CISCO SYSTEMS | 2005

Etica SGR voted in the Cisco Systems’ general meeting held on November 15, 2005 in San Josè, California. Cisco System is the American based world leader in internet networking.
With more than 60,000 shares, Etica SGR voted:
• Against the board of directors renewal because the current management lead the company out of the ethical portfolio.
• Against the stock option plan, because stock option plans to the management might lead to the alteration of financial statement like the recent financial crisis have shown.
• For the shareholder resolution carried by the Sisters of the Holy Name of Jesus and Mary (a minority shareholder member of ICCR network) in order to have higher disclosure about the gap between top management retribution and employees salaries.
• For the shareholder resolution proposed by Boston Common Asset Management (a minority shareholder part of ICCR) asking for an updated report on the application of human rights policy to commercial partners and dealers.
The two shareholder resolutions brought by minority shareholders won more than 10% of votes, while the stock option plan has been approved with only 61% off votes.

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