Cisco Systems | 2014

For the sixth time, on November 20th, 2014, Etica Sgr voted at the annual general meeting of Cisco Systems, an American multinational corporation that designs, manufactures, and sells networking equipment, stressing the management on some environmental, social and governance (ESG) issue.

No corporate governance issues have been found on the composition of Cisco’s Board so Etica Sgr voted for the election of all ten proposed directors. Regarding the remuneration policy of the Company, Etica Sgr appreciated the transparency and the level of detail in the reporting of the indicators, such as the presence of a threshold for the objectives set by the Company, an adequate vesting period for the stock options and a clawback clauses. However, even if it has been appreciated that the Remuneration Committee has considered CSR targets (Customer satisfaction), Etica Sgr would appreciate more transparency in the definition of these parameters. Etica noticed the lack of reporting about the ratio between CEO’s remuneration and the average’s one of all Company’s employees. For these reason Etica Sgr decided to abstain.

Etica Sgr decided to abstain also on the ratification of the independent registered public accounting firm, advisor of the Company for already 26 years, and on a shareholder’s proposal about to allow proxy access for specified categories of shareholders, because of the complexity of the proposal itself.

Finally, Etica Sgr voted for all the other proposals: the amendment and restatement of the employee stock purchase plan, considered in line with Etica Sgr Guide Lines, and other two proposals of shareholders, such as the request to provide a semiannual report on political-related contributions and expenditures and the recommend to establish a public policy committee of the Board.

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