Report
Expert Corporate Governance Service (ECGS)
EUR 500.00 For Business Accounts Only

Millicom International Cellular - AGM 02 May 2019

Both Mr. Santo Domingo and Mr. Duffy stepped down from the Board in May 2018.

ECGS notes that the Company has significantly improved the independence rate and percentage of women on board. After the AGM, there will be 75% of independent members on board compared to 50% for the previous years, which respects ECGS’ guidelines of 50% minimum. Furthermore, there will be 3 women on board (37.5%), compared to 12.5% in 2018, which respects ECGS’ guidelines of 30% minimum.

ITEMS 8 to 14 and ITEM 16, the board seeks shareholder approval to re-elect all the Directors. Given the sufficient independence on board, ECGS recommends to APPROVE. Under ITEM 15, it is proposed to elect new nominee Mercedes Johnson, given her independence, ECGS recommends to APPROVE.

ITEM 21 seeks shareholder approval of the remuneration guidelines of the senior management. We consider the aggregate level of executive compensation to be fairly moderate and soundly disclosed for Swedish standards, that the Company claims to follow, although it is a Luxembourg-based company. Given the moderate levels paid and the breakdown between short-term and long-term remuneration, we recommend shareholders to APPROVE.

ITEM 22 seeks shareholder approval for an employee share based incentive plan. Even if some performance criteria are quite challenging , and relative performance metrics are used with an  emphasis  on  a  peer  group, the  maximum  variable  remuneration  (both  short-term  and  long-term  and  including awards for exceptional performance) exceeds 300% of the CEO's base salary. Hence, we recommend shareholders to OPPOSE.

Underlying
Millicom International Cellular S.A.

Millicom International Cellular is a global telecommunications group with mobile telephony operations in emerging markets. Co also operates various combinations of fixed telephony, cable and broadband businesses in five countries in Central America. Co. operates its mobile businesses in El Salvador, Guatemala, Honduras, Bolivia, Colombia, Paraguay, Chad, the Democratic Republic of Congo, Ghana, Mauritius, Rwanda, Senegal, Tanzania and Laos. Co. also provides broadband and cable television services in Costa Rica, Honduras and El Salvador; fixed telephony in El Salvador and Honduras, and corporate data services in the above countries and in Guatemala and Nicaragua.

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