Coca-Cola European Partners – AGM 27 May 2020
Item 5: Elect Mr. Thomas H. Johnson
Mr. Thomas H. Johnson is Chair of the Nomination committee and ECGS has serious concerns about the composition of the Board. We strongly disagree with the independence of Mr. Watts and Mr. Johnson, Non-Executive Directors of Coca-Cola Enterprises Inc. The merger is not a reason to zero the term length. Mr. Thomas H. Johnson is Senior Independent Director but he does not comply with the independence criteria set by the UK Corporate Governance Code and our guidelines. The size of the Board is dramatically excessive, particularly for the UK market. ECGS considers that the Board should not be so large as to be unwieldy. Based on the independence criteria set by the UK Code, the board is not in majority independent. Not all directors stand for annual re-election, which does not comply with the UK Code.
The composition of the audit and remuneration committees does not respect the recommendation of the UK Code which states that these committees should comprise of at least three non-executive directors, all whom are considered to be independent.
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.
Proxinvest main services are :
- Proxy reports
- Definition and monitoring of client customized voting guidelines
- Corporate Governance Data and Rating
- Thematic research
- Engagement support
Proxinvest has been a pioneer and champion of good corporate governance and has grown into a recognised expert in the field.
Proxinvest is independently-owned and only works for investors : Proxinvest does not provide consulting services to the companies it covers, mitigating related risks to its clients and ensuring the independence of our analysis. As a result Proxinvest is able to take a robust, independent, engaged and unconflicted view of the companies in which our clients invest.
As Managing Partner of Expert Corprate Governance Service Ltd (ECGS), Proxinvest has built a large network of corporate governance experts to support clients in corporate governance analysis worldwide.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.