E.ON – AGM 28 May 2020
General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by (electronic) postal vote or by granting authority to the proxies designated by the Company.
General: Supervisory Board member Ulrich Grillo is a member of the Presidency of DSW, the local partner of ECGS. This report has been prepared using standard ECGS guidelines.
Item 2: We recommend to oppose the Company's dividend proposal as the dividend over the past five years has not been covered by either earnings and/or free cash flow.
Item 6a and 6b: We recommend to oppose the appointments of Ulrich Grillo and Dr. Rolf Martin Schmitz to the Supervisory Board due to our concerns over their aggregate time commitments.
Items 9 and 10: The Company proposes a repurchase programme, directly (item 9) and through derivatives (item 10). Although the proposals in principle meet ECGS' guidelines we take into account that the potential impact of the Covid-19 induced crisis is not yet known. Therefore, we consider that it is not appropriate to seek approval for a new buyback programme, especially as the current programm is still valid until 9 May 2022. Therefore, we recommend to OPPOSE.
E.ON is an investor-owned energy company. The Generation global unit consists of all Co.'s existing (fossil and nuclear) generation assets in Europe. The Renewables unit is engaged in managing Co.'s carbonsourcing and renewables businesses. The Global Commodities unit buys and sells electricity, natural gas, liquefied natural gas, oil, coal, freight, biomass, and carbon allowances. The Exploration & Production unit is a active in the focus regions of the North Sea (U.K., Norway), Russia and North Africa. The New Build & Technology unit include Co.'s project-management and engineering operations to support the construction of new power plants and the operation of existing plants.
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