Report
Expert Corporate Governance Service (ECGS)
EUR 1000.00 Purchase single report

Kone - February 26, 2019

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


Under ITEM 10, approval is sought for the remuneration of the board of directors. Although ECGS has no concerns over the fees proposed, it notes that the non-executive chairman of the board Mr. Antti Herlin is entitled to an annual bonus on top of his base salary. In ECGS' view, non-executive directors should not be entitled to any variable payments to safeguard their independence from the company. ECGS therefore recommends to vote OPPOSE.


Under ITEM 12, the (re-)election of the board of directors is proposed. In light of insufficient independent representation on the board, ECGS recommends to vote OPPOSE.


Finally, under ITEM 15, the audit committee of the board of directors proposes to reappoint PricewaterhouseCoopers as the Company's statutory auditor. Since the current term in office (23 years) of the statutory auditor exceeds the threshold (10 + 10 years, if a tender is undertaken) in ECGS guidelines, ECGS recommends to vote OPPOSE.

Underlying
Kone Oyj B

KONE is an elevator and escalator industry group based in Finland. Co. is engaged in the provision of products and services for the installation, modernization and maintenance of elevators, escalators and automatic building doors. Co. provides its products and services throughout the entire lifecycle of the equipment, beginning from the installation of new equipment to the maintenance and modernization during their lifecycle and the full replacement of the equipment. Co.'s customers are active in industry segments such as residential, office, retail, public transportation, hotel, hospital, and marine.

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.

Proxinvest main services are :

  • ​Proxy reports
  • Definition and monitoring of client customized voting guidelines
  • Corporate Governance Data and Rating
  • Thematic research
  • Engagement support

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. 

Analysts
Expert Corporate Governance Service (ECGS)

Other Reports on these Companies
Other Reports from Proxinvest
Other Reports from these Analysts

ResearchPool Subscriptions

Get the most out of your insights

Get in touch