Siemens Gamesa Renewable Energy - AGM 17 March 2021
Concerns arise over the lack of independence on the Board (30% as per our guidelines and 40% as per the Company), as well as the over-representation of the main shareholder Siemens AG with 5 out of 10 Board members appointed. Hence, we recommend that shareholders oppose the (re-)election of Mr. Tim Dawidowsky and Mrs.
Mariel von Schumann both as proprietary Directors and of Mr. Klaus Rosenfeld (who is considered as independent by the Company, but not according to our standards as he is the CEO of Schaeffler AG, Siemens Gamesa’s main supplier) in items 6, 7 and 8 respectively.
In item 10, shareholders are called to a binding vote on the 2022-2024 Remuneration Policy. In our opinion, the overall executive remuneration is effectively structured, with challenging and diverse (both financial and non-financial) metrics aligned with shareholder’s interests in the long term. Therefore, we recommend approval.
Siemens Gamesa Renewable Energy is a holding company. Through its subsidiaries, Co. is engaged in the business of renewable energy sources, primarily wind power but also including solar energy where its acts as a supplier and manufacturer of technological products, installations and services. Co. is organized along the lines of: promotion, construction and sale of wind farms, engineering, design, manufacture and sale of wind turbines, manufacture of thermic and photovoltaic solar components, promotion and sale of photovoltaic solar farms. Co. also participates in both Spanish and European working groups aimed at establishing priorities for its sector's research & development work.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.