In general, Tele2 is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting.
Under ITEM 11, the board of directors proposes to distribute a dividend of SEK 4.40 per share for the FY 2018. ECGS notes that the (proposed) dividend is not covered by EPS and/or FCF for the fifth time over the past 6 years. Although Tele2 currently has the capacity to pay the dividend proposed, multiple consecutive uncovered dividend payments could be unsustainable. ECGS therefore recommends to vote OPPOSE.
Under ITEMS 15a-15g, the (re-)election of the board of directors is proposed.
In view of insufficient independent representation on the board as well as concerns over aggregate time commitments, ECGS recommends to vote OPPOSE to the (re-)election of: Mr. Anders Björkman (ITEM 15b), Mr. Georgi Ganev (ITEM 15c), Ms. Cynthia Gordon (ITEM 15d), Ms. Eva Lindqvist (ITEM 15e) and Mr. Lars-Ake Norling (ITEM 15f).
Under ITEM 16, the nomination commiittee proposes to re-appoint Mr. Georgi Ganev as Chairman of the board of directors. ECGS has various concerns over his re-appointment and therefore recommends to vote OPPOSE.
Under ITEM 17, the nomination committee proposes to re-appoint Deloitte as the Company's statutory auditor. In light of the current term in office of the auditor, ECGS recommends to vote OPPOSE.
Under ITEM 18, the board of directors seeks approval of the Company's remuneration guidelines. Although it has no (major) concerns over the remuneration guidelines as such, ECGS does not approve of the supplementary Integration and Retention Incentive Plan in connection with the merger between Tele2 and Com Hem Holding AB. As a matter of principle, ECGS sees no rationale for such a(n) (extra) incentive plan and wonders why the integration targets cannot be part of the ordinary LT incentive plan. ECGS furthermore does not approve of the sign-on bonus granted to the Company's new CEO Mr. Anders Nilsson. In view of the above, ECGS recommends to vote OPPOSE.
Under ITEM 20, the board of directors seeks authorisation to repurchase own shares. Since ECGS does not agree with the proposed dividend (see above), it does not approve of an authorisation to repurchase own shares either. Accordingly, ECGS recommends to vote OPPOSE.
Finally, ITEMS 21a-21c are proposals made by a shareholder. ECGS recommends a vote in favour of ITEM 21a but does not support the other two proposals.
Tele2 is engaged as a telecom operator. Co. provides mobile communication services, fixed broadband and telephony, data network services and content services. The mobile service comprises various types of subscriptions for residential and business customers as well as prepaid cards. Fixed broadband includes direct access, which is its own services based on access via copper cable and other forms of access, such as fibre networks, wireless broadband and metropolitan area networks. Fixed telephony includes resold products within fixed telephony. The product portfolio within resold fixed telephony consists of prefix telephony, pre-selection (dial the number without a prefix) and subscriptions.
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In general, Tele2 is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 9 the board of directors proposes to increase the dividend per share from SEK 4.40 to SEK 5.50 (+25%). Although the proposed dividend is covered by EPS and CF as well as in accordance with the Tele2's dividend policy, ECGS has had concerns over the Company's allocation of income in the recent past. In this respect, ECGS notes that (proposed) dividends have NOT been covered by EPS and/or FCF for 5 of the past 7 years. In addition, Tele 2 has a...
Aucun changement au sein du Conseil d'administration n'est soumis au vote des actionnaires à cette Assemblée Générale. A l'exception des représentants de l'actionnaire de contrôle qui ne perçoivent pas de rémunération, les rémunérations des dirigeants sont bien trop généreuses par rapport à celles des dirigeants des sociétés de taille comparable pour être soutenues (résolutions 5 à 10). Les politiques de rémunération pour 2020 seront approuvées en raison d'une légère amélioration liée à la mise en place d'un critère RSE. Cependant, elles continueront de générer des montants trop importants (...
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Selectirente continue son intégration dans le réseau d’investissement de Tikehau Capital suite à l’acquisition de plus de 50% du capital par le fonds français notamment en consolidant ses positions au conseil de surveillance grâce à la nomination de Nathalie de Mortemart. Notons également la pérennité de la convention de gestion entre la société et Sofidy (détnue à 100% par Tikehau Capital) dont le coût semble particulièrement élevé (25% du chiffre d’affaires contre une moyenne sectorielle de frais de personnels de 10%). La majorité des ressources de l’augmentation de capital restant à être ...
General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law 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 postal vote or by granting authority to the proxies designated by the Company. One of the major shareholders, Roland Oetker, is the former President and since 2008 the Honorary President of DSW, the local partner of ECGS. This report has been prepared using standard ECGS guidelines. Evotec was founded 19...
In general, Danske Bank is in compliance with the Danish regulations relating to organisation and procedures of the Annual General Meeting. Under ITEM 4f it is proposed to re-appoint Ms. Carol Sergeant as Vice Chairman of the board of directors. Although she is considered independent, ECGS does NOT approve of the re-appointment of any board members who were part of the board of directors at the time of the money laundering scandal in Estonia. Accordingly, ECGS recommends to vote OPPOSE. Under ITEM 7 authorisation is sought to repurchase own shares. Although the authority requested woul...
General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law 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 postal vote or by granting authority to the proxies designated by the Company. Item 2: Management and Supervisory Board are proposing a dividend of EUR 1.10 per share (increased by 733.33% from EUR 0.15) which corresponds to a payout ratio of 53.40% per share (EPS: EUR 2.06). In view of the recent events rel...
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