Mowi – AGM 3 june 2020
In general, Mowi is in compliance with the Norwegian regulations relating to the organisation and procedures of the Annual General Meeting.
Under ITEM 4 approval of the Company's financial statements is sought, including the allocation of profit. Although ECGS has no concerns over the financial statements it does NOT approve the distribution of profit. Accordingly, ECGS recommends to vote OPPOSE.
Under ITEM 6 the board of directors seeks approval of the Company's remuneration guidelines. As the proposed remuneration structure is NOT in line with its guidelines, ECGS recommends to vote OPPOSE.
Under ITEM 7 approval is sought of the Company's remuneration linked to shares and/or the development of the share price in the Company. Since ECGS does NOT approve of LT incentive schemes that do not operate one or more challenging performance conditions, it recommends to vote OPPOSE.
Under ITEM 10 the board of directors seeks approval of the auditor's remuneration. In view of the current term in office of the external auditor, ECGS recommends to vote OPPOSE.
Under ITEMS 11a-11d, the (re-)election of the board of directors is proposed.
In view of insufficient independent representation on the board of directors, ECGS recommends to vote OPPOSE to the (re-)election of: Mr. Alf-Helge Aarskog (ITEM 11a) and Ms. Cecilie Fredriksen (ITEM 11d).
Under ITEM 13 authorisation is sought to distribute (interim) dividend. Since ECGS has concerns over the Company's dividend policy it does NOT approve of the requested authorisation to distribute interim dividends. ECGS therefore recommends to vote OPPOSE.
Finally, under ITEM 14, authority is sought to repurchase own shares. Although the authorisation requested would meet its guidelines, ECGS considers that it is currently not the right moment to proceed to a new share buyback programme in view of the recent events relating to Covid-19. Accordingly, ECGS recommends to vote OPPOSE.
Marine Harvest is a seafood company engaged in the production of farmed salmon. Co. offers fresh and processed salmon and other processed seafood to customers in 70 countries worldwide. Co. focuses on three principal types of production activities: salmon feed production in Norway, fish farming and primary processing of fish in Norway, Scotland, Canada, Chile, Ireland, and the Faroe Islands, and secondary processing of seafood in Norway, Chile, Ireland, the United States, the United Kingdom, France, Belgium, the Netherlands, Poland, the Czech Republic, Japan, Vietnam, Taiwan, and South Korea.
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