Carlsberg - AGM 15 March 2021
We note that as a result of the Covid-19 pandemic the AGM will be held as an electronic meeting only. Consequently, it will not be possible to attend the AGM in person.
Under ITEM 2 the supervisory board seeks approval of the Company's financial statements as well as discharge from liability. Although we have no concerns over the annual accounts, we do not approve of the discharge requested since there is no (legal) requirement for it in Denmark. Accordingly, we recommend to vote OPPOSE.
Under ITEM 4 approval of the Company's first remuneration report is sought. Even though Carlsberg's remuneration policy (potentially) allows for variable payments (corresponding to 400% of annual base salary, of which 100% is ST and 300% is LT) in excess of our guidelines, we note that the executive compensation in the year under review has been in line with our guidelines. Therefore, we recommend to vote FOR.
In view of insufficient independent representation on the supervisory board as well as other concerns, we normally would have recommended opposition to the (re-)election of Mr. Flemming Besenbacher (ITEM 6a), Mr. Carl Bache (ITEM 6c), Mr. Richard Burrows (ITEM 6f), Mr. Søren-Peter Fuchs Olesen (ITEM 6g), Ms. Majken Schultz (ITEM 6h) and Mr. Lars Stemmerik (ITEM 6i).
Finally, we note that the decisions of the AGM 2020 were taken without a written vote, and that consequently, the voting results are not disclosed. As a matter of principle, we believe that, as a minimum, the voting results cast in advance could be diclosed.
Carlsberg is engaged in the production and sale of beer and other beverages. Co.'s brewing operations are concentrated in Northern and Western Europe, Eastern Europe and Asia, while markets outside these regions are serviced through exports and production under license. Co.'s other beverages include soft drinks, water and cider. In addition to beverage activities, Co. is also engaged in real estate.
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