In general, ICA Gruppen is in compliance with the Swedish regulations relating to the organization and procedures of the Annual General Meeting.
Under ITEM 16 the nomination committee seeks approval of the (re-)election of the board of directors. In view of insufficient independent representation on the board, ECGS recommends to vote OPPOSE.
Under ITEM 18 it is proposed to establish a(n) (external) nomination committee. Like several institutional investors, ECGS has concerns over the bundled form under which the election of directors is put to shareholders' vote in Sweden. ECGS therefore has decided to take such concerns (if applicable) into account and express these at the resolution on the nomination committee, as in Sweden said committee is responsible for nominating candidates to the board of directors (either in bundled or unbundled form). Since the election of the board of directors is proposed as a slate (bundled) at this AGM, ECGS recommends to vote OPPOSE.
Finally, under ITEM 19, approval is sought for the Company's executive remuneration guidelines. In view of an overall low level of transparency and some other concerns with regard to the guidelines, ECGS recommends to vote OPPOSE.
ICA Gruppen is a retail group based in Sweden. Co. is engaged in maintaining and operating its own and retailer-owned stores in Sweden, Norway, Estonia, Latvia, Lithuania and Finland. Co. consists of ICA Sweden, ICA Norway and Rimi Baltic, which are mainly involved in grocery retail, ICA Real Estate which owns and manages properties, and ICA Bank which offers financial services to Swedish customers. Co. also includes the wholly-owned portfolio companies Forma Publishing Group and inkClub, as well as the partly-owned Cervera, Hemtex and Kjell & Company.
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