Sika: Ethos applauds the agreement that brings an end to the conflict

Ethos is very satisfied that an overall agreement has been signed between the board of directors of Sika, the Burkard family and Saint-Gobain to the benefit of all parties concerned and that safeguards the independence of the company. As an accessory party alongside the board of directors in the legal procedure opposing the company to the Burkard family, Ethos Foundation has always supported the efforts to maintain the independence of Sika. Ethos welcomes the decision of the board of directors to call an extraordinary general meeting on the 11th of June 2018 that will establish the equal treatment of all shareholders.

Ethos urges Shell’s shareholders to support resolution to protect climate

Ethos calls on investors to vote FOR the shareholder proposal submitted by the Dutch shareholder association "Follow this" at the Annual General Meeting of Royal Dutch Shell on 22 May 2018 (agenda item 19). The shareholder proposal calls on Shell to set targets to reduce greenhouse gas (GHG) emissions that are compatible with the objectives of the Paris Agreement to limit global warming to a maximum of 2 degrees Celsius compared to the pre-industrial era. The board of directors has advised its shareholders to vote against the resolution on the grounds of the resolution not being in the best interests of the company and its shareholders.

Ethos proxy voting guidelines 2018: New expectations for the remuneration report

Ethos Foundation publishes the 17th edition of its proxy voting guidelines and corporate governance principles. The 2018 edition specifies the expectations of Ethos for approval of the remuneration reports of listed companies. In particular, Ethos expects companies to increase transparency as to the variable remunerations which were paid out upon vesting of the grants at the end of the performance period.

Ethos study on the 2017 annual general meetings: Increased Contestation

Increase in shareholder opposition in 2017: This is the conclusion of Ethos’ annual study on the general meetings, executive remuneration and corporate governance of companies listed in Switzerland. Overall, 14% of the resolutions received less than 90% support from shareholders, compared to 12% last year. The shareholders were particularly critical when voting on the remuneration of the board and management. In parallel to the publication of its study, Ethos also communicates its expectations for the draft revision of company law which is currently being discussed in Parliament.

Credit Suisse: Ethos demands changes to the composition of the board

In the run-up to the general meeting of Credit Suisse on 28 April 2017, Ethos opposes the re-election of several board members as well as the discharge of the board. In addition, in light of the poor results and the concerns regarding the bank’s capital ratio, Ethos also refuses the remunerations of the governing bodies and the dividend proposed by the board.

Sika Annual General Meeting: Ethos renews its support to the board members not linked to the Burkard family

At the annual general meeting of Sika to be held on 11 April 2017, the Ethos Foundation recommends to support the reelection of the 6 board members not tied to the Burkard family. Those directors have demonstrated for more than two years their commitment in maintaining Sika’s independence against the hostile takeover by Saint-Gobain. Ethos however recommends not to grant the discharge and not reelect the three board members representing the Burkard family (Urs Burkard, Willi Leimer, Jürgen Tinggren). In addition, Ethos recommends to not newly elect Dr. Jacques Bischoff, a representative of SWH, whose candidacy to the board was submitted by the Burkard family after the deadline for inclusion in the AGM agenda.

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