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Smurfit Kappa - AGM 03 May 2019

Item 2: Approve the Remuneration Report

The remuneration structure is considered satisfactory on balance.  However, there are concerns with the possibility for excessive severance payments.  On balance, we recommend shareholders vote in favor. 

 Item 5e: Re-elect as a director, Christel Bories

Her potential aggregate time commitments exceed ECGS guidelines.  Please see the attached report for further details. 20% of shareholders voted against her re-election at the previous AGM, which may be due to concerns over time commitments.  We recommend shareholders oppose.

Smurfit Kappa Group

Smurfit Kappa Group is an integrated paper and paperboard manufacturer and converter whose operations are divided into Europe and the Americas. The Europe segment includes a system of mills and plants that primarily produces a full line of containerboard that is converted into corrugated containers. In addition to other types of paper, such as solidboard and sack kraft paper, and paper-based packaging, such as soldboard packaging and folding cartons, this segment includes Co.'s bag-in-box operations. The Americas segment comprises all Co.'s forestry, paper, corrugated, paper sack and folding carton activities and all the operations of Smurfit Kappa Orange County.


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