Mapfre - AGM 13 March 2021
The meeting will be held exclusively via telematic means and it is predicted to be held on first call.
Serious concerns arise over the lack of independence on the Board (47%), especially considering that there is no separation between management and control as the positions of Chairman and CEO are combined into one person, Mr. Huertas Mejías, hence we oppose the re-elections of both executive Directors in items 6 and 7.
In item 11, shareholders are asked to vote on the Annual Remuneration Report. Serious concerns arise over the clarity of disclosure over the variable remuneration: only the aggregate amounts for executive Directors are disclosed and the level of achievement of each individual target is not revealed. Furthermore, we consider that the targets for the annual bonus are not challenging enough since despite a decrease in consolidated net income, ROE and Combined Global Non-Life Ratio, the Chairman-CEO's bonus increased by 30% in 2020. Furthermore, contributions to pension funds greatly exceed our voting policy limit of 30%. For all aforementioned reasons, we recommend opposing of this resolution.
Mapfre is an insurance company based in Spain. Co. is the parent company of a group engaged in the underwriting and provision of insurance in Spain and abroad. Insurance policies provided include: life, non-life, accident, home-owner, general and health. Through its subsidiaries, Co. is also engaged in the provision of reinsurance, the management of investment funds, pension funds and pension plans, real estate and related services. On the domestic market, Co.'s activities include managing investment funds, pension funds and pension plans, real estate and other service businesses.
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