Accor’s shareholders face workers protest

IUF-affiliated CFDT held a protest April, 25 in Paris outside the Accor annual shareholder meeting at the company’s Novotel near the Eiffel Tower.

The union action was organized to protest the decision by Colony Capital and Eurauzeo, the investment funds which own 20% of Accor shares and command four board seats, to accelerate the process of franchising some 800 European hotels, mainly in France, Germany, Belgium, and The Netherlands, resulting in reduced wages and benefits, less job protection, and fewer rights.

Only two days before the AGM, Accor ousted CEO Denis Hennequin on Tuesday in a disagreement over how quickly he was selling off assets to boost returns.