On September 26, 2011 Etica Sgr voted to the shareholders meeting of General Mills, with a positive vote about the election of directors, given the right mix of skills, certain number of women and of independent advisors. Instead, Etica Sgr voted against the stock options plan, since it considers the mechanisms not detailed enough and conflicting with a responsible management in the short term. After a confrontation with American Walden Asset Management, Etica Sgr abstained on the endorsement of the directors and managers, given the lack of some factors which are important to express a positive vote (e.g. the trend of General Mills employees’ wages, useful to understand the gap existing between the directors’ remuneration and managers’ one). Etica Sgr also abstained on the appointment of Independent Auditor, as it would have more evidence of the Company independence. Etica Sgr will participate in the meeting between General Mills and some US responsible investors regarding the responsible packaging and in particular regarding the recyclable packaging and the promotion of innovative and technologic recycling materials.
26 September 2011Engagement Foreign companies