Epiroc – AGM 12 May 2020
In general, Epiroc is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting.
Under ITEM 10b the nomination committee proposes to re-appoint Mr. Ronnie Leten as Chairman of the board of directors. In view of concerns over his aggregate time commitments, ECGS recommends to vote OPPOSE.
Under ITEM 11a the nomination committee seeks approval of the compensation of the board of directors. Although the proposed fees are in accordance with Swedish market practice, ECGS does NOT approve of the partial payment in synthetic shares. Accordingly, ECGS recommends to vote OPPOSE.
Under ITEM 12a the board of directors seeks approval of the Company's executive remuneration guidelines. As the proposed remuneration structure is NOT in line with its guidelines, ECGS recommends to vote OPPOSE.
Under ITEM 12b the board of directors seeks approval of a LTI. In view of an insufficiently long performance period, ECGS recommends to vote OPPOSE.
Finally, ITEMS 13a-13d are enabling resolutions of the Company's LTI and/or facilitating the compensation of the board of directors in the form of synthetic shares (see also above). Since ECGS neither agrees with the (proposed) LTI nor approves of the (proposed) compensation of the board of directors, it does NOT agree with resolutions to secure obligations under said plans either. Accordingly, ECGS recommends to vote OPPOSE.
Epiroc AB is a Sweden-based provider of solutions for rock drilling and excavation, demolition and recycling, which offers a range of equipment, service offerings and related spare parts, as well as consumables. The Company's operations are divided into two segments: Equipment & Service that comprises equipment for mining and rock excavation, exploration and infrastructure, and Tools & Attachments, which offers tools that are attached to larger machines that are used for drilling, demolition, recycling, rock excavation, and service for tools within the segment. Applications for products include blasthole drilling for tunneling, road, railway and dam construction, construction work, ground engineering, as well as for infrastructure applications. Epiroc AB sales products and services in approximately 150 countries.
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