In general, Kesko is in compliance with the Finnish regulations relating to the organization and procedures of the Annual General Meeting.
Under ITEM 9, the Board of Directors proposes to distribute a dividend of EUR 2.34 per share, +6.4% as compared with 2017 despite a 38.0% decline in consolidated net income. The proposed dividend distribution is not fully covered by consolidated net earnings or free cash flow. However, it should be noted that cash flow from operations significantly increased in 2018, by 49.7%, and the reduction in consolidated net income was mainly due to extraordinary transactions, such as the divestments of non-profitable business units. In comparable terms, operating profit increased by 12.2%, and the comparable earnings per share increased by 7.9%. Also taking into account Kesko's healthy financial position (net debt-to-EBITDA ratio was 0.4x in 2018), ECGS recommends to vote FOR.
Under ITEM 13, the Audit Committee of the Board of Directors seeks approval of the remuneration of the auditor. Since non-audit fees paid are greater than 50% of the audit fee on a three-year aggregate basis, ECGS recommends to vote OPPOSE.
Under ITEM 14, the Audit Committee proposes to reappoint PricewaterhouseCoopers as the Company's auditor for FY 2019. As already mentioned above, the level of non-audit fees is not in accordance with ECGS' guidelines, and the current auditor has been in office for 43 years, which exceeds its guidelines. In line with EU regulation, ECGS recommends a term of maximum 20 years (10 + 10 years, if a tender is undertaken). Therefore, ECGS recommends to vote OPPOSE.
Kesko is a provider of trading sector services. Co.'s reportable segments are: food trade, which comprises the wholesale and B2B trade of groceries in Finland and the grocery trade in Russia; home and speciality goods trade, which comprises Co.'s K-citymarket Oy subsidiary's home and speciality goods; building and home improvement trade, which includes Co.'s Rautakesko Ltd's subsidiary's wholesale and B2B sales in the building and home improvement and agricultural trade in Finland, and the trade in Sweden, Norway, the Baltic countries, Russia and Belarus; and car and machinery trade, which comprises the business operations of Co.'s subsidiaries, VV-Auto Group Oy and Konekesko Ltd.
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A director at Kesko Oyj sold 250,000 shares at 58.500EUR and the significance rating of the trade was 78/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board mem...
KESKO OYJ (FI), a company active in the Food Retailers & Wholesalers industry, now shows a lower overall rating. The independent financial analyst theScreener confirms the fundamental rating of 2 out of 4 stars. However, the market behaviour deterioration triggered a risk requalification, which can be thus described as moderately risky. theScreener believes that increased risk justifies the general evaluation downgrade to Neutral. As of the analysis date June 4, 2019, the closing price was EUR 47.80 and its expected value was estimated at EUR 48.59.
Developed international equities (MSCI EAFE) have been underperforming relative to global equities (MSCI ACWI). So, within EAFE, where would we want to be invested? Our answer: outperforming SMID-caps, as displayed via the 10-year chart (attached). We expect this outperformance to continue; stick with this trend. In today's report we use a bottom-up approach to highlight actionable charts, sorted by market cap (all buys at current levels). Charts highlighted: NMC-GB, ASC-GB, TEMN-CH, EVR-GB, DIM-FR, WCH-DE, KRX-IE, POM-FR, BCVN-CH, WLN-FR, JE-GB, RUI-FR, LOGI-US, 4004-JP, HLMA-GB, ASRNL-NL,...
In general, Argenx is in compliance with the Dutch regulations relating to the organisation and procedures of the Extraordinary General Meeting. Under ITEM 3, the board of directors seeks approval to amend the Company’s stock option plan ("the Plan"). Although ECGS has no (major) concerns over the proposed amendments, it notes that Plan allows for a (potential) aggregate capital increase of 14.5% of the Company’s issued share capital, which exceeds ECGS’guidelines. In addition, ECGS considers the vesting period for time vesting awards (of between 1 and 3 years) too short. Based on the above, ...
In general, Coloplast is in compliance with the Danish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEMS 4 and 5.2 the board of directors seeks approval for the Company's remuneration report (ITEM 4) and remuneration policy (ITEM 5.2). Although ECGS strongly welcomes the first separate remuneration report, Coloplast's remuneration structure is NOT considered to be in line with its guidelines. Accordingly, ECGS recommends to vote OPPOSE to both agenda items. Under ITEM 6.1 it is proposed to (re-)appoint Mr. Lars Søren Rasmussen as Chairman of ...
In general, Adyen is in compliance with the Dutch regulations relating to the organisation and procedures of the Extraordinary General Meeting. Under ITEM 2, the supervisory board proposes to newly appoint Ms. Mariëtte Bianca Swart as the Company's Chief Legal and Compliance Officer (CLCO) and member of the executive board for a period of 4-years. ECGS has no concerns over Ms. Swart’s appointment and accordingly recommends to vote FOR. Under ITEM 3, the supervisory board proposes to newly appoint Mr. Kamran Zaki as Adyen's Chief Operating Officer (COO) and member of the executive board for a...
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