On 16th May 2013 Etica Sgr joined for the first time the AGM of Intel Corporation, the American multinational IT company.
Etica Sgr voted in favor of all Directors candidates because it has appreciated their skills and it has nothing to report about their backgrounds; moreover Etica Sgr has considered positively the company corporate governance structure, which is in line with the main international best practice, as the separation between CEO and Chairman roles and the high percentage of Independent Directors and of women in the Board.
Etica Sgr abstained from auditor ratification item because Ernst & Young has been the Intel auditor since 45 years: Etica Sgr would like to have more evidence about its independence.
Etica Sgr votes against the CEO remuneration because, although in 2012 company performance decreased compared to 2011, the variable remuneration of the CEO has increased. Moreover in 2012 the CEO received a discretionary equity award based on the Board’s subjective assessment, un-linked to company performance. In addition, the Company hasn’t provided any disclosure in the proxy statement related to long-term variable remuneration performance goals.
Etica Sgr has voted in favor of the Employee Stock Purchase Plan, because it could increase employees sense of belonging with the Company and align their interest.
Lastly Etica Sgr has voted in favor of the shareholders resolution promoted by John Chevveden, Advocate Member of ICCR network: the resolution recommends a policy requiring senior executives to retain a significant percentage of shares acquired through equity pay programs until reaching normal retirement age; Etica Sgr considers that this guideline may support for creating a strong link between the interests of top executives and long-term shareholder value.
