General Mills | 2013

For the third time, on September 24, 2013 Etica Sgr voted at each item on the agenda of General Mills shareholders’ meeting, an American foods producer Company.

It voted in favor of the election of all directors because it appreciated the high level of independency and the good percentage of women in the Board (31%). Nevertheless Etica strongly recommended to the Company a split of the role of CEO and Chairman. Etica Sgr voted in favor of the remuneration of the CEO and the Executive Directors because it appreciated the information transparency in the compensation reporting, in particular related to short-term variable remuneration indicators. However Etica Sgr underlined the absence of remuneration schemes linked to ESG issues goals and the ratio between CEO remuneration and the average of all Company’s employees one. Instead Etica Sgr abstained about the ratification of the appointment of Independent Auditor, in line with past votes of Etica on American companies AGM: moreover KPMG is the General Mills Auditor from 85 years, and Etica would like to have more evidence of its independence.

Finally Etica Sgr voted for a stockholder proposal, ICCR member, on responsibility for post-consumer packaging: the Extended Producer Responsibility policy could improve further the General Mills environmental profile. Moreover shareholders would benefit from the increased disclosure and monitoring of the environmental impacts of the Company’s business practices.

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