In general, ASSA ABLOY is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting.
Under ITEM 11, the Nomination Committee seeks approval for the remuneration of the Board of Directors and statutory auditor. Although we have no concerns over the proposed non-executive fees, we do not approve of the current level of non-audit fees and therefore recommend opposition.
Under ITEM 12, the Nomination Committee proposes to (re-)elect the Board of Directors and statutory auditor. Even though we have no major concerns over the (re-)election of the Board of Directors, we do not agree with the current term in office of the statutory auditor. Hence, we recommend opposition.
Under ITEM 13, it is proposed to establish a(n) (external) nomination committee. Like several international institutional investors, ECGS has concerns over the bundled form under which the election of directors is put to shareholders vote in Sweden. We therefore have decided to take abovementioned concerns (if applicable) into account and express these at the resolution on the nomination committee, since in Sweden said committee is responsible for nominating candidates to the board of directors (either in bundled or unbundled form). As the election of the board of directors is proposed as a slate (bundled) at this year's AGM, we recommend opposition to the establishment of the nomination committee.
Finally, as we have various concerns with regard to ASSA ABLOY's executive compensation package in general and the proposed LT incentive plan in specific, we recommend opposition to ITEMS 14 and 16.
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