In general, Vestas is in compliance with the Danish regulations relating to the organisation and procedures of the Annual General Meeting.
Under ITEMS 4.2a-4.2i, the (re-)election of the board of directors is proposed. ECGS has concerns over the aggregate time commitments of Mr. Bert Nordberg (ITEM 4.2a) and Mr. Henrik Andersen (ITEM 4.2d). Therefore, ECGS normally would have
recommended opposition. However, considering that the proxy card does not permit this, it recommends abstention instead.
Under ITEM 6, the board of directors proposes to re-appoint PricewaterhouseCoopers as the Company
Vestas Wind Systems is an industrial machinery and equipment manufacturing company based in Denmark. Co. is engaged in the production of wind turbines. Co.'s main activities comprise development, manufacture, sale, marketing and maintenance of installations that use wind energy to generate electricity. Co. supplies products, from individual turbines to the delivery of turnkey wind power installations globally. Co. supplies guidance services to its customers in connection with the development, financing and ownership of wind turbine projects. Co.'s main customers are utilities and energy companies.
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In general, Vestas is in compliance with the Danish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 4.2a, it is proposed to re-appoint Mr. Bert Nordberg as Chairman of the board of directors. Although he is considered independent, ECGS notes that Mr. Nordberg is currently chairing the Company's nomination- and remuneration committee, which is not in accordance with its guidelines. ECGS furthermore notes a lack of female representation (25%) on the board and based on its guidelines the re-election of the chairman of the nomination committee is ...
In general, Essity is in compliance with the Swedish regulations relating to the organisation and procedures of the AGM. Under ITEMS 12.1-12.9, 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: Mr. Pär Boman (ITEM 12.2) and Ms. Annemarie Gardshol (ITEM 12.4). Under ITEM 13, the nomination committee proposes to re-appoint Mr. Pär Boman as Chairman of the board of directors. As already mentioned above, ECGS has various concerns over his re-appointment and therefore does not suppo...
In general, Elisa Corporation ("Elisa") is in compliance with the Finnish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 13, approval is sought for the remuneration of the auditor. As non-audit fees paid are greater than 50% of the audit fee on a three-year aggregate basis, ECGS recommends to vote OPPPOSE. Under ITEM 14, the board of directors proposes to re-appoint KPMG as the Company's statutory auditor. ECGS notes that the current auditor has been in office for 15 years and there is no disclosure to suggest that the current mandate has be...
In general, Hexagon is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 12, approval is sought for the (re-)election of the board of directors and the statutory auditor. Since ECGS does not approve of the (proposed) composition of the board of directors as well as the current term in office of the statutory auditor it recommends to vote OPPOSE. Under ITEM 13, it is proposed to establish a(n) (external) nomination committee. Like several institutional investors, ECGS has concerns over the bundled form under which...
In general, Husqvarna is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 10, the nomination committee proposes to increase the remuneration of the board of directors by around 6%. 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 Husqvarna 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 11a(1)-11a(8), th...
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