Report
Expert Corporate Governance Service (ECGS)
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Etude de l'AG du 28/11/2017

In general, Chr. Hansen is in compliance with the Danish regulations relating to the organisation and procedures of the Annual General Meeting.
Under ITEM 5c, it is proposed to abolish the age limit for members of the board of directors in the Company's Articles of Association. Since this proposal is currently not in accordance with provision 3.1.4 of the Danish Recommendations on Corporate Governance, ECGS recommends to OPPOSE.
Under ITEMS 6aa-6bf, the (re-)election of the board of directors is proposed. 
ECGS has concerns over the aggregate time commitments of board Chairman Mr. Ole Gjesso Andersen (ITEM 6aa) and proposed new nominee Mr. Jesper Brandgaard (ITEM 6bb). Therefore, ECGS normally would have recommended opposition. However, considering that the proxy card does not permit this, it recommends abstention instead.
Under ITEM 7, the board of directors proposes to re-appoint PricewaterhouseCoopers as the Company’s statutory auditor. In light of the substantial amount of non-audit fees, ECGS normally would have recommended opposition. However, considering that the proxy card does not permit this, it recommends abstention instead.

Underlying
Chr. Hansen Holding A/S

Chr. Hansen is a biosciences group based in Denmark. Co. develops and supplies natural ingredient solutions for the food, pharmaceutical, nutritional, and agricultural industries worldwide. Co. operates in three divisions: Cultures and Enzymes (develops, produces, and sells cultures, enzymes, and probiotics for the food and dairy industries); Health and Nutrition (develops products for the dietary supplement, over-the-counter pharmaceutical, infant formula, and animal feed industries); and Natural Colors (develops natural color solutions to the food industry, primarily for the beverage, dairy, confectionery, fruit preparation and ice cream, as well as functional blends for processed meats).

Provider
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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Analysts
Expert Corporate Governance Service (ECGS)

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