Essity - EGM 28 October 2020
ECGS notes 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.
In general, Essity is in compliance with the Swedish regulations relating to the organization and procedures of the Extraordinary General Meeting.
Under ITEM 6 the board of directors proposes to distribute an extraordinary dividend of SEK 6.25 per share. ECGS notes that the Company decided to refrain from dividend payments at the AGM 2020 in view of the Covid-19 pandemic. As such it is proposed to increase the aggregate dividend per share from SEK 5.75 to SEK 6.25 (+9%). The (proposed) dividend is covered by FCF as well as in accordance with the Company’s dividend policy. ECGS furthermore notes that Essity’s results have been (further) improved compared to last year (EPS Q2 2020: SEK 7.58 vs EPS Q2 2019: SEK 5.73) which indicates that the Company is little affected by the Covid-19 pandemic. In view of the above, ECGS recommends to vote FOR.
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