Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio.
Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes :
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Svenska Handelsbanken is a commercial bank for both private and corporate customers. Co. has six home markets: Sweden, the U.K., Denmark, Finland, Norway and the Netherlands. Co. has four business areas: Handelsbanken Capital Markets, which includes operations for investment banking, asset management, and also pensions and insurance; Stadshypotek, a mortgage provider; Forestry and Farming, which provides financial advice to forest owners and farmers; and Handelsbanken Direkt, which is engaged in business and product development of standardised banking services for the private and corporate market. At Dec 31 2013, Co. had total assets of SEK 2.49 trillion and deposits of SEK 825.21 billion.
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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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.
In general, Svenska Handelsbanken ("Handelsbanken") is in compliance with the Swedish regulations relating to the organisation and procedures of the AGM. Under ITEM 16, the nomination committee proposes to increase the remuneration of the board of directors by around 3%. In ECGS' view the current fees are already at the upper level of Swedish market practice for a company with the size and complexity of Handelsbanken and it therefore does not approve of any increases without adequate justification. Since the proposal is not adequately justified, ECGS recommends to vote OPPOSE. Under ITEMS 17...
Handelsbanken reported operating profit of SEK 22 billion, up 3% from last year if one adjusts for non-recurring items, as income outpaced higher expenses in 2018. Income generation was healthy with both net interest income and net fee and commission income growing 5% year over year supported by 7% loan growth and an uptick of 11% in fund management and asset custody fees. Net credit losses came in lower than our expectations at 4 basis points, however, we do not think that such low levels are sustainable through the cycle. We expect a very good, albeit higher than in 2018, credit loss ratio o...
In general, Volvo is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEMS 14.1-14.10, the (re-)election of the board of directors is proposed.In light of concerns over aggregate time commitments, ECGS recommends to vote OPPOSE to the (re-)election of: Ms. Martina Merz (ITEM 14.7). Under ITEM 18, the board of directors seeks approval of the Company's executive remuneration guidelines. Although no (material) changes are proposed, ECGS is missing an actual LT component (with a performance measurement period of at least...
In item 5.1, the Board proposes to reduce the number of members from 18 to 16, by not fulfilling the vacancies created by the end of the mandate of 2 independent Directors. We strongly regret that the Board size is achieved through a lower independent representation. As we have concerns over the lack of independence (44%) and the excessive representation of major shareholders (50% of Directors with 40.6% of the share capital through a shareholders' agreement) on the Board, we recommend opposition. Due to our concerns over the composition of the Board, we also recommend that shareholders oppos...
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