European Alliance of proxy advisors

Proxinvest replaces ECGS as coordinator of the international alliance of independent proxy advisors and publishes its European Voting Policy for 2021 season

As of 1 April 2021, the alliance of Europe's largest independent proxy advisors, ECGS Ltd, established in 2001 in the UK, has been replaced in all respects by its French partner, Proxinvest SAS, which until now acted as its managing partner.

This change does not affect the operation of the alliance members. Corporance (Spain), DSW (Germany), Ethos (Switzerland), Frontis (Italy), Proxinvest (France) and other associate members will continue to provide their local services directly, and international services through Proxinvest (vs ECGS).

These services include voting analysis and recommendations, information and data management, corporate governance, responsible investment and sustainability advice as well as engagement and voting policies for major institutional investors in Europe.

Nor will the founding principles of the alliance change:

  • Financial and professional independence, advising only investors (not issuers)
  • High quality analysis, based on the detailed work, in-depth local knowledge and experience of its analysts and executives.
  • Spirit of strong collaboration among members
  • Supporting institutional investors in the exercise of their fiduciary duties under international best practices and compliance with European regulations.

The shift from a network structure to a decentralised model consolidates cooperation between the partners, simplifies the legal structure and capitalises on their strength, experience and recognition in international markets. Founded in 1995 by Pierre-Henri Leroy, a European pioneer in corporate governance, Proxinvest has been the reference point for institutional investors for the exercise of voting rights and involvement with French companies.

In 2001, with the creation of ECGS (European Corporate Governance Service), together with the Ethos Foundation (founded in 1997 by more than 200 Swiss pension funds and asset managers), Proxinvest expanded its activities to international markets, bringing other partners into the alliance and extending its global coverage. Corporance Voting Advisors was created and joined the alliance in 2017.

In June 2020, a new shareholder took a majority stake in order to strengthen the strategy and boost international operations. Alain Demarolle was an economic and financial advisor to the French government and a senior manager at financial institutions and institutional investors in New York, London and Paris, including Salomon Smith Barney, Bear Stearns and Eaton Park International.

Advisory Committee
Ángel Martínez-Aldama

Ángel Martínez-Aldama

Presidente INVERCO

Add team member details hereCuenta con una larga experiencia profesional (desde el año 1995 es director general de Inverco) nacional e internacional, habiendo sido Presidente de Pensions Europe y actualmente Vicepresidente de la FIAP (Federación Internacional de Fondos de Pensiones). Es miembro de la Junta Directiva y del Comité Ejecutivo de EFAMA (Federación Europea de Fondos y Gestión Patrimonial).

Antonio Fornieles

Antonio Fornieles

Presidente ejecutivo Pegasus Aerogroup

Degree in Economics and Business Studies from UCM and a Senior Management degree in Business Administration. Counselor of Oryzon Genomics since 2015. Vice President and coordinating adviser of Abengoa until 2016 when he was appointed executive President. KPMG Partner Since 1994, member of the Spanish partners Council, responsible for Auditing and Advising on Risk Management and COO of the global Audit function.

Maria Dolores Pescador

Maria Dolores Pescador

CEO y Co-Fundadora de Regtech Advanced Solutions

Degree in Economics and Business and Insurance Actuary. MBA from ESADE and Master in Finance from Wharton University. Independent Advisor to Admiral Europe and Advisor and President of the Audit Committee of Meridiano Seguros. Risk Manager at Santander Seguros for 11 years, Director of Public Policy in Private Banking and CMO in Asset Management and Insurance as well as Project Leader in the implementation of MIFID II. Executive of Allianz, Banco Popular, Prudential, Aurora Polar and Banco Vitalicio.

Gregorio Arranz

Gregorio Arranz

Member of the Board of Directors of Issuers

Degree in Law and Business Management from the Pontifical University of Comillas in Madrid. Independent Lawyer specializing in financial legislation. Worked as a State Attorney until 1990 and as deputy General director of Legislation and Financial Policy in the Treasury until 1995. General Secretary of AB Asesores and Morgan Stanley Spain until 2003. He has also been a member of the CNMV Advisory Committee and founder and Secretary of Spanish Issuers (Emisores Españoles).

Pilar López-Aranguren

Pilar López-Aranguren

Counselor in the Instituto de Oficiales de Cumplimiento

She began her career at Estudio Legal de Abogados, specialised in regulatory compliance and worked as Compliance Director at three banks, and is currently the Compliance Director for Spain and Portugal at an international investment bank. Founder of ASCOM (Spanish Compliance Association), she is a lecturer at CUNEF and co-president of the Compliance section of the Madrid Bar Association.

Ramiro Martínez-Pardo

Ramiro Martínez-Pardo

President of Solventis SGIIC

He has a Degree in Economics and Business Studies and in Law from UCM, member of the Spanish Institute of Censores Jurados. Advisor of Laboratorios Reig Jofre, Audax Renovables and DESA. Vice-President of the Spanish Institute of Financial Analysts, President of the Committee on Ethics and professional Practice and member of the Executive Committee and the Board of Trustees of the Financial Studies Foundation. He Was President of Norkapp Gestión SGIIC, General Secretary of Beta Capital MeesPierson and General Director of Fomento in the CNMV.