Marks and Spencer | 2014

For the first time, on July 8th, 2014, Etica Sgr voted at the shareholder annual general meeting of Marks and Spencer, stressing the management on some environmental, social and governance (ESG) issues. Marks & Spencer Group is a retailer of clothing, food and home products.
Etica Sgr voted in favour at the items concerning the approval of annual reports and accounts, approval of the final dividend, the appointment of the auditors and the election of Directors because no concerns have been identified. Etica Sgr votes for the approval of the remuneration report because it is clear and in line with most of the UK best practices while it decided to abstain from the approval of the remuneration policy because it would have preferred a remuneration policy where ESG targets are clearly implemented in the evaluation of the variable part of the compensation. Furthermore, Etica Sgr underlined the lack of disclosure concerning targets used under the annual bonus and showed appreciation for the decision of Company’s CEO and Executive Directors to decline a salary increase.
Etica Sgr voted in favor of the authorization to issue equity and to authorize market purchase of ordinary Shares  because the proposed amounts and durations are within recommended limits. Lastly, Etica Sgr voted against the resolution to Authorise EU Political Donations and Expenditure, even if the Company states that it does not intend to make overtly political payments, in line with its Guidelines on Shareholders Engagement.

Engagement Foreign companies
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