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Expert Corporate Governance Service (ECGS)

Henkel April 08th, 2019

General: Supervisory Board member Prof. Dr. Theo Siegert is a member of the Adivsory Committee of DSW, the local partner of ECGS. This report has been prepared using standard ECGS guidelines. Item 1: Unlike at German stock corporations, shareholders of a KGaA are legally required to vote on the annual accounts. Item 5: In financial year 2018, the Supervisory Board of Henkel Management AG, in line with recommendations of the Shareholders' Committee's Human Resources Subcommittee, decided to adopt various changes to the Management Board members' remuneration system, applicable as of financial ...

Expert Corporate Governance Service (ECGS)

Neste April 02nd, 2019

In general, Neste is in compliance with the Finnish regulations relating to the organisation and procedures of the Annual General Meeting.ECGS recommends to vote in favour of all proposals. There are no further peculiarities.

Expert Corporate Governance Service (ECGS)

Clariant April 01st, 2019

ITEM 5.1.1 - Re-elect Mr. Abdullah bin Mohammed Alissa. He holds an excessive number of mandates. He is a representative of a significant shareholder who is sufficiently represented on the board. Ethos recommends to OPPOSE. ITEM 5.1.4 - Re-elect Mr. Calum MacLean. He holds an excessive number of mandates.  He is a representative of a significant shareholder who is sufficiently represented on the board. Ethos recommends to OPPOSE. ITEM 5.3.1 - Re-elect Mr. Abdullah bin Mohammed Alissa to the remuneration committee. As Ethos did not support the election of Mr. bin Mohammed Alissa to the board ...

Expert Corporate Governance Service (ECGS)

Zurich Insurance Group April 03rd, 2019

ITEM 1.2 - Advisory vote on the remuneration report. The transparency of the remuneration report is insufficient. The remuneration report is not in line with Ethos' guidelines. Ethos recommends to OPPOSE. ITEM 4.1.4 - Re-elect Ms. Dame Alison J. Carnwath. She holds an excessive number of mandates. Ethos recommends to OPPOSE. ITEM 5.2 - Binding prospective vote on the total remuneration of the executive management. The information provided is insufficient. The remuneration structure is not in line with Ethos' guidelines. Ethos recommends to OPPOSE.

Expert Corporate Governance Service (ECGS)

Gjensidige Forsikring, Mars 28, 2019

In general, Gjensidige Forsikring ("Gjensidige") is in compliance with the Norwegian regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 11a (1), it is proposed to re-appoint Ms. Gisele Marchand as Chairman of the board of directors. Although Ms. Marchand is considered independent, ECGS has concerns over her aggregate time commitments. Ms. Marchand is currently serving as board Chairman of Gjensidige Forsikring ASA and Selvaag Bolig ASA (both listed) and non-executive director of Scatec Solar ASA (listed) and Norgesgruppen ASA (substantial non-lis...

Expert Corporate Governance Service (ECGS)

Vestas Wind Systems April 03rd, 2019

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 ...

Expert Corporate Governance Service (ECGS)

Geberit April 03rd, 2019

ITEM 6 - Re-elect PricewaterhouseCoopers as auditors. The audit firm has been in office for 22 years, which exceeds Ethos' guidelines. Ethos recommends to OPPOSE.

Expert Corporate Governance Service (ECGS)

UPM Kymmene, April 04th 2019

In general, UPM Kymmene ("UPM") is in compliance with the Finnish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 14, the audit commitee proposes to re-appoint PricewaterhouseCoopers as the Company's statutory auditor. ECGS notes that the current auditor has been in office for 23 years, which exceeds its guidelines. In line with EU regulation, ECGS recommends a term of maximum 20 years (10 + 10 years, if a tender is undertaken). In view of the above, ECGS recommends to vote OPPOSE. Under ITEM 15, the board of directors seeks authority to issu...

Expert Corporate Governance Service (ECGS)

Lundin Petroleum, March 29, 2019

In general, Lundin Petroleum is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEMS 15a-15i, the (re-)election of the board of directors is proposed.In light of insufficient independent representation on the board of directors as well as concerns over aggregate time commitments, ECGS recommends to vote OPPOSE to the (re-)election of: Mr. C. Ashley Heppenstall (ITEM 15b), Mr. Ian H. Lundin (ITEM 15c), Mr. Lukas H. Lundin (ITEM 15d), Mr. Torstein Sanness (ITEM 15f) and Mr. Jakob Thomasen (ITEM 15h). Under ITEM 15j, t...

Expert Corporate Governance Service (ECGS)

Snam, April 02nd, 2019

In item 8, the AGM is called to appoint the Board of Directors on slates of nominees  submitted by shareholders holding, even jointly, at least 1.0% of Snam's share capital.  Two slates of nominees have been submitted, by CDP Reti (30.4%) and a group of institutional investors (2.1%). One of the institutional investors that submitted the slate of nominees is Generali  Investments, which is a client of ECGS partners Proxinvest and Frontis Governance. It is important to note that these partners do not provide consulting services to Generali.  Voting advice is provided primarily as a source of i...

Jehanne Leroy

GEA, 27 Mars 2019

La documentation relative aux conventions réglementées n’a pas été disponible dans les délais légaux, la société ayant publié le document contenant le rapport spécial des commissaires aux comptes sur les conventions réglementées 20 jours avant la date de l’assemblée générale. Par ailleurs, on notera que la société propose un renouvellement en bloc de ses admnistrateurs, pratique inacceptable ayant disparu conformément à la recommandation 13.2 du Code AFEP-MEDEF. La société justifie cette dérogation au code par une nécessité d'assurer la stabilité de ses organes de contrôle dans le temps et le...

Jehanne Leroy

SES, April 04th 2019

ITEM 9: the company still refuses to disclose the individual remuneration amounts of its executives while it complies with some governance rules for companies listed in Paris (where the majority of its Fiduciary Deposit Receipts, "FDR", are traded). It is not understandable that a company, aware of the French practices and applying some of them, deliberately chooses to ignore some of the basic fair governance and fair disclosure principles.  However, we note that the Shareholders Rights Directive II ("SRD II") must be transposed by June 2019. SRD II states "Member States shall ensure that the...

Jehanne Leroy

SES, 4 Avril 2019

Comme depuis plusieurs années, Proxinvest critique le fait que la société continue à ne pas communiquer les montants individuels de rémunération attribués à ses dirigeants, alors même qu'elle indique se conformer à certaines pratiques de la place de Paris, puisque c'est là que la majorité de ses FDR (Fiduciary Deposit Receipts - certificats de dépôts fiduciaires) sont cotés. Ce manquement est sanctionné dans la résolution 9. Notons toutefois que la Directive Droit des Actionnaires II ("SRD II) doit être transposée au plus tard en juin 2019. Or, SRD II a formellement introduit à l’échelle euro...

Jehanne Leroy

Carmat, 28 mars 2019

Contrairement à l'année dernière, la société a, cette année, publié son rapport de gestion (contenu dans le document de référence) dans les délais légaux (15 jours préalablement à l'assemblée (contre 21 jours pour les sociétés du marché réglementé)), ce dont nous la félicitons. GOUVERNANCE : Jean-Pierre Garnier a été nommé Président du conseil le 3 décembre 2018, en remplacement de Jean-Paul Cadudal, démissionnaire. La ratification de sa cooptation est proposée en résolution 5. M. Garnier bénéficie d'un contrat de travail avec la société, il n'est donc pas considéré comme indépendant, ce qui ...

Jehanne Leroy

Carmat, 28 Mars 2019

Contrairement à l'année dernière, la société a, cette année, publié son rapport de gestion (contenu dans le document de référence) dans les délais légaux (15 jours préalablement à l'assemblée (contre 21 jours pour les sociétés du marché réglementé)), ce dont nous la félicitons. GOUVERNANCE : Jean-Pierre Garnier a été nommé Président du conseil le 3 décembre 2018, en remplacement de Jean-Paul Cadudal, démissionnaire. La ratification de sa cooptation est proposée en résolution 5. M. Garnier bénéficie d'un contrat de travail avec la société, il n'est donc pas considéré comme indépendant, ce qui ...

Expert Corporate Governance Service (ECGS)

Swisscom, April, 2nd, 2019

Ethos has no concerns over the proposed agenda items. In particular, the amounts of remuneration requested for the board and the executive management are considered as adequate and all directors can be re-elected. Ethos recommends to vote FOR all agenda items.

Expert Corporate Governance Service (ECGS)

Skanska, March 28, 2019

In general, Skanska is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 13, the nomination committee proposes to increase the remuneration of the board of directors by approximately 3.0%. 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 Skanska 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 14a-14g, th...

Expert Corporate Governance Service (ECGS)

SwedBank, March 28, 2019

In general, Swedbank is in compliance with the Swedish regulations relating to the organisation and procedures of the AGM. Under ITEM 10, discharge of the board of directors & CEO is sought. ECGS notes that Swedbank appears to have become increasingly involved in the same money laundering scandal that hit Danish competitor Danske Bank A/S, following an episode of a Swedish investigative television programme. In connection with said programme, Sweden's Financial Supervisory Authority launched an investigation into the Company together with the equivalent authority in Estonia, since many of the...

Expert Corporate Governance Service (ECGS)

AP Moeller Maersk, April 2nd 2019

In general, A.P. Møller - Mærsk (APMM) is in compliance with the Danish regulations relating to organisation and procedures of the Annual General Meeting. Under ITEM C, although not legally required in Denmark, the board of directors and the executive management seek discharge. Under its guidelines, ECGS no longer approves discharge of the board of directors and/or executive management if there is no legal requirement for it. Since there is no such requirement in Denmark, ECGS recommends to OPPOSE. Under ITEM E, the board of directors seeks authorisation to repurchase own shares. As the magn...

Expert Corporate Governance Service (ECGS)

ENCE, March 28, 2019

We have concerns over the insufficient independent representation on the Board (36% according to the Company and our guidelines). Therefore, we recommend that shareholders oppose the reappointment of the non-executive non-independent Directors Mr. Fernando Abril-Martorell Hernández (item 5.B), who is the Chairman-CEO of Ence's business partner Indra, and Mr. José Guillermo Zubía Guinea (item 5.C), who has been on the Board for more than 12 years. In item 7, the Board proposes to approve a new long-term incentive plan for the 2019-2023 period. The incentive will be paid 30% in cash and 70% in ...

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