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Expert Corporate Governance Service (ECGS)
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SAP - AGM 15 May 2019

Item 5: We recommend opposing the re-election of KPMG as auditor. While we have no concerns over the ratio of non-audit/audit fees we note that KPMG has audited the Company since the financial year 2002 which exceeds our maximum acceptable term of office of 10 years in case no audit tender has taken place after the initial engagement period which has not been disclosed by the Company. 

Items 6a, 6b, 6e, 6f and 6g: We recommend to oppose the re-election of various Board members due to concerns over aggregate time commitments or independence concerns.

Underlying
SAP AG

SAP is engaged in selling licenses for software solutions and related support services. Co. derives its revenue from fees charged to its customers for the use of its cloud solutions and for licensing of on-premise software products and solutions. Additional sources of revenue are support, professional services, development, training, and other services. Co. has more than 300,000 customers in over 180 countries. Co.'s SAP HANA platform holds the ability to simplify both the user experience and the overall IT landscape, creating a smaller data footprint, increased system throughput, and easier data processing and operation.

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
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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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