For the ninth year Etica Sgr joined Indesit‘s AGM, held in Fabriano on 7th of May.
It was voted in favor of the Annual Report, the allocation of income, and the deliberation regarding the special fund protecting saving shareholders interests. Regarding the now appoint of Directors, Etica Sgr voted for the minority shareholders’ slate. It was voted against the Remuneration Plan, the Executive incentive Bonus Plan (Etica wanted more details and transparency in the Plan) and the authorization to share repurchase (Etica would prefer that the Company will explain the maximum percentage that it would buy, even considering the percentage of shares already owned by the Company).
Together with some socially responsible investors such as CREA and Boston Common Asset Management (1.8 bilion of AUM) Etica stressed some important ESG issues.
Appreciating the “2013 Italy Top Employers” award, for the employers life and labor conditions in Indesit, Etica Sgr asked to know the difference between the medium remuneration of the Company’s employees and its CEO’s one.
Regarding the international governance best practices, that recommend the separation of Chairman role and Chief Executive Officer one, Etica Sgr proposed Indesit to go back to the split of strategies and management tasks in order to have long term good and efficient results (the new CEO and Chairman is a sole persone now).
Finally, Etica Sgr asked the future introduction of ESG goals for the variable part of CEO and key Directors remunerations, such as health&safety items and environmental performances, is very well appreciated.
07 May 2013Engagement Italian companies