Report
Expert Corporate Governance Service (ECGS)
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Adidas - AGM 09 May 2019

Items 5a, 5c, 5e and 5f: We recommend to oppose the re-election of Ian Gallienne, Igor Landau and Nassef Sawiris to the Supervisory Board due to our concerns over the insufficient independent representation on the Board. Furthermore, we recommend to oppose the election of Dr. Thomas Rabe to the Supervisory Board due to concerns over aggregate time commitments.

Item 8: KPMG, Berlin, is proposed as auditor for the current financial year. We have no concerns over the ratio of non-audit/audit fees. However, we note that KPMG has audited the Company since the financial year 1995 which exceeds our maximum acceptable term of office. We therefore recommend opposing the re-election of KPMG as auditor.

Underlying
Adidas

ACM Managed Dollar Income Fund is a non-diversified, closed-end management investment company. This closed-end investment fund is designed for investors who seek high current income and capital appreciation. In order to achieve this objective, Co. invests primarily in high-yielding, U.S. and non-U.S. fixed income securities, denominated in U.S. dollars, that it expects to benefit from improving economic and credit fundamentals. Co. may utilize leverage through the investment techniques of reverse repurchase agreements and dollar rolls. As of Sept 30 2007, Co. had total assets of $192,614,325 and investment portfolio totalled $178,906,534.

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Proxinvest
Proxinvest

Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.

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Expert Corporate Governance Service (ECGS)

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