Fund to call for separation of powers at SocGen AGM
PARIS, April 16
PARIS, April 16 (Reuters) - Activist fund PhiTrust said on Monday it had gathered the necessary shareholder backing to call for a vote on the separation of chief executive and chairman positions at French bank Societe Generale's annual shareholder meeting.
The volatile business of corporate and investment banking is "too risky" to be put in the hands of the combined chairman-and-CEO position currently held by Frederic Oudea, said Luis de Lozada, legal director for PhiTrust.
"We have the necessary capital ... We hope this resolution will be approved," de Lozada said, adding PhiTrust had the backing of 0.57 percent of SocGen's capital. (Reporting by Lionel Laurent)