Interpump Group – AGM 30 April 2020
In item 4.1, shareholders are called to a binding vote on the remuneration policy. We strongly regret that the Company has not disclosed the performance conditions used to calculate annual and long-term incentives. Furthermore, the stock options' exercise price is below the market price on the date of grant, which is not in accordance with ECGS guidelines. Also taking into account that severance payments are capped at 3 years of cash remuneration (fixed plus annual bonus), which is not in accordance with Italian guidelines of 2 years of remuneration, we recommend opposition.
In item 5.3, the AGM is called to appoint the Board of Directors on slates of nominees submitted by shareholders holding, even jointly, at least 1.0% of Interpump's share capital. Two slates of nominees have been submitted, by IPG Holding (23.3%) and a group of institutional investors (6.7%). the AGM is called to appoint the Board of Directors on slates of nominees submitted by shareholders holding, even jointly, at least 1.0% of Interpump's share capital. Two slates of nominees have been submitted, by IPG Holding (23.3%) and a group of institutional investors (6.7%).
One of the institutional investors that submitted the slate of nominees is Generali Investments, which is a client of ECGS partners Proxinvest and Frontis Governance. It is important to note that these partners do not provide consulting services to Generali. Voting advice is provided primarily as a source of information at general meetings.
We recommend that shareholders support the slate submitted by the institutional investors (sub-item 5.3.2), as all the nominees in the slate are independent from the Company and its shareholders.
Interpump Group manufactures and markets high and very high-pressure plunger pumps, very high pressure systems, oil pressure power takeoffs and other hydraulic products, and electric motors and windings. Co.'s activities are divided into three main sectors: hydraulic sector includes the production and sale of power take-offs and other hydraulic components; industrial sector mainly composed of high and very high-pressure pumps and pumping systems used in a wide range of industrial sectors for the conveyance of fluids; and electric motor comprises the production and sale of windings and electric motors.
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