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

Osram Licht - February 19th, 2019

Item 2: We recommend to oppose the dividend proposal. The dividend is not covered by free cashflow for a third consecutive year and we consider a dividend payment inappropriate at this time.

Items 3a-3c: We recommend to oppose the discharge of the Management Board members due to two profit warnings in financial year 2017/2018 which raise fundamental concerns over the reliability of the Management Board's forecasting ability and its communication to stakeholders.

Underlying
Osram Licht AG

Osram Licht is a light manufacturering group based in Germany. Co.'s portfolio covers the entire value chain from components - including lamps, electronic control gear and opto semiconductors such as light-emitting diodes (LED) - as well as luminaires, light management systems and lighting solutions. Co. is also a supplier of automotive lamps and LED for vehicles. In addition, Co. maintains market activities in the field of electronic control gear (ECG) for lamps. Co.'s operations are organized along four business segments: Lamps & Components; Luminaires & Solutions; Specialty Lighting; and Opto Semiconductors.

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.

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Analysts
Expert Corporate Governance Service (ECGS)

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