GEA Group - AGM 26 April 2019
Item 2: We recommend to oppose the dividend proposal. The dividend is neither covered by earnings nor by free cash flow, the latter for a third consecutive year. We therefore consider a dividend payment inappropriate at this time.
Item 3: We recommend to oppose the discharge of the Management Board due to the frequent profit warnings in recent financial years, which in our view raise fundamental concerns over the reliability of the Management Board's forecasting ability and its communication to stakeholders.
Item 6: We recommend to oppose the election of Colin Hall to the Supervisory Board due to our concerns over the insufficient independent representation on the Board.
GEA Group focuses on the development and production of process technology and components for production methods. Co. segments include: GEA Food Solutions, which manufactures machinery for preparing, marinating, processing, cutting, and packaging meat, poultry, and other foods; GEA Farm Technologies, which manufacturers product solutions for milk production and livestock farming; GEA Mechanical Equipment, which concentrates in separators, decanters, valves, pumps, and homogenizers; GEA Process Engineering, which designs and develops of process solutions for the pharmaceutical, and chemical industries; and GEA Refrigeration Technologies, which concentrates in refrigeration technology.
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