Expert Corporate Governance Service (ECGS)
EUR 500.00 For Business Accounts Only

Schibsted - AGM 03 May 2019

In general, Schibsted is in compliance with the Norwegian regulations relating to the organisation and procedures of the AGM.

Under ITEM 6, the board of directors seeks approval of the auditor's remuneration. In view of the substantial amount of non-audit fees, ECGS recommends to vote OPPOSE.

Under ITEM 8b, the board of directors seeks approval to establish a LT incentive plan. ECGS notes that, under the Plan, members of the executive management will be entitled to performance in the event of below median peer group performance. In ECGS' view, the conditional grant of performance shares should cease in case of such a performance. ECGS therefore recommends to vote OPPOSE.

Under ITEMS 9a-9g, the (re-)election of the board of directors is proposed.

In view of concerns over aggregate time commitments and other concerns, ECGS recommends to vote OPPOSE to the (re-)election of: Mr. Ole Jacob Sunde (ITEM 9a) and Mr. Philippe Vimard (ITEM 9f).

Under ITEM 10, the nomination committee proposes to increase the remuneration of the board of directors by slightly over 3.0%. In ECGS' view the current fees are already at the upper level of Norwegian market practice for a company with the size and complexity of Schibsted and it therefore does not approve of any increases without adequate justification. Since the proposal is not adequately justified, ECGS recommends to vote OPPOSE.

Under ITEM 13, it is proposed to administrate some of the protection in Article 7 of the Company's Articles of Association. ECGS is not in favour of the influence of major shareholder Blommenholm Industrier, which is considered to be disproportionate to its ownership. Accordingly, ECGS recommends to vote OPPOSE.

Finally, under ITEM 14, the board of directors seeks authority to repurchase own shares. Even though the magnitude of the authorisation requested would meet its guidelines, ECGS notes that it is mandatory under the Norwegian Public Limited Companies Act for share repurchase authorisations covering multiple purposes, to hold a separate vote on each different purpose. Since the authority requested is proposed to cover multiple purposes, ECGS recommends to vote OPPOSE.

Schibsted A

Schibsted is engaged in the media industry and has four segments: Online classifieds, which include the Norwegian online marketplace and operations outside Norway; Schibsted Norge media house, which includes the media houses VG, Aftenposten, Bergens Tidende, Stavanger Aftenblad and Faedrelandsvennen, printing and distribution operations, and the publishing house Schibsted Forlag; Schibsted Sverige media house, which includes media houses Aftonbladet and Svenska Dagbladet and a portfolio of internet-based growth companies; and Media Houses International, which includes of free newspapers 20 Minutes in Spain and France and Eesti Meedia Group comprising of operations in the Baltic States.


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. 

Expert Corporate Governance Service (ECGS)

Other Reports on these Companies
Christer Magnergård ...
  • Frank Maaø
  • Håkon Astrup
  • Joachim Gunell
  • Jon Masdal
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolai Farstad Olsen
  • Nicolas McBeath
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Ragnhild Støer
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo
Other Reports from Proxinvest
Other Reports from these Analysts

ResearchPool Subscriptions

Get the most out of your insights

Get in touch