In general, Orkla is in compliance with the Norwegian regulations relating to the organisation and procedures of the AGM.
Under ITEM 3.2, the board of directors seeks approval of the Company's remuneration guidelines. The proposed remuneration structure is not in line with ECGS' guidelines.
Accordingly, ECGS recommends to vote OPPOSE.
Undet ITEM 3.3, the board of directors seeks approval of a revised LT incentive plan.
Although ECGS welcomes the introduction of performance conditions under the plan, the conditions applicable remain undisclosed. ECGS therefore recommends to vote OPPOSE.
Finally, under ITEM 7.3, the nomination committee proposes to re-appoint Ms. Ingrid Jonasson Blank as Member of the board of directors. In view of concerns over her aggregate time commitments, ECGS recommends to vote OPPOSE.
There are no further peculiarities.
Orkla is a consumer goods company in the Nordic and Baltic regions. The Branded Consumer Goods area comprises five business areas: Orkla Foods, Orkla Confectionery and Snacks, Orkla Home and Personal, Orkla International and Orkla Food Ingredients. Co.'s other businesses consist of Granges, a supplier of solutions for the heat exchanger industry; Hydro Power, which produces and supplies power to the Nordic power market; and Orkla Financial Investment, which consists of Orkla Eiendom; in addition to its investments in Sapa (JV), which is engaged in extruded aluminium solutions; and Jotun AS, which is a manufacturer of paint and powder coatings.
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A director at Orkla Asa maiden bought 27,500 shares at 80.910NOK and the significance rating of the trade was 74/100. 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 b...
The Q2 results were broadly in line with expectations, with organic growth still in a positive territory. However, the surprisingly soft organic growth and outlook for the Care segment disappointed. We reiterate our SELL and NOK65 target price, as the recent sector revaluation offsets our slightly reduced estimates. We still find the valuation uninspiring
We believe this was a neutral report for Orkla, including figures more or less in line with expectations, continued slight positive organic growth for BCG, and no change to the guidance. We expect no significant changes to consensus on the back of the report, and believe a neutral share price reaction is warranted.
On 9 May 2019, the Company issued convertible bonds for a total principal amount of EUR 150 million. The sole agenda item relates to the proposed approval and ratification, in accordance with Article 556 of the Belgian Companies Code, of conditions of the convertible bonds in case of a change of control. These are standard provisions and they are in line with the market practice. Hence, we see no reason for shareholder concern and recommend to approve.
General: Hella is a leading automotive supplier with over 125 locations in some 35 countries. In financial year 2018/2019, the Company generated sales of EUR 7.0bn with around 39,000 employees. Hella specialises in innovative lighting systems and vehicle electronics in its segments Automotive and Aftermarket. Furthermore, in its Special Applications segment, Hella develops, manufactures and sells lighting and electronic products for specialist vehicles. As of 31 May 2019, a total of 60.00% of the Company's shares were covered by a pool agreement of family shareholders. A total of 62 members o...
In general, NN Group is in compliance with the Dutch regulations relating to the organisation and procedures of the Extraordinary General Meeting. On August 12, 2019, the Company announced that Mr. Lard Friese stepped down as CEO of the Company to become the new CEO of Dutch competitor Aegon. ECGS notes that the sole agenda item of this EGM (ITEM 2) concerns the intended appointment of Mr. David Knibbe as CEO and member of the executive board of NN Group. According to Dutch law and the Company's Articles of Association, shareholders are NOT entitled to vote on such agenda item; it is a discus...
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