In general, Tele2 is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting.
Under ITEM 11, the board of directors proposes to distribute a dividend of SEK 4.40 per share for the FY 2018. ECGS notes that the (proposed) dividend is not covered by EPS and/or FCF for the fifth time over the past 6 years. Although Tele2 currently has the capacity to pay the dividend proposed, multiple consecutive uncovered dividend payments could be unsustainable. ECGS therefore recommends to vote OPPOSE.
Under ITEMS 15a-15g, the (re-)election of the board of directors is proposed.
In view of insufficient independent representation on the board as well as concerns over aggregate time commitments, ECGS recommends to vote OPPOSE to the (re-)election of: Mr. Anders Björkman (ITEM 15b), Mr. Georgi Ganev (ITEM 15c), Ms. Cynthia Gordon (ITEM 15d), Ms. Eva Lindqvist (ITEM 15e) and Mr. Lars-Ake Norling (ITEM 15f).
Under ITEM 16, the nomination commiittee proposes to re-appoint Mr. Georgi Ganev as Chairman of the board of directors. ECGS has various concerns over his re-appointment and therefore recommends to vote OPPOSE.
Under ITEM 17, the nomination committee proposes to re-appoint Deloitte as the Company's statutory auditor. In light of the current term in office of the auditor, ECGS recommends to vote OPPOSE.
Under ITEM 18, the board of directors seeks approval of the Company's remuneration guidelines. Although it has no (major) concerns over the remuneration guidelines as such, ECGS does not approve of the supplementary Integration and Retention Incentive Plan in connection with the merger between Tele2 and Com Hem Holding AB. As a matter of principle, ECGS sees no rationale for such a(n) (extra) incentive plan and wonders why the integration targets cannot be part of the ordinary LT incentive plan. ECGS furthermore does not approve of the sign-on bonus granted to the Company's new CEO Mr. Anders Nilsson. In view of the above, ECGS recommends to vote OPPOSE.
Under ITEM 20, the board of directors seeks authorisation to repurchase own shares. Since ECGS does not agree with the proposed dividend (see above), it does not approve of an authorisation to repurchase own shares either. Accordingly, ECGS recommends to vote OPPOSE.
Finally, ITEMS 21a-21c are proposals made by a shareholder. ECGS recommends a vote in favour of ITEM 21a but does not support the other two proposals.
Tele2 is engaged as a telecom operator. Co. provides mobile communication services, fixed broadband and telephony, data network services and content services. The mobile service comprises various types of subscriptions for residential and business customers as well as prepaid cards. Fixed broadband includes direct access, which is its own services based on access via copper cable and other forms of access, such as fibre networks, wireless broadband and metropolitan area networks. Fixed telephony includes resold products within fixed telephony. The product portfolio within resold fixed telephony consists of prefix telephony, pre-selection (dial the number without a prefix) and subscriptions.
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A director at Tele2 Ab bought 5,000 shares at 125.000SEK and the significance rating of the trade was 71/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board mem...
Le renouvellement des mandats de Philippe Maubert, Christophe Maubert, Catherine Canovas, et Lionel Picolet sont soumis à l’approbation des actionnaires. Au regard du manque d’indépendance au conseil d’administration, Proxinvest s’opposera aux résolutions 5 à 8. La politique de rémunération pour 2019 présentée par la société dans le Rapport de Gouvernance d’entreprise est très insuffisante. L’absence de nombreuses informations ne permet pas à l’actionnaire d’estimer la rémunération attribuable aux dirigeants pour 2019. Ainsi, Proxinvest s’opposera à la résolution 9. Concernant la rémunératio...
GouvernanceLa société propose le renouvellement de 3 administrateurs et la nomination de 2 administrateurs indépendants. Parmi les renouvellements proposés figure celui de Julie Guerrand. Selon la politique de vote de Proxinvest, en cas de conseil ne comprenant pas une majorité de membres indépendants, Proxinvest soutient 1 représentant pour chacun des 3 principaux actionnaires. En l'occurrence, le représentant le plus légitime de H51, le premier actionnaire, est sa Présidente, Julie Guerrand. Nous soutenons donc son renouvellement, mais pas celui de M. Bauer. Concernant Mme Sénéquier, bien qu...
Le conseil n'est pas majoritairement composé de membres libres de conflits d'intérêts. Par conséquent, parmi les renouvellements proposés, seul le Président du conseil sera soutenu en raison de la séparation des fonctions avec la Direction Générale (résolutions 5 à 7). En ce qui concerne la rémunération 2018 du Directeur Général, l'absence de communication des taux de réalisation de chacun des critères financiers du bonus constitue un manque rédhibitoire pour Proxinvest. Par ailleurs, l'attribution d'actions gratuites est basée sur des critères non vérifiables et qui sont calculés sur une pér...
ITEM 10: Although the board does not comprise a majority of independent members, Julie Guerrand is the most legitimate representative of the main shareholder as she is its Chairman. Thus, we recommend approval. ITEMS 7 and 8: Axel Dumas’ additional remuneration is indexed to the Group’s revenue, but only in an upward direction. If the company underperforms, executive will not be impacted. This is not acceptable. Moreover, Emile Hermès SARL’s total remuneration reached €9.6 M in 2018, which widely exceeds the median CAC 40 executives and represents 458 times the French minimum wage (SMIC), wh...
The majority of the Board is not composed of independent members. Consequently, among the proposed renewals, only the Chairman of the Board will be supported due to the separation of functions with the Executive Management (resolutions 5 to 7). With regard to the 2018 remuneration of the CEO, the failure to communicate the achievement rates of each of the financial criteria related to the bonus constitutes a fundamental flaw for ECGS. In addition, the allocation of performance shares is based on criteria that cannot be verified and are calculated over a period of only two years, which is insu...
The Annual General Meeting will be held foreseeable on the second call on May 31st, 2019, at 12 p.m. The re-election of the Chairman is proposed in item 10. Mr. Antonio Brufau Niub has served on the Board since 1996 and has been Chairman for fifteen years. Prior to serving as Chairman, he served as CEO of the Company and Executive Chairman. There are concerns that his fixed fees of EUR 2.5 million per year imply that he continues to perform some executive functions. Furthermore, ECGS guidelines do not support the appointment of a former CEO as Chairman. This can undermine the Boardns supe...
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