Societal Impact

Phitrust Partenaires

INVESTMENT COMMITTEE

Guy Portmann

Investment Committee Chairman

Hervé Baulme

Founder of Summit Systems USA

Adrien de Crombrugghe

Representative of Caisse des Dépôts et Consignations

Xavier Daudin

Finance Director

Pierre Darrot

Board member of several companies

Philippe Debry

Lawyer, Partner at Fidal Paris

Gilbert Delagrange

Retired Doctor

Louis Desanges

Former partner at La Financière de Courcelles

Alain Goyé

Board member of several social companies

Olivier Hériard-Dubreuil

Chairman of HDO Conseil

Martine Roussel-Adam

Founder and former CEO of Synerfil Businessfil

France de Sadeleer

Board member of several companies

Emmanuel Schom

Financial manager

Xavier Van Poucke

Former trader, agricultural entrepreneur

Phitrust Partenaires

SUPERVISORY BOARD

Olivier de Guerre

Chairman of the Supervisory Board

Xavier de Bayser

Former head of Ideam Amundi

Michel Bon

Board member of several companies, non-profits and foundations

Olivier Kayser

Founder and Managing Director of Hystra

Bruno Keller

Former CEO of Eurazeo

Raphaële Leroy

Representative of BNP Paribas SA

Cyrille Marcilhacy 

Representative of Natixis Private Equity

François d’Ormesson

Board member of Phitrust

News

Alstom acquired by Siemens: but what do the shareholders do?

Alstom acquired by Siemens: but what do the shareholders do?

At a General Meeting held on 17 July 2018, the shareholders voted in favour of the acquisition of Alstom by Siemens. What a pathetic decision, when at the announcement of the discussions with Siemens the executives and the board of directors sold the idea of a “merger between equals”!

The takeover  of Alstom by Siemens presented as a merger “between equals“

The takeover of Alstom by Siemens presented as a merger “between equals“

Without contesting the strategic interest of the merger between these firms, this operation being presented as a merger “between equals” which is – if it is approved in these conditions – a takeover of Alstom by Siemens, and harms the minority shareholders with an insufficient control premium and is unsatisfactory in terms of governance.

Executive compensation: what do shareholders do?

Executive compensation: what do shareholders do?

Once again this year, executive compensation has created a media buzz about some emblematic cases, because they are too decorrelated from the economic and social reality of the company.

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