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Enagas is a gas transportation company based in Spain. Co. is engaged in the technical distribution and storage of gas through pipelines as well as the provision of regasification services. Co. and subsidiaries are engaged in the ownership, administration, storage, pipeline transportation, distribution flow, and sale of natural gas. As a transport company, Co. also provides gas and manages the gas infrastructures.
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In item 6.1, the Board proposes to ratify the appointment of Mr. Santiago Ferrer Costa as non-executive Director representing the largest shareholder SEPI (5%), which is a holding company controlled by the Spanish State. Concerns may arise on the overrepresentation of SEPI on the Board (15% of Directors with 5% of shares), and we also note that at least 6 other Directors have, or have had, significant relationships with State's institutions. Also taking into account the insufficient independent representation on the Board (38% as per the ECGS' guidelines and 62% according to the Company), we r...
The month of February was characterized by a generally mild weather pattern in Iberia, which impacted electricity demand, down 4.8% yoy to 24.3TWh (YTD -0.7% yoy). February was also weak in terms of hydro (3.6TWh, up yoy but 35% below the 5Y avg) and especially wind production, where the output of 4.5TWh was down 22% yoy and 34% below the 5Y avg (and the lowest February wind production of the last 8 years). However, the low wind/water impact on prices was cushioned by the low demand, with the thermal gap down yoy (-19% to 5.9TWh), while commodity prices were also marginally down vs Feb-18 (Bre...
In general, Elisa Corporation ("Elisa") is in compliance with the Finnish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 13, approval is sought for the remuneration of the auditor. As non-audit fees paid are greater than 50% of the audit fee on a three-year aggregate basis, ECGS recommends to vote OPPPOSE. Under ITEM 14, the board of directors proposes to re-appoint KPMG as the Company's statutory auditor. ECGS notes that the current auditor has been in office for 15 years and there is no disclosure to suggest that the current mandate has be...
In general, Volvo is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEMS 14.1-14.10, the (re-)election of the board of directors is proposed.In light of concerns over aggregate time commitments, ECGS recommends to vote OPPOSE to the (re-)election of: Ms. Martina Merz (ITEM 14.7). Under ITEM 18, 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...
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