Orkla – AGM 16 April 2020
In general, Orkla is in compliance with the Norwegian regulations relating to the organisation and procedures of the AGM.
Under ITEM 8.4 the nomination committee proposes to re-appoint Ms. Liselott Kilaas as Member of the board of directors. Ms. Kilaas is NOT considered independent as she is a representative of major shareholder, Folketrygdfondet. ECGS furthermore has concerns over her aggregate time commitments. Ms. Kilaas is serving as non-executive director of Norsk Hydro ASA, Orkla ASA, Nobina AB, Peab AB, Ambea AB (all listed) and DNV GL (substantial non-listed company), which exceeds ECGS¶guidelines. In view of concerns over aggregate time commitments, ECGS recommends to vote OPPOSE.
Under ITEM 12 approval is sought to establish the compensation of the nomination committee. ECGS notes that it is proposed to increase the fees of the nomination committee by 25% on average. As a matter of principle, ECGS does NOT approve of such significant increases without adequate justification. Since the proposal is not adequately justified, ECGS recommends to vote OPPOSE.
Orkla is a consumer goods company in the Nordic and Baltic regions. The Branded Consumer Goods area comprises five business areas: Orkla Foods, Orkla Confectionery and Snacks, Orkla Home and Personal, Orkla International and Orkla Food Ingredients. Co.'s other businesses consist of Granges, a supplier of solutions for the heat exchanger industry; Hydro Power, which produces and supplies power to the Nordic power market; and Orkla Financial Investment, which consists of Orkla Eiendom; in addition to its investments in Sapa (JV), which is engaged in extruded aluminium solutions; and Jotun AS, which is a manufacturer of paint and powder coatings.
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