In general, Electrolux is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting.
Under ITEM 15, the board of directors seeks approval of the Company's executive remuneration guidelines. Although no (material) changes are proposed, ECGS is missing an actual LT component (with a performance measurement period of at least 3 years) under the guidelines. ECGS therefore recommends to vote OPPOSE.
Under ITEM 16, the board of directors seeks approval of a LT incentive plan. In light of an insufficiently long performance period (of only 1 year), ECGS recommends to vote OPPOSE. There are no further peculiarities.
AB Electrolux sells home appliance for households and businesses, with products such as refrigerators, dishwashers, washing machines, cookers, vacuum cleaners, air conditioners and small domestic appliances under brands such as Electrolux, AEG, Zanussi, Frigidaire and Electrolux Grand Cuisine. Co. has six segments: Major Appliances Europe, Middle East and Africa; Major Appliances North America; Major Appliances Latin America; Major Appliances Asia/Pacific; and Small Appliances, which comprise the products for consumer durables market; and Professional products. Co.'s professional products include food-service equipment for hotels, restaurants and institutions, as well as laundry equipment.
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Q3 reports held up better than expected and the sector rallied 15% over the results season. At the same time, demand indicators continue to be mostly negative and point to further pressure on estimates for 2020 (particularly if currency support would wane). We favour names with company-specific drivers and valuation support, and continue to be cautious on unusually expensive low-beta names. Our key long ideas are: Alfa Laval, Electrolux, Metso, Nokian Tyres We are cautious on: Assa Abloy, Autoliv, Kone, Nibe
Bonduelle est l’une des très rares dernières sociétés à ne pas communiquer aux actionnaires le montant du bonus annuel dû au titre de l’exercice, contrairement à ce que demande le code AFEP/MEDEF auquel la société se réfère, et contrairement à la pratique générale. C’est notamment cette communication aux actionnaires jugée largement insuffisante par Proxinvest et marquée par d'importantes lacunes en matière de gouvernance, qui justifie la recommandation négative à la résolution 10 concernant la rémunération attribuée à Guillaume Debrosse. Nous réitérons également nos critiques sur la structure...
In general, Takeaway.com is in compliance with the Dutch regulations relating to the organization and procedures of the Extraordinary General Meeting. Under ITEM 2a approval of a combination with UK-based Just Eat is sought. ECGS deems it a rather bold move of Takeaway.com, a company that has never been profitable, to enter into a combination with UK-based Just Eat, which, in terms of size and complexity, is the substantially larger company of the two. Pursuant to the terms of the Offer, Takeaway.com offers 0.09744 company shares for each share held in Just Eat. On the basis of the closing p...
Proxinvest note que le conseil n'est pas majoritairement indépendant (taux d'indépendance de 43%) et que la durée de mandat de 6 ans ne respecte pas le code AFEP/MEDEF et la pratique de la place. Ainsi, les renouvellements de Jean-Michel Aulas (cumul des fonctions de Président et Directeur-Général) et Thomas Riboud ne seront pas soutenus (résolutions 5 et 6). De la même manière, Proxinvest s'opposera à la ratification de la cooptation d'Ardavan Safaee en résolution 8. Ensuite, la société ne rémunère pas directement son dirigeant, Jean-Michel Aulas, mais c'est la société holding, Holnest, anci...
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