In general, Atlas Copco is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting.
Under ITEM 10a, approval is sought for the (re-)election of the board of directors. In light of insufficient independent representation on the board of directors as well as concerns over the aggregate time commitments of no less than 4 directors, ECGS recommends to vote OPPOSE.
Under ITEM 10b, the nomination committee proposes to re-appoint Mr. Hans Straberg as the Chairman of the board of directors. ECGS has various concerns over his re-appointment and accordingly recommends to vote OPPOSE.
Under ITEM 11a, the nomination committee seeks approval of the remuneration of the board of directors. Although the proposed fees are conform to Swedish market practice, ECGS does not approve of the partial payment in synthetic shares. Hence, ECGS recommends to vote OPPOSE.
Under ITEM 12a, the board of directors seeks approval of the Company's remuneration guidelines. Even though ECGS has no (major) concerns over the proposed changes, it does not approve of LT incentive plans that do not operate one or more challenging performance conditions. ECGS therefore recommends to vote OPPOSE.
Under ITEM 12b, the board of directors seeks approval of a LT incentive plan. As already mentioned above, ECGS does not approve of LT incentive plans that do not operate one or more challenging performance conditions. Accordingly, ECGS recommends to vote OPPOSE.
Finally, in ECGS' view, ITEMS 13a-13d are enabling resolutions of the Company's LT incentive plan (see above). Since ECGS does not approve of the proposed LT incentive plan, it does not agree with resolutions to secure obligations under said plan either.
Accordingly, ECGS recommends to vote OPPOSE.
Atlas Copco provides industrial productivity products and services. Co.'s operations are divided into four business areas: Compressor Technique (provides compressors, vacuum solutions, gas and process compressors and expanders, air and gas treatment equipment and air management systems), Industrial Technique (provides power tools, assembly systems, quality assurance products, software and service through a global network), Mining and Rock Excavation Technique (provides equipment for drilling and rock excavation), and Construction Technique (provides construction and demolition tools, portable compressors, pumps and generators, lighting towers, and compaction and paving equipment).
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