Electrolux - AGM 31 March 2020
In general, Electrolux is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting.
Under ITEMS 13a-13i, the (re-)election of the board of directors is proposed.
In view of concerns over aggregate time commitments, ECGS recommends to vote OPPOSE to the (re-)election of: Mr. Henrik Henriksson (ITEM 13h).
Under ITEM 15 the board of directors seeks approval of the Company's remuneration guidelines. As the proposed remuneration structure is NOT in line with its guidelines, ECGS recommends to vote OPPOSE.
Under ITEM 16 the board of directors seeks approval of a LT incentive plan. In view of an insufficiently long performance period of the large majority of performance conditions attached (80%), ECGS recommends to vote OPPOSE.
Finally, ECGS notes that an EGM was held in February 2020 that resolved to distribute all shares in the wholly-owned subsidiary Electrolux Professional to the shareholders of Electrolux. The intention is to list Electrolux Professional on Nasdaq Stockholm on March 23, 2020.
AB Electrolux sells home appliance for households and businesses, with products such as refrigerators, dishwashers, washing machines, cookers, vacuum cleaners, air conditioners and small domestic appliances under brands such as Electrolux, AEG, Zanussi, Frigidaire and Electrolux Grand Cuisine. Co. has six segments: Major Appliances Europe, Middle East and Africa; Major Appliances North America; Major Appliances Latin America; Major Appliances Asia/Pacific; and Small Appliances, which comprise the products for consumer durables market; and Professional products. Co.'s professional products include food-service equipment for hotels, restaurants and institutions, as well as laundry equipment.
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