Banking in
France demonstrated, yet again, its
strong commercial momentum, with
400,000 new individual customers
and 4,000 business customers.
The Group remains highly committed
to the funding of the economy in
France, with average outstanding
loans climbing 2.9%. Despite these
good commercial performances,
financial results suffered from the
low interest rate environment, with
Net Banking Income down 2%
for Retail Banking in France.
In International Retail Banking &
Financial Services, Net Banking
Income was up 2.6%. This
growth underlines a recovery in
International Banking, in particular
in Russia and Romania. In terms of
Financial Services to Corporates,
Societe Generale Equipment
Finance confirmed its position of
European leader, ALD established
its number one position in Europe
and the Insurance business
line confirmed its growth.
Third strategic pillar: Global Banking
and Investor Solutions posted
revenue of €9.3 billion for 2016.
Global Markets and Investor Services
revenue was stable, Financing
and Advisory businesses held
firm and Asset Management and
Private Banking was in a period of
transition with the acquisition and
integration of Kleinwort Benson.