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Solvay is engaged in chemical and plastic businesses worldwide. Co. offers chemical products such as advanced materials, barium strontium, calcium chloride, caustic soda, chlorinated products, fluor, peroxygen products, polyglycerols, precipitated calcium carbonate, soda ash, and sodium bicarbonate. It also provides specialty polymers, such as Spire ultra polymers, Solviva biomaterials, and sulfone polymers. Co. structures its activities around five operating segments: Advanced Formulations, Advanced Materials, Performance Chemicals, Functional Polymers and Corporate & Business Services, each with its own specific business model and each comprised of Global Business Units (GBUs).
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Ackermans & van Haaren: Sale of HPA leads to capital gain of €105m. AMG, Solvay: Limited impact from 737 MAX issues. Econocom: Final results confirm management intention to refocus, increase FCF. GBL: Decrease in NAV but growing dividends and guidance reiterated. Nyrstar: ‘Capital review will lead to very substantial dilution'. Wessanen: PAI in the sky
No-moat Solvay reported fourth-quarter results that were in line with consensus but slightly ahead of our expectations due to strong performance in advanced materials. Fourth-quarter EBITDA increased 2.5% over 2017 while full-year EBITDA growth was flat. However, 2018 guidance was based on organic growth. On this measure, 2018 EBITDA growth was 5.3%, in line with guidance of 5%-7%. Guidance for 2019 is relatively vague compared with last year. This is probably the reason behind the roughly 5% decline in the share price at time of writing Feb. 27. The company is calling for EBITDA to grow modes...
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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