Essity - AGM 25 March 2021
We note that as a result of the Covid-19 pandemic the AGM will be held as an electronic meeting only. Consequently, it will not be possible to attend the AGM in person.
Under ITEMS 11a-11i the nomination committee proposes the (re-)election of the board of directors. In view of concerns over aggregate time commitments we recommend to vote OPPOSE to the (re-)election of Mr. Pär Boman (ITEM 11b) and Ms. Annemarie Gardshol (ITEM 11c).
Under ITEM 12 the nomination committee proposes to re-appoint Mr. Pär Boman as Chairman of the board of directors. In view of concerns over his aggregate time commitments, we recommend to vote OPPOSE.
Under ITEM 15 approval of the Company's first remuneration report is sought. In our view, the Company’s executive compensation in the year under review has been fair.The annual base salary is in line with Swedish market practice. The outcome of the STI appears to be reasonably in line with the somewhat mixed company performance. Total variable remuneration was mainly ST oriented in 2020 since the CEO was not conditionally granted any LTI awards and we strongly welcome the inclusion of ESG targets under the STI. Accordingly, we recommend to vote FOR.
Finally, we note that, unlike best practice, the voting results of the AGM 2020 are not disclosed. We urge the Company to do so next year.
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