For the second time, on June 27th, 2014, Etica Sgr voted at the shareholder annual general meeting of Tesco, stressing the management on some environmental, social and governance (ESG) issues. Tesco is a British multinational grocery and general merchandise retailer.
Etica Sgr voted for the allocation of income, the authorization to the Company to purchase its own shares and the election of ten proposed Directors, because no corporate governance issues have been found on the composition of the Board. Instead, it abstain to the re-appointment of the auditors and to their remuneration, considering that the duration of the assignment to the Company won’t ensure the proper discharge of its function.
Etica Sgr has also voted in favor of the remuneration policy, considering particularly positive the presence of a three years vesting period and a clawback clause relating the stock option plans, the inclusion of socio-environmental targets and limits for the achievement of the targets linked to the presence of variable remunerations.
Finally Etica Sgr voted against the authorization to political donations by the Company, in line with Etica Sgr’s Guide Lines.
27 June 2014Engagement Foreign companies