Colruyt - AGM 30 September 2020
In general, Colruyt is compliant with the Belgian regulations relating to the organisation and procedures of the Annual General Meeting.
Under ITEM 1, approval is sought for the report of the board of directors. Although the notice for the AGM was published in time, ECGS has concerns over (executive) remuneration and corporate governance at Colruyt. In view of the above, ECGS therefore recommends to vote OPPOSE to the report of the board of directors, since both remuneration and corporate governance are the two main elements of said report.
Under ITEM 2, the board of directors seeks approval of the Company's remuneration report. In view of insufficient disclosure and various other concerns regarding the executive compensation package, ECGS recommends to vote OPPOSE.
Under ITEM 6, although we appreciate the company's effort to change the permanent representative of the investment company of the Colruyt family, given the lack of independent board representation (only 3 out of 8 members are considered independent) and the domination of the Colruyt family in the Board of Directors (4 out of 8 members), we recommend to OPPOSE the reappointment of Korys NV as member of the Board of Directors.
Etablissements FR Colruyt is engaged in wholesale, food service, distribution of fuels, production of electricity and digital printing. Co. has three operating segments: retail, which relates to stores under Co.'s own management which directly sell to retail customers and bulk consumers; wholesale and foodservice, which supplies to wholesalers, commercial customers and affiliated independent merchants; and other activities, which operates gas stations, engaged in printing and document management and provides alternative energy.
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