Report
Expert Corporate Governance Service (ECGS)
EUR 1000.00 For Business Accounts Only

BMW – AGM 14 May 2020

General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by postal vote (electronically or in writing) or by granting authority to the proxies designated by the Company.

 

Item 2: We recommend to oppose the dividend proposal. The dividend is not covered by free cash flow for a fourth consencutive year. We therefore consider a dividend payment inappropriate at this time, especially taking into account possible liquidity risks arising from the recent COVID-19 pandemic.

 

Item 6.1: We recommend to oppose the re-election of Dr. Norbert Reithofer to the Supervisory Board due to our concerns over the insufficient independent representation on the Board.

 

Item 7: We recommend to oppose the proposed conversion of the remuneration of the Supervisory Board to a purely fixed remuneration. Even though the remuneration level has been slightly decreased for certain positions within the Supervisory Board, we are taking into account the still very high remuneration level that significantly exceeds market practice. We therefore do not consider the proposal as acceptable.

Underlying
Bayerische Motoren Werke AG

Bayerische Motoren Werke is a holding company, engaged in the development, manufacture and sale of cars and motorcycles. Co. owns three brands: BMW, MINI and Rolls-Royce. Co.'s BMW automobile range encompasses the 1 Series, including coupe and convertible models; the 3 Series, including sedan, touring, coupe and convertible models; the 5 Series, including sedan and touring models; the 6 Series, including coupe or convertible; the 7 Series large sedan; the Z4 roadster and coupe; the sports utility vehicles, X3, X5 and X6 and M models. Co. also provides cars under the MINI brand and motorcycles under the BMW brand. The Rolls-Royce brand provides three cars, Phantom, Coupe and Ghost.

Provider
Proxinvest
Proxinvest

Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.

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Analysts
Expert Corporate Governance Service (ECGS)

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