Entrepreneurs and Investors
In 2016-2017 we pursued our objective of developing and growing in all the sectors in which we have chosen to invest.
All of our businesses delivered robust showings during the fiscal year, as always combining strong organic growth with growth led by targeted acquisitions. This performance reflects our steadfast aim of cementing the positions of our holdings as major players in their industries. For example, Elior Group continued to actively expand in the USA, making several major acquisitions, AMAC purchased two new outdoor hospitality sites, adding to its coverage across France, and Novetude Santé once again strengthened its leadership position in education establishments offering diploma courses and preparatory courses for healthcare professions.
At Elior Group there was a change in governance structure during the year, decided by its Board of Directors on July 26, 2017. The Board considered that the Chairman cannot simultaneously devote the large amount of time required for ensuring that the Board operates effectively while leading the company's large-scale business development and transformation projects in his role as CEO. Consequently, it decided to revert back to having a separate Chairman and CEO.
Subsequently, Gilles Cojan – Bim's Chief Executive Officer – was unanimously appointed by Elior Group's Board of Directors as Chairman of the Board. The Board then appointed Philippe Guillemot as Elior Group's Chief Executive Officer and named Gilles Auffret as Senior Independent Director.
The resolutions that will be submitted at Elior Group’s upcoming Annual General Meeting are expected to further enhance the quality of its corporate governance as if they are approved by shareholders the Board will be made up of 10 members, with six independent directors compared with three previously. Bim would keep the two representatives it currently has on Elior Group’s Board and would add a new non-voting member.
Elior Group’s ownership structure was further strengthened in 2016-2017 with the arrival of a new long-term investor – Fonds Stratégique de Participations – which, like Caisse des dépôts du Québec and Emesa, will hold a seat on the Board of Directors.
We see this move of separating the roles of Elior Group’s management and its directors – who represent all of the shareholders – as fully in line with Bim's inherent values.