Promoting good corporate governance and sustainability policy

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Eumedion alerts its members to AGM proposals Vopak N.V.

Eumedion alerts its members to AGM proposals Vopak N.V.News · 28-03-2024

Eumedion today alerted its members to two proposals put on the agenda by Vopak for its shareholders' meeting to be held on April 24. The proposals relate to the remuneration report and an amendment to the articles of association. Eumedion members' attention is drawn in particular to excessive termination benefits in the remuneration report. With regard to the proposal to amend the articles of association, Eumedion members' attention is drawn to the introduction of the possibility of holding the shareholders' meeting in a virtual-only format when the bill on this topic becomes law and to the increase in the capital threshold for shareholders to submit proposals for the AGM agenda. Eumedion has classified these proposals as 'controversial'. 


Since 2009, Eumedion has been alerting its members to AGM proposals of Dutch listed companies that deserve increased attention when determining voting behaviour. An alert partly enables an institutional investor to exercise its voting right at the AGM on an informed basis, as prescribed by the Dutch Corporate Governance Code. An alert is explicitly not a voting recommendation. Alerts are also sent to the major proxy advisory firms so that they have a clearer picture of Dutch market practices and may improve the proxy voting advice they give to their clients. Before issuing an alert, the company in question is requested to comment on the issues and concerns at stake. The comments will be incorporated in the final version of the alert, thereby further increasing the information value of the document. As announced in the 2024 Focus Letter, alerts will be made public starting this AGM season.

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Eumedion designates 'remuneration policy' and 'tax transparency' as focus points for the 2024 AGM season

Eumedion designates 'remuneration policy' and 'tax transparency' as focus points for the 2024 AGM seasonNews · 12-10-2023

Eumedion expects all Dutch listed companies to base a substantial portion of the variable remuneration elements on stretching sustainability goals that are material to the company. These goals should be sufficiently challenging, measurable and auditable. 


This request is incorporated in the Focus Letter 2024 that Eumedion has sent to all Dutch listed companies. The Focus Letter contains the topics that tend to be discussed in the dialogues Eumedion facilitates between Dutch listed companies and Eumedion members in the run-up to the 2024 shareholders’ meetings. Eumedion also expects companies to report on these topics in their annual reports over financial year 2023.


Eumedion has selected the topic of 'remuneration policy' as focus point, as many listed companies will have to 'refresh' their remuneration policy at the 2024 AGM. Eumedion further requested Dutch listed multinationals to sign the 'Dutch Tax Governance Code' and to apply it to the best of their ability. In particular, Eumedion expects Dutch listed multinationals to break down their tax payments by country where they have operations (‘country by country tax reporting'). In a separate letter, Eumedion requested the six largest audit firms to make their presentations for AGMs more informative. In this context, they are urged to apply as much as possible the revised Practice Note on the position of the external auditor in the general meeting’. This Practice Note was developed by the Royal Netherlands Institute of Chartered Accountants earlier this year.

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