Report
Expert Corporate Governance Service (ECGS)
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ASML – AGM 22 April 2020

In general, ASML is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting.

 

Under ITEM 3a an advisory vote on the Company's executive remuneration report is requested. ECGS notes that the total variable salary granted in the year under review, corresponding to 394% of annual base salary, exceeds the maximum threshold under its guidelines. Accordingly, ECGS recommends to vote OPPOSE.

 

Under ITEM 5 it is proposed to designate the executive board as the body authorised to issue ordinary shares in connection with the LTI of the executive board. ECGS notes that the maximum grant under the LTI, corresponding to 220% of annual base salary, exceeds the threshold under its guidelines. ECGS therefore recommends to vote OPPOSE.

 

Finally, under ITEM 6, approval is sought of the Company's executive remuneration policy. Although ECGS has no concerns over the proposed amendments to the Company's executive remuneration policy, it does NOT approve of the maximum variable remuneration, corresponding to 340% of annual base salary (120% ST and 220% LT). Accordingly, ECGS recommends to vote OPPOSE.

Underlying
ASML Holding NV

ASML Holding provides lithography systems for the semiconductor industry, manufacturing machines that are used in the production of integrated circuits or chips. Co. develops, produces, markets, sells and services advanced semiconductor equipment systems exclusively consisting of lithography systems. Co. sells its products to micro-processor manufacturers and Foundries, NAND-Flash memory and DRAM memory chipmakers. Co.'s products line includes the following: PAS 5000 lithography systems, which Co. no longer manufactures but continues to refurbish; PAS 5500 products; TWINSCAN DUV systems and TWINSCAN EUV systems based on a new platform utilizing the concepts of the TWINSCAN platform.

Provider
Proxinvest
Proxinvest

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Expert Corporate Governance Service (ECGS)

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