Lundbergföretagen - AGM 1 april 2020
In general, Lundbergforetagen is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting.
Under ITEM 12 it is proposed to re-elect all current members of the board of directors. In view of insufficient independent representation and other concerns, ECGS recommends to vote OPPOSE.
Under ITEM 13 it is proposed to re-appoint KPMG AB as the Company's external auditor. Even though the level of non-audit fees is in accordance with its guidelines, ECGS notes that the current auditor has been in office for 26 years, which exceeds its guidelines. In line with EU regulation, ECGS recommends a term of maximum 20 years (10 + 10 years, if a tender is undertaken). In view of the current term in office of the auditor, ECGS recommends to vote OPPOSE.
There are no further peculiarities.
L E Lundbergforetagen AB is an investment company that manages and develops a number of companies. The asset portfolio includes the wholly owned real estate company, Fastighets AB L E Lundberg, the publicly traded subsidiaries, Hufvudstaden and Holmen and the associated companies, Indutrade and Husqvarna. Co. also has major shareholdings in Industrivarden, Handelsbanken, Sandvik and Skanska. Co.'s subsidiary, L E Lundberg Kapitalforvaltning, is engages in securities trading. Operations consist of real estate operations, the manufacture and sale of printing paper, paperboard and sawn timber products, forest and power operations, and equity management (including securities trading).
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