Report
Expert Corporate Governance Service (ECGS)
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VOESTALPINE, 03 July 2019

Item 4: We recommend to oppose the discharge of the Supervisory Board as we have concerns over the Management Board's remuneration system - both regarding transparency and content.

Items 6.1-6.8: We recommend to oppose the (re-)election of all candidates to the Supervisory Board due to independence concerns, concerns over aggregate time commitments and/or over insufficient information provided about the candidates.

Items 9 and 11: We recommend to oppose the creation of a new authorised and a new conditional capital as the potential dilution level may exceed our guidelines.

 

Underlying
voestalpine AG

voestalpine is engaged in the production, processing, and distribution of materials made of steel and in research and development in the areas of metallurgy, metal processing, and materials technology. Co.'s steel division focuses on the production and processing of flat steel products. Co.'s special steel division is involve in tool steel and high-speed steel. Co.'s metal engineering division is engaged in turnout technology, rails and treated wire, and tubes. Co.'s metal forming division is involve in tube products and precision strip steel as well as pre-finished system components. Co.'s other activities include heavy plate production, a foundry, and a number of downstream processes.

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
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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.

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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. 

Analysts
Expert Corporate Governance Service (ECGS)

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