Nokia Corporation | 2015

For the second consecutive year, on 5 May 2015, via e-platform, Etica Sgr voted at the general shareholders’ meeting of Nokia, a Finnish company which manufactures a wide range of mobile devices and telecommunications equipment, present in the Investible Universe and in the equity part of the Responsible Values System funds as one of the best performers of its sector.

Etica Sgr voted in favour of the re-election of seven directors and the election of a new member of the Board of Directors, who will remain in office until next year, based upon Finnish practices, appreciating the high percentage of independent directors within the Board of Directors. In addition, the roles of Chief Executive Officer and Chairman are covered by two different directors, guaranteeing the correct balance of powers within the Company.

With respect to the remuneration of the non-executive directors, Etica Sgr voted in favour of the proposed sums, given the stability of the same with respect to previous years.

In addition, Etica Sgr voted in favour of the distribution of the dividend, deeming the proposal made by the Board of Directors to be balanced.

It voted in favour of the request for the purchase of treasury shares and the issuance of new shares without the right of pre-emption, as it had not identified particular criticalities in that regard, considering the proposed time limits and values to be balanced.

Finally, Etica Sgr voted against the re-confirmation of the Auditing Company, in office for more than 20 years: Etica would like to have more evidence of the independence of the auditor (it also considered the fact that the fees received for the activities not attributable to the audit have increased compared to last year).

Engagement Foreign companies
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