Report
Expert Corporate Governance Service (ECGS)
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AP Moeller-Maersk - AGM 23 March 2020

In general, A.P. Møller - Mærsk is in compliance with the Danish regulations relating to organisation and procedures of the Annual General Meeting.

Under ITEM C, although not legally required in Denmark, the board of directors and the executive management seek discharge. Under its guidelines, ECGS no longer approves discharge of the board of directors and/or executive management if there is no legal requirement for it. Since there is no such (legal) requirement in Denmark, ECGS recommends to vote OPPOSE.

Under ITEM E.2 it is proposed to re-appoint Ms. Ane Mærsk Mc Kinney Uggla as Member of the board of directors. Ms. Mærsk Mc Kinney Uggla is currently chairman of the nomination committee. ECGS notes a lack of female representation (22%) on the board of directors and based on its guidelines the (re-)election of the chairman of the nomination committee is the most appropriate agenda item to express such concerns. In view of the above, ECGS normally would have recommended opposition. However, considering that the proxy card does not permit this, it recommends abstention instead.

Finally, under ITEM G.3 the board of directors seeks approval of the Company's executive remuneration policy. ECGS does NOT approve of LT incentive plans that do not operate one or more challenging performance conditions. Accordingly, ECGS recommends to vote OPPOSE.

Underlying
A.P. Moller - Maersk A/S Class A

Provider
Proxinvest
Proxinvest

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Expert Corporate Governance Service (ECGS)

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