For the first time, on May 21st 2014, Etica Sgr voted at the shareholder annual general meeting of Mondelez International, stressing the management on some environmental, social and governance issues (ESG). Mondelez is an American multinational company founded in 2012 following the spin-off of Kraft Foods and operating in the food sector managing famous brands as Oreo, Milka, Cadbury.
Etica Sgr voted for the election of twelve proposed Directors, because no corporate governance issues have been found on the composition of the Board, while it abstained on the ratification of external auditors and voted against the advisory vote to ratify named executive officers’ compensation and the amend of the stock option plan. Etica Sgr also supported a shareholder resolution requesting the assessment of environmental impact of non-recyclable packaging.
Regarding the vote against the executives’ compensation, Etica Sgr took into consideration the lack of detailed information on the variable part of the compensation scheme and the complex paymix that comes from the wide use of equity incentives. However the remuneration policy of the Company contains different good practices as the presence of independent Directors in the remuneration Committee and the indication of limits for the variable part of the compensation. The vote against the item on the stock option plan is consistent with the one on the remuneration policy.
During the AGM a shareholder resolution was presented, requesting the Company to assess the environmental impact of its non-recyclable packaging (filled by As You Sow, member of ICCR), Etica Sgr supported the resolutions voting in favor.
