Report
Expert Corporate Governance Service (ECGS)
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DSV Panalpina A/S - AGM 16 March 2020

In general, DSV Panalpina (formerly DSV, see below) is in compliance with the Danish regulations relating to the organisation and procedures of the Annual General Meeting.

Under ITEM 5.5 it is proposed to re-appoint Ms. Malou Aamund as Member of the board of directors. Although she is considered independent, ECGS has concerns over her aggregate time commitments. In view of these concerns, ECGS normally would have recommended opposition. However, considering that the proxy card does not permit this, it recommends abstention instead.

ECGS notes that DSV completed the acquisition of Panalpina Welttransport (Holding) AG, a Switzerland-based provider of supply chain solutions with its core services comprising air freight, ocean freight and logistics and manufacturing, in August 2019. The net consideration paid amounted to DKK 33.8 billion and has been made in equity instruments by offering 2.375 ordinary DSV shares for one Panalpina share. Following completion of the transaction, the legal name of the holding company was changed from DSV A/S to DSV Panalpina A/S.

Underlying
DSV Panalpina

DSV is engaged in the provision of transport and logistics solutions. As of Dec 31 2014, Co.'s operations comprised of three business areas. The DSV Air and Sea business provides air and sea freight services and designs project solutions. The DSV Road business provides road and rail transport services including full loads, part loads and groupage. The DSV Solutions business area specializes in contract logistics, which include logistic and warehousing solutions, as well as freight management, custom clearance, order management and e-commerce solutions.

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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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