Puma – AGM 7 May 2020
WARNING: The AGM is to be held in the form of a virtual AGM in accordance with the German Act to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by way of postal voting or by granting authority to the proxies designated by the Company.
Item 4: The Company has chosen the legal option to opt-out from individual disclosure of Management Board members' remuneration. ECGS is opposed to such opting-out proposals. Furthermore, the remuneration system for the Management Board has not yet been put to shareholder approval even though the remuneration system has been revised in financial year 2019. As the discharge is proposed in a bundled resolution we recommend shareholders to oppose the discharge of the Supervisory Board as a whole.
Item 6: The Company proposes to be authorised to repurchase own shares. Although we acknowledge that this is a mere anticipatory resolution and the Company has not announced any intention to perform a share repurchase at this stage we consider it not being the right moment for companies in difficult liquidity situations to repurchase shares as the potential impact of the COVID-19 induced crisis is not yet known. We therefore recommend opposition.
Puma and its subsidiaries are engaged in the development and sale of a broad range of sports and sports lifestyle products, including footwear, apparel and accessories. Product management, design, development and category-specific marketing have been combined under six separate Business Units. The Business Units Teamsport, Running, Training & Fitness, and Golf represent Co.'s performance business, while Lifestyle and Motorsports, Fundamentals as well as Accessories & Licensing constitute the lifestyle business.
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