Rockwool International - AGM 1 april 2020
In general, Rockwool International is in compliance with the Danish regulations relating to organisation and procedures of the Annual General Meeting.
Under ITEM 3 the board of directors seeks approval of the Company's financial statements as well as discharge from liability. Although ECGS has no concerns over the annual accounts, it does not approve of the discharge requested since there is no (legal) requirement for it in Denmark. Accordingly, ECGS recommends to vote OPPOSE.
Under ITEM 6a it is proposed to re-appoint Mr. Carsten Bjerg as Vice Chairman of the board of directors. In view of concerns over aggregate time commitments, ECGS normally would have recommended opposition. However, considering that the proxy card does not permit this, it recommends abstention instead.
Under ITEM 7 the board of directors proposes to re-appoint PricewaterhouseCoopers as the Company’s external auditor. In light of the substantial amount of non-audit fees, ECGS normally would have recommended opposition. However, considering that the proxy card does not permit this, it recommends abstention instead.
Under ITEM 8b approval is sought for the Company's remuneration policy. ECGS notes that the proposed policy is NOT in accordance with its guidelines. Accordingly, ECGS recommends to vote OPPOSE.
Finally, ITEM 8c is a proposal made by a shareholder. ECGS supports the proposal and accordingly recommends to vote FOR.
Rockwool International is a holding company. Through its subsidiaries, Co. supplies products and systems based on stone wool. Co.'s operations can be divided into two segments: the Insulation segment and the Systems segment. The Insulation segment produces insulation for the construction sector, but also special insulation for power plants, the process industry and ships. The Systems segment covers the non-insulation business areas: ceilings (Rockfon), crop management products (Grodan), facade panels (Rockpanel), engineered reinforcement fibres (Lapinus Fibres), and outdoor noise and vibration control products (RockDelta).
Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.
Proxinvest main services are :
- Proxy reports
- Definition and monitoring of client customized voting guidelines
- Corporate Governance Data and Rating
- Thematic research
- Engagement support
Proxinvest has been a pioneer and champion of good corporate governance and has grown into a recognised expert in the field.
Proxinvest is independently-owned and only works for investors : Proxinvest does not provide consulting services to the companies it covers, mitigating related risks to its clients and ensuring the independence of our analysis. As a result Proxinvest is able to take a robust, independent, engaged and unconflicted view of the companies in which our clients invest.
As Managing Partner of Expert Corprate Governance Service Ltd (ECGS), Proxinvest has built a large network of corporate governance experts to support clients in corporate governance analysis worldwide.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.