In general, Investor is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting.
Under ITEM 13a, the nomination committee seeks approval of the remuneration of the board of directors. Although the proposed fees are conform to Swedish market practice, ECGS does not approve of the partial payment in synthetic shares. Hence, ECGS recommends to vote OPPOSE.
Under ITEMS 14a-14k, the (re-)election of the board of directors is proposed.
In view 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: Ms. Magdalena Gerger (ITEM 14d), Mr. Tom Johnstone (ITEM 14e), Ms. Sara Mazur (ITEM 14f), Ms. Grace Reksten Skaugen (ITEM 14g), Mr. Hans Sträberg (ITEM 14h), Ms. Lena Treschow Torell (ITEM 14i), Mr. Jacob Wallenberg (ITEM 14j), Mr. Marcus Wallenberg (ITEM 14k).
Under ITEM 15, the nomination committee proposes to re-appoint Mr. Jacob Wallenberg 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.
Under ITEMS 17b and 17c, the board of directors seeks approval of two LT incentive plans. In view of insufficiently challenging performance conditions, ECGS recommends to vote OPPOSE.
Under ITEM 18a, the board of directors seeks authorisation to repurchase own shares. Although the authority as such would meet its guidelines, ECGS notes that the shares to be repurchased may also be used to secure the Company's obligations under the LT incentive plan as well as the allocation of synthetic shares as part of the compensation of the board of directors. Since it neither agrees with the LT incentive plan nor approves of the (proposed) compensation of the board in the form of synthetic shares, ECGS recommends to vote OPPOSE.
Under ITEM 18b, the board of directors seeks authority to transfer own shares in connection with the LT incentive plan. In ECGS' view this is an enabling resolution of ITEM 17b above. Since ECGS does not approve of the proposed LT incentive plan, it does not agree with resolutions to secure obligations under said plan either. Accordingly, ECGS recommends to vote OPPOSE.
Finally, ITEM 19 is a proposal made by a shareholder. ECGS does not approve of the proposal and therefore recommends to vote OPPOSE.
Investor AB is an industrial holding company. Through its subsidiaries, Co. invests in companies and industries. Co.'s holdings are divided into two business areas: Core Investments and Financial Investments. Core Investments consists of listed holdings, in which Co. is a major owner, and its wholly-owned subsidiaries. Financial Investments consists of Co.'s investments in EQT and Investor Growth Capital, its partner-owned investments and other investments and activities.
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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Proxinvest has been a pioneer and champion of good corporate governance and has grown into a recognised expert in the field.
Proxinvest is independently-owned and only works for investors : Proxinvest does not provide consulting services to the companies it covers, mitigating related risks to its clients and ensuring the independence of our analysis. As a result Proxinvest is able to take a robust, independent, engaged and unconflicted view of the companies in which our clients invest.
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.
The key takeaways from last week include: 1) Kinnevik’s largest unlisted asset, GFG, reported solid Q1 results with stable growth and a move towards profitability; 2) Kinnevik-owned Pleo said it was planning to raise cSEK0.5bn in a new financing round; 3) Creades cut its Lindab stake by c50%, boosting its net cash position to SEK1bn; and 4) Affärsvärlden rated Ratos BUY.
Europe in focus The U.S. dollar continues to grind marginally higher, and EM equities have suffered as a result. Meanwhile, RS for the MSCI EAFE index is bottoming when compared to the MSCI EM index, largely due to outperformance in Europe. With developed int'l markets beginning to outperform emerging markets, we recommend adding exposure to the developed int'l space. Below we highlight attractive and actionable themes within developed int'l: • Europe & Japan: Though this is an all-encompassing bottoms-up chart book for developed ex-U.S., make no mistake, the vast majority of today's buy rec...
Opportunities in Europe, Japan As markets pull back amid the tariff saga we continue to believe this is an attractive time to add exposure. This view is supported by the technicals with all major global indexes (MSCI ACWI, ACWI ex-U.S., EAFE, and EM) pulling back to their respective 200-day moving averages... see charts below. • Actionable Sectors: Services and Consumer Staples in Europe and Japan. We often view the Services Sector as a defensive way to invest in Technology. We also highlight several Consumer Staples stocks within Europe (the STOXX 600 Food & Beverage index remains leadersh...
L'ensemble des rémunérations des dirigeants mandataires sociaux font l'objet des résolutions 6 à 11. La particularité d'Infotel est de présenter des politiques de rémunération ne comportant aucune part variable. Cette spécificité n'est pas en accord avec notre politique de vote. Toutefois, les mandataires sociaux dirigeants sont tous actionnaires à au moins 1,99% du capital et les montants sont raisonnables, ce qui atténue nos réserves et permet des recommandations positives. Les caractéristiques du conseil d'administration ne répondent pas à nos attentes en matière de gouvernance puisqu'il e...
Suite au transfert des titres de la Société sur Euronext Growth le 6 août 2018, la Société n’a plus d’obligation de se référer au Code de Gouvernance MIDDLENEXT auquel elle se référait depuis 2010 pour l’élaboration du rapport du Président sur le gouvernement d’entreprise, le contrôle interne et la gestion des risques prévu à l’article 225-37 du Code de Commerce et relatif à l’exercice clos le 31 décembre 2009. La société ne précise pas à quel code elle se réfère. Proxinvest avait déjà souligné l’année précédente que ce changement vers un marché moins règlementé était regrettable ; communicati...
Proxinvest veut attirer l'attentions sur quelques points majeures: D'une part, nous félicitons la Société pour la modification statutaire visant à réduire la durée du mandat des membres du Conseil de Surveillance de 6 à 3 ans. D'autre part, nous regrettons les montants des membres du Directoire (en cours) qui sont trop élevés par rapport à la médiane des rémunérations totales des dirigeants de leur indice. Enfin, nous encourageons la Société à améliorer le taux d'indépendance du Conseil, qui est pour le moment de seulement 25%.
Le conseil présente une majorité de membres non libres de conflits d'intérêts d’après Proxinvest à cause surtout de l’ancienneté des administrateurs qui dépasse notre seuil de 11 ans. Il est présidé par le Directeur général. Par ailleurs, les mandats d'une durée de 6 ans semblent trop longs car ils ne permettent pas aux actionnaires de se prononcer assez fréquemment sur la composition du conseil. Les différentes autorisations financières ne respectent pas la politique de vote de Proxinvest en termes de montants mais également en raison de leur possible utilisation en période d'offre publique. ...
ITEM 10: Benoit Bazin was designated Deputy CEO as of 1 January 2019. The company proposes therefore to approve its 2019 remuneration policy, as well as its post-employments benefits. Overall, his remuneration policy structure is more in line with our recommendations and amounts at stake are more moderate than the CEO’s. Thus we support it. Regarding his post-employments benefits, his severance indemnity and non-compete clause do not respect our Guidelines. However, his supplementary pension plan does. Thus, we support Item 12.
GOVERNANCE On 1 June 2018, Laurent Mignon left his position as Chief Executive Officer to become Chairman of the Management Board of BPCE, Natixis' main shareholder with 71% of the capital. He succeeded François Pérol as Chairman of the Board of Directors of Natixis and François Riahi became the new Chief Executive Officer. The Board remains composed of a majority of members who are not free of potential conflicts of interest, which makes it impossible to support most of the many co-optations and renewals proposed (resolutions 12 to 22). REMUNERATION Due to changes in governance, in a...
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