Campbell Soup | 2014

For the first year, on November 19, 2014, Etica Sgr voted, through web platform, at the shareholder general meeting of Campbell Soup, an American global food Company  born on 1869 that operates in the food sector and produces Soup & Simple Meals, Snacks and Healthy Beverages. Its products are sold in 120 Countries around the world.

Etica Sgr voted in favor of all 14 candidates proposed, appreciating the high level of independent directors, the high percentage of women in the Board and the separation of the CEO and Chairman roles.  However, Etica Sgr noticed that some members of the Board of Directors are in charge since an extended period of time.

Etica Sgr voted against the proposal to confirm Pricewaterhouse Coopers LLP as fiscal auditor because, even if the Audit Committee assures the independence of it, the company is in charge since 60 years and Etica Sgr would like to have more evidence of its independence.

Regarding the Remuneration Policy, Etica Sgr abstains because it has taken into consideration some positive elements and other points of weakness about executive compensation. First of all, Etica Sgr appreciated the presence of maximum targets achievement requested to reach the variable compensation component and the provision of a vesting period and clawback clauses. Secondly, Etica Sgr considered as positive the disclosure of goals under the variable remuneration component and the consideration of peers into the definition of the remuneration policy. However, there are some concerns regarding the lack of complete disclosure of threshold and the payouts appear to be not aligned with company performance. Furthermore, Etica Sgr noticed the absence of remuneration schemes linked to ESG goals and the lack of reporting about the ratio between CEO’s remuneration and the average one of all Company’s employees.

In line with the vote to approve the remuneration policy, Etica Sgr abstained from voting for the approval of amendments to annual incentive plan due to the lack of information on the thresholds and weights necessary for the provision the short-term variable remuneration and lack of clawback clauses.

Moreover, Etica Sgr will send a letter to the Company asking for more transparency in relation to the use of genetically modified ingredients in its products and will stress the importance of the implementation of an updated palm oil sourcing policy that goes beyond the Roundtable on Sustainable Palm Oil (RSPO) certification.

Engagement ESG Foreign companies
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