Report
Expert Corporate Governance Service (ECGS)
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Proxy Report - 08/03/2018

In 2017, the Company (formerly DONG Energy) changed its name to Orsted. The name is a tribute to the Danish scientist H.C. Orsted, who (among other things) discovered electromagnetism.
In general, Orsted is in compliance with the Danish regulations relating to the organisation and procedures of the Annual General Meeting.
Under ITEM 3, although not legally required in Denmark, the board of directors and the executive management seek discharge. Under its guidelines, ECGS no longer approves discharge of the board of directors and/or executive management if there is no legal requirement for it. Since there is no such requirement in Denmark, ECGS recommends to OPPOSE.
Under ITEMS 7.2-7.9, the (re-)election of the board of directors is proposed. 
ECGS has concerns over the aggregate time commitments of Ms. Lene Skole (ITEM 7.3). Therefore, ECGS normally would have recommended opposition. However, considering that the proxy card does not permit this, it recommends abstention instead.
Finally, under ITEM 9, the board of directors proposes to re-appoint PricewaterhouseCoopers as the Company’s statutory auditor. In light of the substantial amount of non-audit fees, ECGS normally would have recommended opposition. However, considering that the proxy card does not permit this, it recommends abstention instead.
In September 2017, the Company divested its Oil & Gas business to UK-based INEOS plc, which completed Orsted's transformation from a Danish utility company based on coal, oil and gas to an international energy company based on green energy. The Company furthermore decided to phase out the use of coal by 2023.

Underlying
Orsted

Orsted is a renewable energy company based in Denmark. Co. is engaged in developing a renewables portfolio based on competences in offshore wind, bioenergy, and energy solutions. Co. is active in deploying offshore wind and converting existing coal- and gas-fired power stations to sustainable biomass, providing a heat and power supply which is both green and flexible. Co. divides its operations into four businesses: Wind Power, Bioenergy & Thermal Power, and Distribution & Customer Solutions. The Bioenergy & Thermal Power and Distribution & Customer Solutions businesses jointly constitute Co.'s Danish utility business. Co. maintains activities primarily in Northwestern Europe.

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)

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