On 29th June 2013 Etica Sgr joined for the second time the AGM of Tesco, the English multinational retailer.
Etica Sgr voted in favor of the financial statements, the directors remuneration report, appreciating the information transparency in compensation plan related to short and long terms criteria and the presence of remunerations schemes linked to ESG issues goals. It also voted in favor of the purchase of new shares by the Company and in favor of all the candidates on the Board of Directors, considering positively Tesco corporate governance structure.
Etica Sgr voted against the final dividend plan, considering the income allocation policy and the pay-out ration as unbalanced. Besides it voted against the authorization of politica donation by the Company, in line with Etica Sgr Guide Lines.
At last, Etica Sgr abstained from the re-appoint of the auditors because PricewaterhouseCooper has been the Company’s Auditor since 30 years and it would like to have more evidence of the Auditor’s independence.