La nature juridique du vote de l’assemblée générale, un faux débat ?

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Bahar, Transparence sur les questions non financières : La nature juridique du vote de l’assemblée générale, un faux débat ?, (27 février 2024) <<a class="text-muted" href="#">https://cdbf.ch/1330/</a>> </h6> <div class="d-none text-to-copy"> R. Bahar, Transparence sur les questions non financières : La nature juridique du vote de l’assemblée générale, un faux débat ? 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La nature juridique du vote de l’assemblée générale, un faux débat ? </h1>  <nav class="mobile-only mt-4 d-flex align-items-center"> <a class="bubble bubble-lg mb-2 mr-2" href="https://cdbf.ch/author/bahar/"> <img class="img-fluid" src="https://cdbf.ch/wp-content/uploads/2021/01/bahar-rashid-201113-1290-mdh-scaled-150x150.jpg" /> </a> <h6 class="text-uppercase text-black font-light mb-2 mr-4"> <a class="text-black" href="https://cdbf.ch/author/bahar/"> Rashid Bahar</a> </h6> </nav>  <div class="d-flex align-items-center justify-content-start"> <ul class="nav translations-list"> <li class="lang-item lang-item-1423 lang-item-de lang-item-first"><a lang="de-DE" hreflang="de-DE" href="https://cdbf.ch/de/1330/">Deutsch</a></li> <li class="lang-item lang-item-1369 lang-item-en"><a lang="en-GB" hreflang="en-GB" href="https://cdbf.ch/en/1330/">English</a></li> </ul> </div> <div class="lead mt-4"> <p>Cette année, les assemblées générales des sociétés d’intérêt public remplissant les critères de l’<a href="https://www.fedlex.admin.ch/eli/cc/27/317_321_377/fr#art_964_a" target="_blank" rel="noopener">art. 964a al. 1 CO</a> seront amenées à approuver leurs rapports sur les questions non financières conformément à l’<a href="https://www.fedlex.admin.ch/eli/cc/27/317_321_377/fr#art_964_c" target="_blank" rel="noopener">art. 964c al. 1 CO</a>. Dans ce contexte, une controverse a émergé sur la nature juridique du vote : d’un côté, <a href="https://www.novartis.com/sites/novartis_com/files/2024-novartis-agm-notice.pdf" target="_blank" rel="noopener">Novartis</a> et <a href="https://assets.cwp.roche.com/f/176343/x/e340f7a146/franzoesisch_einladung_roche_2024.pdf" target="_blank" rel="noopener">Roche</a> ont d’ores et déjà organisé un scrutin de nature consultative, alors que, de l’autre, la Fondation Ethos s’est <a href="https://ethosfund.ch/fr/ag-de-novartis-ethos-demande-un-vote-contraignant-sur-le-rapport-de-durabilite">outrée</a> et a exigé un vote contraignant.</p> <p>A la lecture du texte de l’art. 964c al. 1 CO, le rapport doit être « <em>approuvé et signé par l’organe suprême de direction ou d’administration, et approuvé par l’organe compétent pour l’approbation des comptes annuels</em> », c’est-à-dire l’assemblée générale. Cette disposition ne précise toutefois pas quelle est la nature du vote d’approbation par l’assemblée générale. Les <a href="https://www.parlament.ch/centers/documents/fr/bericht-kinderarbeit-bj-2019-11-19-f.pdf" target="_blank" rel="noopener">travaux préparatoires</a> n’offrent guère plus d’éclairage sur la question.</p> <p>A ce titre, l’art. 964c al. 1 CO se distingue de l’<a href="https://www.fedlex.admin.ch/eli/cc/27/317_321_377/fr#art_735" target="_blank" rel="noopener">art. 735 al. 3 ch. 4 CO</a>, qui prévoit expressément que le vote sur le rapport de rémunération est consultatif. Toutefois, cette précision s’explique par opposition à l’art. 735 al. 3 ch. 3 CO qui impose un vote contraignant sur le montant des rémunérations. En réalité, l’art. 964c al. 1 CO fait plus écho aux votes d’approbations du rapport annuel et des états financiers de l’<a href="https://www.fedlex.admin.ch/eli/cc/27/317_321_377/fr#art_698" target="_blank" rel="noopener">art. 698 al. 2 ch. 3 et 4 CO</a>, qui constituent les pendants sur les questions financières du rapport sur les questions non financières. Puisque ces scrutins ont une nature contraignante, il serait tentant de conclure que l’approbation doit avoir le même effet. Toutefois, l’analogie ne tient que partiellement : ces scrutins ont des conséquences différentes que le rapport sur les questions non financières. Ils sont le préambule au vote sur l’emploi du bénéfice prévu à l’art. 698 al. 2 ch. 4 CO. Si les comptes annuels ne sont pas approuvés par l’assemblée générale, celle-ci ne peut pas distribuer de dividende annuel. Le même principe a d’ailleurs été repris pour la distribution d’un éventuel dividende intermédiaire qui doit se fonder sur des comptes intermédiaires également soumis au vote de l’assemblée générale (art. 698 al. 2 ch. 5 CO). L’approbation du rapport sur les questions non financières n’a, quant à elle, aucune conséquence juridique pour la société anonyme. Elle ne vaut pas décharge sur ces questions, puisque la décharge continue à faire l’objet d’un autre point dans le déroulement de l’assemblée générale (art. 698 al. 2 ch. 7 CO) et à voir ses effets réglés à l’<a href="https://www.fedlex.admin.ch/eli/cc/27/317_321_377/fr#art_758" target="_blank" rel="noopener">art. 758 CO</a>.</p> <p>A cela, s’ajoute la question de savoir quelle est la signification à donner à un vote refusant l’approbation. En effet, le refus peut être motivé par le sentiment que le rapport ne répond pas aux exigences légales quant au contenu du rapport défini à l’<a href="https://www.fedlex.admin.ch/eli/cc/27/317_321_377/fr#art_964_b" target="_blank" rel="noopener">art. 964b CO</a> ou, du moins, ne satisfait pas les attentes des actionnaires en termes de transparence. Il peut aussi être une censure du modèle commercial de l’entreprise, de ces procédures de diligence, des mesures prises en application de ces concepts ou de la manière dont l’entreprise gère les risques (voir le catalogue de l’art. 964b al. 2 ch. 1 à 5 CO), respectivement de la décision de ne pas adopter de concept dans le domaine (voir l’art. 964b al. 5 CO). Toutefois, un refus peut être motivé tant par le sentiment que la société ne fait pas assez que par le sentiment contraire, voire par une alliance objective entre des partisans des deux bords qui s’opposeraient ensemble à la politique du conseil d’administration pour des raisons diamétralement opposées. Le caractère polysémique du vote est d’autant plus problématique que les actionnaires ne doivent pas motiver leur vote.</p> <p>Or, dans les premiers cas de figure, conférer un effet juridique au refus peut être compréhensible : il s’agirait d’un refus d’accepter la reddition de compte au motif que celle-ci ne serait pas complète ou du moins pas suffisamment détaillée aux yeux des actionnaires se prononçant en assemblée générale. Alors la conséquence du refus serait l’obligation faite au conseil d’administration de revoir sa copie et soumettre le rapport à nouveau au vote, sans pour autant avoir d’autres conséquences au regard du droit des sociétés.</p> <p>En revanche, si le refus vise à condamner la stratégie adoptée par le conseil d’administration, soumettre le rapport à un nouveau vote de l’assemblée générale n’apporte rien, puisque, compte tenu du caractère rétrospectif du rapport, le conseil d’administration, même s’il accepte la critique ce qu’il ne doit pas puisqu’il est, dans le cadre fixé par le but statutaire, seul compétent en matière de haute direction (<a href="https://www.fedlex.admin.ch/eli/cc/27/317_321_377/fr#art_716_a" target="_blank" rel="noopener">art. 716a al. 1 ch. 1 CO</a>), y compris en matière non financière, ne pourra que modifier son modèle d’affaires pour le futur, mais ne pourra pas pour autant modifier le rapport.</p> <p>En synthèse, la controverse est purement dogmatique. En réalité, le choix ouvert au conseil d’administration est de reprendre le texte légal, sans prendre parti, ou, au contraire, de préciser que le vote d’approbation n’a qu’une nature consultative. Quant aux actionnaires, il ne leur apporte rien de se plaindre en marge de l’assemblée générale de la qualification du scrutin, puisque même si l’on devait reconnaître au vote une nature contraignante, il resterait dénué de conséquences juridiques et ils ne seront pas mieux écoutés. Au contraire, il serait préférable que le débat entre les sociétés et leurs actionnaires se concentre, si divergence il y a, sur les questions de fond, que ce soit le degré de transparence du rapport, le choix du cadre de référence ou la politique de l’entreprise sur ces questions.</p> </div> </div> </div> </div> </div> </main> <footer id="footer" class="py-5"> <div class="container"> <div class="row"> <div class="col-lg-2 mb-4 mb-lg-0 text-center text-lg-left"> <img class="img-fluid" alt="Unige" src="https://cdbf.ch/wp-content/themes/cdbf/img/unige.png"> </div> <div class="col-lg-6"> </div> <div class="col-lg-4"> <nav class="nav flex-column align-items-center align-items-lg-end text-right"> <a class="nav-link text-white font-sans-serif small" href="https://cdbf.ch/impressum/">Impressum</a> <a class="nav-link text-white font-sans-serif small" href="mailto:webmaster@cdbf.ch">Webmestre</a> <a class="nav-link text-white font-sans-serif small" href="https://cdbf.ch/charte-editoriale/">Charte éditoriale</a> <a class="nav-link text-white font-sans-serif small" href="https://cdbf.ch/politique-dutilisation-des-cookies/">Politique d’utilisation des cookies</a> <a class="nav-link text-white font-sans-serif small" href="https://cdbf.ch/le-centre/contact/">Contact</a> </nav> </div> </div> </div> </footer> <div id="cookiebar" class="fixed-bottom w-100 text-light py-3" style="display:none;"> <div class="container"> <div class="row"> <div class="col-md-10 small"> Ce site utilise des cookies à des fins de statistiques, d’optimisation et de marketing ciblé. 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La nature juridique du vote de l’assemblée générale, un faux débat ? – CDBF