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Expert Corporate Governance Service (ECGS)
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Husqvarna April 09th, 2019

In general, Husqvarna is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting.

Under ITEM 10, the nomination committee proposes to increase the remuneration of the board of directors by around 6%. In ECGS' view the current fees are already at the upper level of Swedish market practice for a company with the size and complexity of Husqvarna and it therefore does not approve of any increases without adequate justification. Since the proposal is not adequately justified, ECGS recommends to vote OPPOSE.

Under ITEMS 11a(1)-11a(8), the (re-)election of the board of directors is proposed.In light of insufficient independent representation on the board of directors as well as concerns over aggregate time commitments ECGS recommends to vote OPPOSE to the (re-)election of: Mr. Tom Johnstone (ITEM 11a1), Ms. Ulla Litzén (ITEM 11a2), Ms. Katarina Martinson (ITEM 11a3), Mr. Bertrand Neuschwander (ITEM 11a4), Mr. Daniel Nodhäll (ITEM 11a5) and Mr. Lars Pettersson (ITEM 11a6).

Under ITEM 11b, the nomination committee proposes to re-appoint Mr. Tom Johnstone as Chairman of the board of directors. As already mentioned above, ECGS has various concerns over his re-appointment and therefore does not support his re-election as board Chairman either. Accordingly, ECGS recommends to vote OPPOSE.There are no further peculiarities.

Underlying
Husqvarna AB B

Husqvarna AB produces outdoor power products. Products include: robotic lawn mowers, chainsaws, handheld petrol-powered products such as clearing saws and trimmers, garden tractors, and lawn mowers. Co. is also engaged in providing consumer watering products, cutting equipment and diamond tools for the construction and stone industries. Co.'s products and solutions are sold via dealers and retailers. Co. has three business areas: Europe & Asia/Pacific and Americas, which provide forest, park and garden products to dealers and retailers in Europe and Asia/Pacific, and in North and Latin America, respectively; and Construction, which provides light construction products and diamond tools.

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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As Managing Partner of Expert Corprate Governance Service Ltd (ECGS), Proxinvest has built a large network of corporate governance experts to support clients in corporate governance analysis worldwide. 

Analysts
Expert Corporate Governance Service (ECGS)

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