Etude de l'AG du 05/05/2017
Item 4: Strikes in the course of collective bargaining by the pilots' union Vereinigung Cockpit e.V. again had a significant adverse effect on the operating results in financial year 2016. Overall, the strike action cut earnings for Deutsche Lufthansa's Passenger Airline Group by around EUR 100m and caused 4,581 flight cancellations, affecting some 389,000 passengers. We therefore continue to voice our strong concerns regarding the ability of Supervisory Board member Jan-Willem Marquardt, who represents the pilots' union Vereinigung Cockpit e.V., to act in the best interest of the Company. Given the numerous strikes in recent years, we consider that his independent judgement to act in the best interest of the Company might be impaired. As the discharge is proposed in a bundled resolution, we recommend shareholders to oppose the discharge of the Supervisory Board as a whole.
Item 5: PwC, Düsseldorf, is proposed as auditor for the current financial year. Ratio of non-audit/audit fees was 64.71% during the year under review and 73.96% over a three-year aggregate period which exceeds our guidelines. In addition, we note that PwC or its predecessors have audited the Company since at least the financial year 1995 (no earlier data available) which exceeds our maximum acceptable term of office. We therefore recommend opposing the re-election of PwC as auditor.
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.