Etude de l'AG du 26/04/2017
Items 4a and 4b: The Supervisory Board once again did not put forth a vote on the Management Board's remuneration system at this year's AGM. As disclosure on executive remuneration is still far below local market practice (no individual disclosure provided) we uphold our recommendation to oppose the discharge of the Supervisory Board.
Item 5: We recommend to oppose the election of Mr. William Edward Ford to the Company's Supervisory Board until the AGM 2019 due to concerns over the insufficient independent representation on the Board.
Item 6: Ernst & Young, Stuttgart, is proposed as auditor for the current financial year. Ratio of non-audit/audit fees was 66.67% during the year under review and 112.12% over a three-year aggregate period which exceeds our guidelines. We therefore recommend opposing the proposal.
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