Etica SGR has voted to Kraft shareholders meeting, the May 23, 2012.
With the advisory of After the American socially responsible investors (all of them are ICCR members), Etica SGR voted against the election of two directors (because of the coincidence of the Chairman and Chief Executive Officer role and of a lack of independence on the Remuneration Committee for the other) and the confirmation of PriceWatherhouseCooper as independent auditor. Moreover Etica SGR abstained from the compensation plan vote because, even if it has got clear and detailed information, Etica considers the level of compensation too high.
The vote to shareholders meeting is been the opportunity to support, by voting in favor, three motions proposed by ICCR members, as follow
1. Disclosing a sustainable forestry report (Domini Social investments’ proposal): it was asked to the Company to draft, by September 2012, a report which evaluates their supply chain’s behavior, respecting the sustainable forestry issue and reporting on the percentage of purchased products in a responsible way. It was also asked to Kraft to adopt a certification system;
2. Reporting the responsible packaging policy (As You Sow’s proposal): it was asked to the Company to disclose, by September 2012, a report assessing the practicability to adopt the Extended Producer Responsibility (EPR), a policy which monitors and manages the packaging process from an environmental perspective, with particular emphasis on recycling and reuse of the materials used;
3. Report on lobbying activities management (promoted by AFSCME and Benedictine Sisters of Mount St. Scholastic): it was asked to the Company to prepare a report that discloses a payments list made to carry out any lobbying activities and people who benefited from it. It required furthermore to the Company to quantify the employees’ working hours employed by Kraft to undertake lobbying activities.
