Tenaris – AGM 2 june 2020
Item 5 (AGM) While we generally have no issues with this resolution, we have governance concerns: the lack of independence on the board as well as the board's election procedure (slate election). Additionally, we have further concerns regarding the lack of transparency on the CEO's remuneration.
Item 6 (AGM) While we support the re-election of board members on a yearly basis, we believe that shareholders should have the opportunity to vote separately on each re-election separately, as opposed to electing the board as a slate.
Item 7 and 8 (AGM) In general, disclosure of executive's remuneration is deficient, for both policy and remuneration reports. Accordingly, we recommend to OPPOSE.
Item 9 (AGM) The auditor has been in office for over 17 years, which exceeds our guidelines. ECGS recommends a maximum of ten years, or twenty years if an audit tender has taken place after this initial engagement period, in accordance with EU regulation.
Item 10 (AGM) We have concerns about the maximum price (125%) and the duration (5 years) of the buy-back authorisation.
Item 1 (EGM) In accordance to ECGS voting guidelines, we oppose general capital authorisations without pre-emption rights exceeding 10% of the share capital.
Tenaris manufactures and supplies seamless steel pipe products for the global oil and gas industry, as well as other industrial applications. Co. operates an integrated worldwide network of steel pipe manufacturing, research, finishing, and service facilities with industrial operations in the Americas, Europe, Asia, and Africa. Co. produces pipes for boilers, heat exchangers, hydraulic cylinders, automotive, structural and other industrial applications and supplies welded steel pipes for oil and gas pipelines in the South American region. Its principal products include casing, tubing, line pipe, and mechanical and structural pipes. Co.'s organizes its business around one segment: Tubes.
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