Expert Corporate Governance Service (ECGS)
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Etude de l'AG du 26/04/2017

In general, Alfa Laval is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting.

Under ITEM 14, the Nomination Committee proposes the (re-)election of the Board of Directors and the statutory auditor. Although we have no concerns over the level of nonaudit fees, we deem the accumulation of shortcomings at the (re-)election of the Board of Directors (i.e. election procedure, level of independence and concerns over aggregate time commitments) too much to just ignore. Hence, we recommend opposition.

Under ITEM 15, the Board of Directors seeks approval for the Company's remuneration guidelines. As we have various concerns over the Company's executive remuneration package in general and the proposed guidelines in specific, we recommend opposition. There are no further peculiarities.

Alfa Plam a.d. , Vranje


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