Kellogg | 2014

For the first year, on April 25, 2014, Etica Sgr voted, through web platform, at the shareholder general meeting of Kellogg, an American Company producing cereal and convenience foods, including cookies, crackers, toaster pastries, cereal bars, fruit-flavored snacks, frozen waffles, and vegetarian foods.
It was voted in favor of all candidates proposed, appreciating the high level of independent directors, the high percentage of women in the Board and the separation of the CEO and Chairman roles.
Regarding the Remuneration Policy, Etica Sgr voted against because it has taken into consideration some points of weakness about executive compensation, like the presence of minimum targets achievement requested to reach the variable compensation component and, although the Company did not match two of the three settled target, almost the total variable compensation estimated has been distributed to the CEO and NEOs. Finally, even if Etica Sgr appreciated the presence of remunerations schemes linked to ESG issues goals, it underlined that, unfortunately, there are no qualitative or quantitative data concerning specific ESG criterion.
Etica Sgr abstain from the proposal to confirm the fiscal auditor because, even if the Audit Committee assures the independence of it, Etica Sgr would like to have more evidence of that.
Finally, Etica Sgr voted for the two proposals of minority shareholders, which required the adoption of a human rights policy and a complete disclosure on the processes of identification and analysis of risks throughout the supply chain and the repeal of the supermajority vote of the Company in favor of a simple majority vote, in order to foster greater respect to the ideas and initiatives of the minority shareholders.

Engagement Foreign companies
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