Report
Expert Corporate Governance Service (ECGS)
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Unilever NV, 26 June 2019

Shareholders should note that this is an EGM of depository receipt holders of Stichting Administratiekantoor Unilever N.V. ("the Trust Office").

Under ITEM 2, The board of directors of the Trust Office seeks approval to terminate the current depositary receipt (DR) structure. As a matter of principle, ECGS strongly supports the "one-share, one-vote" principle upholding the democratic notion that shareholder rights and voting power should be proportional to ownership risk.

ECGS furthermore notes that holders of Bearer Certificates may exchange their Bearer Certificates for ordinary shares free of charge (i.e. the proposal has no negative side effects for certificate holders).In ECGS’ view, the proposal improves the principle of "one-share, one-vote" and additionally makes it easier for shareholders to vote at the AGM. Accordingly, ECGS recommends to vote FOR.

Underlying
Unilever N.V. CVA

Unilever is engaged in the supply of consumer goods in foods, household care and personal products. Co.'s activities are carried out through four categories: Personal Care, sales of skin care and hair care products, deodorants and oral care products; Home Care, sales of home care products, such as powders, liquids and capsules, soap bars and a range of cleaning products; Foods, sales of soups, bouillons, sauces, snacks, mayonnaise, salad dressings, margarines and spreads; and Refreshment, sales of ice cream and tea-based beverages. Co.'s products are sold in over 190 countries around the world.

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. 

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Expert Corporate Governance Service (ECGS)

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