Report
Expert Corporate Governance Service (ECGS)
EUR 1000.00 For Business Accounts Only

Fortum – AGM 23 April 2020

In general, Fortum is in compliance with the Finnish regulations relating to the organisation and procedures of the Annual General Meeting.

Under ITEM 15 approval of the remuneration of the external auditor is sought. In view of the substantial amount of non-audit fees, ECGS recommends to vote OPPOSE.

Under ITEM 16 the audit committee proposes to re-appoint Deloitte as the Company's external auditor. Based on the current term in office of the auditor, ECGS recommends to vote OPPOSE.

 Finally, under ITEM 20 shareholder WWF Finland (shareholding undisclosed) proposes that the Paris Agreement 1.5-degree Celsius target will be anchored in the Company's Articles of Association by adding a new article. Although ECGS does not approve of the magnitude of this proposal, it is clearly intended to combat climate change. ECGS therefore recommends to vote FOR.

Underlying
Fortum Oyj

Fortum is an energy company. Co.'s operations are organised in five divisions: Hydro Power and Technology and Nuclear and Thermal Power, which are engaged in its hydro, nuclear and thermal power generation, services, portfolio management and trading as well as technology and research and development functions; Heat, Electricity Sales and Solutions, which consists of Co.'s combined heat and power production, district heating and business-to-business heating solutions, solar business, electricity sales and related customer offering; Russia, which consists of power and heat generation as well as heat distribution in Russia; and Distribution, which focuses on distribution activities in Sweden.

Provider
Proxinvest
Proxinvest

Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.

Proxinvest main services are :

  • ​Proxy reports
  • Definition and monitoring of client customized voting guidelines
  • Corporate Governance Data and Rating
  • Thematic research
  • Engagement support

Proxinvest has been a pioneer and champion of good corporate governance and has grown into a recognised expert in the field.

Proxinvest is independently-owned and only works for investors : Proxinvest does not provide consulting services to the companies it covers, mitigating related risks to its clients and ensuring the independence of our analysis. As a result Proxinvest is able to take a robust, independent, engaged and unconflicted view of the companies in which our clients invest.

As Managing Partner of Expert Corprate Governance Service Ltd (ECGS), Proxinvest has built a large network of corporate governance experts to support clients in corporate governance analysis worldwide. 

Analysts
Expert Corporate Governance Service (ECGS)

Other Reports on these Companies
Other Reports from Proxinvest

ResearchPool Subscriptions

Get the most out of your insights

Get in touch