Activist Fund PhiTrust said Monday Societe Generale SA's (GLE.FR) shareholders will vote on separating the positions of chairman and chief executive at the French bank at a general assembly next month.
PhiTrust, a minority shareholder in SocGen, was able to gather the support of 0.58% of the bank's capital to force the vote, said Denis Branche, general asset manager and partner at the fund. "This is something we have been trying to push for the past eight years," said Branche.
The motion should be presented at the bank's general assembly on May 22.
SocGen, France's second-largest bank by market capitalization, is the only French bank where the chairman also serves as chief executive. Frederic Oudea has held both positions since May 2009.
A spokeswoman for SocGen said that the bank was "attached" to the current management structure. "It will be discussed at the general assembly," she added.
-By Noemie Bisserbe, Dow Jones Newswires; +33 1 4017 1756; [email protected]