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.
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.
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