For the first time, on November 19th, 2014, Etica Sgr voted at the annual general meeting of Sysco, an American grocery company, stressing the management on some environmental, social and governance (ESG) issues.
Etica Sgr voted for every item in agenda.
No corporate governance issues have been found on the composition of Sysco’s Board so Etica Sgr voted for the election of all ten proposed directors. Regarding the remuneration policy of the Company, Etica Sgr appreciated the transparency in the reporting of the indicators underlying the variable part of the compensation and found other positive practices (such as threshold for the objectives set by the Company, adequate vesting period for the stock options, clawback clauses), however it also noticed the little weight assigned to environmental, social and governance (ESG) parameters in the compensation scheme; moreover the Company does not indicate the ratio of CEO-to-worker compensation. Etica Sgr also voted for the ratification of the public accounting firm and for the adoption of the Sysco 2015 employee stock purchase plan.
Moreover, Etica Sgr will send a letter to the Company asking more information about some news connected to the storing of food in unrefrigerated sheds and to the acquisition of US Foods, with a focus on the relationship with trade unions. Etica Sgr also stressed the importance of the implementation of an updated palm oil sourcing policy that goes beyond the Roundtable on Sustainable Palm Oil (RSPO) certification.
19 November 2014Engagement ESG Foreign companies