Kellogg | 2015

For the second consecutive year, on 24 April 2015 and via e-platform, Etica Sgr voted at the general shareholders’ meeting of Kellogg, a US company engaged in the production and sale of food products such as ready meals, biscuits, snacks and other cereal products, present in the Investible Universe and in the equity part of the Responsible Values System funds as one of the best performers in its sector.

Etica Sgr voted in favour of the re-election of five members of the Board of Directors, who will remain in office for a further three years, appreciating the high percentage of independent directors and women on the Board of Directors and the composition of the Board Committees, formed entirely by independent directors.

With respect to the remuneration of the Directors, Etica Sgr voted against the approval of the policy, highlighting some of its weaknesses. The report provided by the Company is transparent and precise, despite some missing information considered important by Etica Sgr, such as the minimum limits for achieving the target for payment of the variable remuneration; in that regard, it was noted that, despite two of the three set objectives not having been met, a large part of the set variable remuneration was paid out in any case. Finally, albeit appreciating the fact that the variable components are also linked to socio-environmental performance criteria, it was highlighted that neither qualitative nor qualitative specific information is given in that regard. In addition, the figure is not published on the ratio between the remuneration of the CEO and the average of the employees.

Etica Sgr also voted against the Board of Directors’ proposal to re-confirm the external auditor, requesting better rotation of the Independent Auditing Companies, in order to ensure the greater independence of the same.

Finally, Etica Sgr voted in favour of the point proposed by a minority shareholder, which requested the abrogation of the voting provisions with qualified majority in favour of voting with simple majority, so as to further encourage and respect the ideas and initiatives of the minor shareholders.

Engagement Foreign companies
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