Pictet-European Sustainable Equities Generalversammlungen von Europäischer Unternehmen

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Inhalt

1. Zusammenfassung der analysierten Generalversammlungen 1.1 Zusammenfassung der Ethos Stimmempfehlungen

1.2 Ethos Stimmempfehlungen nach Themenkategorien

1.3 Anteil abgelehnter Anträge nach Themenkategorie und Land

2. Ethos Stimmempfehlungen: Übersicht 3. Stimmberichte pro Unternehmen

Kontakt

Dr. Yola Biedermann, Head of Corporate Governance and Responsible Investment Fanny Ebener, Senior Analyst

Christian Richoz, Senior Investment Manager & Analyst Valérie Roethlisberger, Senior Analyst

Sébastien Dubas, Analyst Romain Perruchoud, Analyst Ethos - Postfach - CH - 1211 Genf 1

T +41 22 716 15 55 - F +41 22 716 15 56 - www.ethosfund.ch

Pictet-European Sustainable Equities

Generalversammlungen von Europäischer Unternehmen

2  2017

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® © Ethos, 14.07.2017

Disclairmer

Die meisten Analysen werden in Zusammenarbeit mit den verschiedenen Mitgliedern des Beraternetzes ECGS (Expert Corporate Governance Service) erstellt. Bei ihren Analysen wenden sämtliche ECGS-Mitglieder dieselben allgemeinen „Corporate governance principles“ an. Diese ermöglichen es jedem Mitglied, sowohl die lokalen Besonderheiten unter Einhaltung der fundamentalen Best-Practice-Regeln als auch das Konzept der sozialen Verantwortung der Unternehmen zu berücksichtigen, was wiederum den Ethos Richtlinien zur Ausübung der Stimmrechte entspricht. Ethos führt eine systematische Überprüfung der Stimmrechtsempfehlungen von ECGS durch, um sicherzustellen, dass sämtliche Analysen und

Stimmrechtsempfehlungen den „Ethos Richtlinien zur Ausübung der Stimmrechte“ entsprechen. Die Informationen stammen aus Quellen, die Anlegern und der Öffentlichkeit zugänglich sind (z.B. Geschäftsberichte, Websites der Unternehmen sowie direkte Auskünfte der untersuchten Unternehmen). Obwohl die Angaben mehrfach geprüft wurden, kann ihre Richtigkeit nicht garantiert werden. Ethos lehnt jede Verantwortung für die

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1. Zusammenfassung der analysierten Generalversammlungen

Periode: Zweites Quartal 2017

Anzahl ordentliche Generalversammlungen 65

Anzahl ausserordentliche Generalversammlungen 3

Total Generalversammlungen 68

1.1 Zusammenfassung der Ethos Stimmempfehlungen

1.2 Ethos Stimmempfehlungen nach Themenkategorien

In Klammern: Anzahl Anträge

77%

23%

0%

Dafür Dagegen Enthaltungen

82.2%

100.0%

66.2%

89.7%

77.9%

85.7%

81.3%

92.3%

98.5%

30.6%

98.6%

0% 25% 50% 75% 100%

Andere Themen (101) Aktionärsanträge (1)

Fusionen / Akquisitionen und Verlagerungen (1) Revisionsstelle (65)

Statutenänderungen (29) Kapitalreduktion (77) Kapitalerhöhung (154) VR-Wahlen (395)

Entlastung der Organe (78) Dividende (67)

Vergütungen (170) Jahresbericht (69)

Von Ethos angenommene Anträge Von Ethos abgelehnte Anträge Enthaltungen

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Anzahl GV Anzahl Anträge Jahresbericht (69) Vergütungen (170) Dividende (67) Entlastung der Organe (78) VR-Wahlen (395) Kapitalerhöhung (154) Kapitalreduktion (77) Statutenänderungen (29) Revisionsstelle (65) Fusionen / Akquisitionen und Verlagerungen (1) Aktionärsanträge (1) Andere Themen (101) Total (1207)

Denmark 1 17 0% 0% 0% - 25% - 50% 0% 100% - - 0% 24%

Finland 1 13 0% 0% 0% 0% 0% - 0% - 0% - 0% 0% 0%

France 14 307 4% 77% 6% 100% 41% 17% 4% 18% 86% - - 14% 33%

Germany 11 106 0% 100% 0% 6% 17% 0% 0% 0% 50% - - 0% 13%

Ireland 1 26 0% 0% - - 10% 33% 50% 0% 100% - - 25% 23%

Italy 3 29 0% 40% 0% - 50% 25% 33% 0% - - - - 24%

Netherlands 8 108 0% 40% 0% 0% 5% 36% 8% 0% 0% - - - 10%

Norway 2 31 0% 0% - - 8% 0% 0% 0% 0% - - 0% 3%

Spain 2 33 0% 73% 0% 0% 33% 0% 100% - 100% - - 0% 36%

Sweden 4 89 0% 64% 0% 0% 33% - 50% 0% 0% - - 0% 22%

United Kingdom 16 325 0% 86% 0% - 16% 4% 50% 0% 21% 0% - 56% 26%

Switzerland 5 123 0% 75% 0% 20% 9% 0% 0% 0% 40% - - 0% 18%

Total 68 1207 1% 69% 1% 8% 19% 14% 22% 10% 34% 0% 0% 18% 23%

1.3 Anteil abgelehnter Anträge nach Themenkategorie und Land (in Klammern Anzahl Anträge):

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2. Ethos Stimmempfehlungen: Übersicht

Unternehmen Land Datum Typ Jahresbericht Vergütungen Dividende Entlastung der Organe VR-Wahlen Kapitalerhöhung Kapitalreduktion Statutenänderungen Revisionsstelle Fusionen / Akquisitionen und Verlagerungen Aktionärsanträge Andere Themen

3i UK 29.06.2017 AGM ^- ^- ^- ^-

ABB CH 13.04.2017 AGM ^- ^- ^-

Aggreko UK 27.04.2017 AGM ^- ^- ^- ^-

Akzo Nobel NL 25.04.2017 AGM ^- ^- ^- ^- ^- ^- ^-

Allianz Group DE 03.05.2017 AGM ^- ^- ^- ^- ^- ^- ^- ^-

Assicurazioni Generali IT 27.04.2017 AGM ^- ^- ^- ^- ^-

Atlas Copco SE 26.04.2017 AGM ^- ^- ^- ^-

AXA FR 26.04.2017 AGM ^- ^- ^- ^- ^-

Banco Santander ES 07.04.2017 AGM ^- ^- ^- ^- ^-

Bank of Ireland IE 28.04.2017 AGM ^- ^- ^- ^-

BASF DE 12.05.2017 AGM ^- ^- ^- ^- ^- ^-

Beiersdorf DE 20.04.2017 AGM ^- ^- ^- ^- ^- ^- ^-

BIC FR 10.05.2017 AGM ^- ^- ^- ^-

Capgemini FR 10.05.2017 AGM ^- ^- ^- ^-

Christian Dior FR 13.04.2017 AGM ^- ^- ^- ^- ^- ^-

Commerzbank DE 03.05.2017 AGM ^- ^- ^- ^- ^- ^- ^-

Compass Group UK 07.06.2017 EGM ^- ^- ^- ^- ^- ^- ^- ^- ^-

Continental DE 28.04.2017 AGM ^- ^- ^- ^- ^- ^- ^- ^-

Croda International UK 26.04.2017 AGM ^- ^- ^- ^-

Danone FR 27.04.2017 AGM ^- ^- ^- ^- ^-

Deutsche Post DE 28.04.2017 AGM ^- ^- ^- ^- ^- ^- ^-

Direct Line Insurance Group UK 11.05.2017 AGM ^- ^- ^- ^-

DnB NO 25.04.2017 AGM ^- ^- ^- ^- ^- ^-

Gemalto FR 18.05.2017 AGM ^- ^- ^- ^-

Hannover Re DE 10.05.2017 AGM ^- ^- ^- ^- ^- ^- ^- ^- ^- ^-

Henkel DE 06.04.2017 AGM ^- ^- ^- ^- ^- ^- ^-

Hugo Boss DE 23.05.2017 AGM ^- ^- ^- ^- ^- ^- ^- ^- ^-

ING Groep NL 08.05.2017 AGM ^- ^- ^- ^- ^-

ITV UK 10.05.2017 AGM ^- ^- ^- ^-

Kering FR 27.04.2017 AGM ^- ^- ^- ^- ^-

Kingfisher UK 13.06.2017 AGM ^- ^- ^-

Koninklijke Boskalis Westminster NL 10.05.2017 AGM ^- ^- ^- ^- ^- ^- ^- ^-

Koninklijke Vopak NL 19.04.2017 AGM ^- ^- ^- ^- ^-

Kühne + Nagel CH 09.05.2017 AGM ^- ^- ^- ^- ^-

L'Oréal FR 20.04.2017 AGM ^- ^- ^- ^-

Michelin FR 19.05.2017 AGM ^- ^- ^- ^- ^- ^-

Mondi UK 11.05.2017 AGM ^- ^- ^- ^-

Munich Re DE 26.04.2017 AGM ^- ^- ^- ^- ^-

Nestlé CH 06.04.2017 AGM ^- ^- ^- ^- ^-

Next UK 18.05.2017 AGM ^- ^- ^- ^-

NN Group NL 01.06.2017 AGM ^- ^- ^- ^-

Dafür Dagegen E Enthaltungen

- Keine Abstimmung

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Unternehmen Land Datum Typ Jahresbericht Vergütungen Dividende Entlastung der Organe VR-Wahlen Kapitalerhöhung Kapitalreduktion Statutenänderungen Revisionsstelle Fusionen / Akquisitionen und Verlagerungen Aktionärsanträge Andere Themen Dafür

Dagegen E Enthaltungen

- Keine Abstimmung

Orkla NO 20.04.2017 AGM ^- ^- ^- ^-

Persimmon UK 27.04.2017 AGM ^- ^- ^- ^- ^-

Publicis Groupe FR 31.05.2017 AGM ^- ^- ^-

Reckitt Benckiser UK 04.05.2017 AGM ^- ^- ^- ^-

Reckitt Benckiser UK 31.05.2017 EGM ^- ^- ^- ^- ^- ^- ^- ^- ^- ^- ^-

RELX NV NL 19.04.2017 AGM ^- ^- ^- ^-

RELX PLC UK 20.04.2017 AGM ^- ^- ^- ^-

Sampo FI 27.04.2017 AGM ^- ^- ^-

Sanofi FR 10.05.2017 AGM ^- ^- ^-

SAP DE 10.05.2017 AGM ^- ^- ^- ^- ^- ^- ^- ^- ^-

Schneider Electric FR 25.04.2017 AGM ^- ^- ^- ^-

Scor FR 27.04.2017 AGM ^- ^- ^- ^-

Skanska SE 04.04.2017 AGM ^- ^- ^- ^-

Snam S.p.A. IT 11.04.2017 AGM ^- ^- ^- ^- ^- ^- ^- ^-

Svenska Cellulosa (SCA) SE 05.04.2017 AGM ^- ^- ^-

Svenska Cellulosa (SCA) SE 17.05.2017 EGM ^- ^- ^- ^- ^- ^- ^- ^- ^-

Swiss Re CH 21.04.2017 AGM ^- ^-

Swisscom CH 03.04.2017 AGM ^- ^- ^- ^- ^-

Taylor Wimpey UK 27.04.2017 AGM ^- ^- ^- ^-

UniCredit IT 20.04.2017 AGM ^- ^- ^- ^- ^- ^- ^- ^-

Unilever N.V. NL 26.04.2017 AGM ^- ^- ^- ^- ^-

Unilever PLC UK 27.04.2017 AGM ^- ^- ^- ^- ^-

Vestas Wind Systems DK 06.04.2017 AGM ^- ^E ^- ^E ^- ^-

Vinci FR 20.04.2017 AGM ^- ^- ^- ^- ^-

Wolters Kluwer NL 20.04.2017 AGM ^- ^- ^- ^- ^- ^-

WPP UK 07.06.2017 AGM ^- ^- ^- ^-

Zardoya Otis ES 24.05.2017 AGM ^- ^- ^- ^- ^-

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3. Stimmberichte pro Unternehmen

3i (AGM) 29.06.2017

Item Item title

Board position

Ethos position 1 To approve the financial statements

and the annual report

FOR FOR

2 An advisory vote on the remuneration report

FOR OPPOSE Excessive variable remuneration.

3 Approve the remuneration policy FOR OPPOSE Potentially excessive awards.

4 To declare a dividend FOR FOR

5 To re-elect as a director, J Asquith FOR FOR 6 To re-elect as a director, C Banszky FOR FOR 7 To re-elect as a director, S Borrows FOR FOR 8 To re-elect as a director, S Daintith FOR FOR 9 To re-elect as a director, P Grosch FOR FOR 10 To re-elect as a director, D Hutchison FOR FOR

11 To re-elect as a director, S Thompson FOR OPPOSE Chairman of the nomination committee and the board only has 25% women.

12 To re-elect as a director, J Wilson FOR FOR 13 To reappoint Ernst & Young LLP as

auditor of the company

FOR OPPOSE Non-audit fees exceed 50% of the audit fees on a three-year

aggregate basis and the auditor's long tenure raises independence concerns.

14 To authorise the directors to determine the remuneration of the auditors

FOR OPPOSE Non-audit fees exceed our

guidelines.

15 To approve political donations FOR FOR

16 To increase the maximum aggregate limit on directors' fees payable

FOR OPPOSE Significant increase in directors fees and no justification provided by the company.

17 To approve a general authority to the directors to issue shares

FOR FOR

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18 To approve a general authority to the directors to dis-apply pre-emption rights on the issue of shares for cash

FOR FOR

19 To approve a specific authority to the directors to dis-apply pre-emption rights on the issue of shares for cash

FOR FOR

20 To allow the Company to make market purchases of its own shares

FOR FOR

21 To approve that the notice period for ordinary general meetings, other than AGMs, shall be 14 days

FOR OPPOSE 14-days is insufficient for shareholders to vote in an informed manner.

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ABB (AGM) 13.04.2017

Item Item title

Board position

Ethos position 1 Approve annual report, financial

statements and accounts

FOR FOR

2 Advisory vote on the remuneration report

FOR OPPOSE The structure of the remuneration is not in line with Ethos'

guidelines.

3 Discharge board members and executive management

FOR OPPOSE On 22 February 2017, ABB

announced that it has uncovered a fraud in a South Korean subsidiary which allowed an employee of the company to steal USD 103 million.

This fraud highlights material weaknesses in ABB's internal controls as confirmed by the 2016 auditors' report. ABB launched an investigation in cooperation with South Korean authorities and Interpol. At this stage, Ethos considers it is too early to grant the discharge.

4 Approve allocation of income and dividend

FOR FOR

5 Reduce share capital via cancellation of shares

FOR FOR

6 Approve renewal of authorised capital FOR FOR

7.1 Binding prospective vote on the total remuneration of the board of directors

FOR FOR

7.2 Binding prospective vote on the total remuneration of the executive management

FOR OPPOSE The information provided is insufficient.

The maximum amount that can be effectively paid out in case of overachievement of targets is significantly higher than the amount requested at the general meeting.

The remuneration structure is not in line with Ethos' guidelines.

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8 Elections to the board of directors -

8.1 Re-elect Dr. Matti Alahuhta FOR FOR

8.2 Re-elect Mr. David E. Constable FOR FOR

8.3 Re-elect Mr. Frederico F. Curado FOR OPPOSE He was CEO of Embraer from 2007 to 2016, when serious bribery cases occurred. While Mr.

Curado has not yet been accused of any wrongdoing in legal proceedings, several class actions are still pending.

8.4 Elect Mr. Lars Förberg FOR FOR

8.5 Re-elect Mr. Louis R. Hughes FOR OPPOSE He is the chairman of the audit committee and the company is facing serious problems related to the internal control system.

8.6 Re-elect Mr. David Meline FOR FOR

8.7 Re-elect Mr. Satish Pai FOR FOR

8.8 Re-elect Mr. Jacob Wallenberg FOR FOR

8.9 Re-elect Ms. Ying Yeh FOR FOR

8.10 Re-elect Mr. Peter R. Voser as board member and chairman of the board

FOR FOR

9 Elections to the remuneration committee

-

9.1 Re-elect Mr. David E. Constable to the remuneration committee

FOR FOR

9.2 Re-elect Mr. Frederico F. Curado to the remuneration committee

FOR OPPOSE As Ethos did not support the election of Mr. Curado to the board of directors, he cannot be elected to the committee.

9.3 Re-elect Ms. Ying Yeh to the remuneration committee

FOR FOR

10 Election of the independent proxy FOR FOR

11 Election of the auditors FOR FOR

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Aggreko (AGM) 27.04.2017

Item Item title

Board position

FOR FOR

FOR OPPOSE Excessive variable remuneration.

3 Approve the remuneration policy FOR OPPOSE Concerns over introduction of long- term awards that include no forward-looking performance conditions other than continued employment only.

5 To elect as a director, Barbara Jeremiah

FOR FOR

6 To elect as a director, Miles Roberts FOR FOR

7 To re-elect as a director, Ken Hanna FOR FOR

8 To re-elect as a director, Chris Weston FOR FOR

9 To re-elect as a director, Carole Cran FOR FOR

10 To re-elect as a director, Nicola Brewer

FOR FOR

11 To re-elect as a director, Russell King FOR FOR

12 To re-elect as a director, Uwe Krueger FOR OPPOSE Concerns over her aggregate time commitments.

13 To re-elect as a director, Diana Layfeld FOR FOR

14 To re-elect as a director, Ian Marchant FOR FOR

15 To reappoint KPMG LLP as auditor of the company

FOR FOR

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18 To adopt the 2017 Restricted Share Plan

FOR OPPOSE Accelerated vesting in case of a change in control and no performance conditions attached.

19 To adopt the UK Sharesave Plan 2017 FOR FOR

FOR FOR

FOR OPPOSE The executive variable

remuneration depends on "per share" indicators, which are artificially positively impacted by the proposed share repurchase programme.

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Akzo Nobel (AGM) 25.04.2017

Item Item title

Board position

Ethos position

1 Opening NON-VOTING NON-VOTING

2 Report of the Board of Management for the financial year 2016

NON-VOTING NON-VOTING

3a Discussion on the implementation of the remuneration policy

3b Adoption of the 2016 Financial Statements of the Company

FOR FOR

3c Discussion on the dividend policy NON-VOTING NON-VOTING 3d Profit allocation and adoption of the

dividend proposal

FOR FOR

4a Discharge from liability of members of the Board of Management in office in 2016 for the performance of their duties in 2016

FOR FOR

4b Discharge from liability of members of the Supervisory Board in office in 2016 for the performance of their duties in 2016

FOR FOR

5a Authorization for the Board of Management to issue shares

FOR FOR

5b Authorization for the Board of

Management to restrict or exclude the pre-emptive rights of shareholders

FOR OPPOSE Authorisation to increase capital (without pre-emptive rights) for potential mergers or acquisitions exceeding guidelines.

6 Authorization for the Board of Management to acquire common shares in the share capital of the Company on behalf of the Company

FOR FOR

7 Proposal to reduce the issued share capital by cancelling common shares in the share capital of the Company

FOR FOR

8 Any other business and closing NON-VOTING NON-VOTING

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Allianz Group (AGM) 03.05.2017

Item Item title

Board position

Ethos position

1 Receive the Annual Report NON-VOTING NON-VOTING

2 Approve the Dividend FOR FOR

3 Approve Discharge of Management Board

FOR FOR

4 Approve Discharge of Supervisory Board

FOR FOR

5 Approve an inter-company agreement FOR FOR

6a Elections to the Supervisory Board: Dr.

Helmut Perlet

FOR FOR

6b Elections to the Supervisory Board:

Michael Diekmann

FOR OPPOSE Concerns over his aggregate time commitments.

6c Elections to the Supervisory Board:

Sophie Boissard

FOR OPPOSE Concerns over her aggregate time commitments.

6d Elections to the Supervisory Board:

Christine Bosse

FOR FOR

6e Elections to the Supervisory Board: Dr.

Friedrich Eichiner

FOR FOR

6f Elections to the Supervisory Board:

Herbert Hainer

FOR FOR

6g Elections to the Supervisory Board:

Jim Hagemann Snabe

FOR FOR

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Assicurazioni Generali (AGM) 27.04.2017

Item Item title

Board position

Ethos position 1 Approval of the Financial Statements

as at 31 December 2016

FOR FOR

2 Allocation of profits of the year 2016 and distribution of dividends

FOR FOR

3 Appointment of the Board of Statutory Auditors

3.1 Slate of nominees submitted by Mediobanca SpA

WITHHOLD FOR The proposed slate is considered independent.

3.2 Slate of nominees submitted by a group of institutional investors

WITHHOLD WITHHOLD

4 Determination of fees for the members of the Board of Statutory Auditors

FOR FOR

5 Remuneration policy FOR OPPOSE Excessive variable remuneration

(650% of base salary).

6 Adoption of Long-Term Incentive Plan 2017

FOR FOR

7 Authorization for the purchase and disposal of own shares for the purposes of incentive plans

FOR FOR

8 (EGM) Authorization to increase the share capital for the purpose of LTIP 2017

FOR FOR

9 Adoption of the special share plan for the Group CEO

FOR OPPOSE Excessive remuneration.

10 Authorization for the purchase and disposal of own shares for the purposes of the special share plan for the Group CEO

FOR OPPOSE Related to ITEM 9 that we

oppose.

11 (EGM) Authorization to increase the share capital for the purpose of the special share plan for the Group CEO

FOR OPPOSE Related to ITEM 9 that we

oppose.

12 (EGM) Amendment of Art. 7.2 of the Bylaws on the keeping of company books

FOR FOR

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13 (EGM) Amendment of Art. 9 of the Bylaws on the update of Equity items for the Life section and the Non-Life section

FOR FOR

14 (EGM) Amendment of Art. 28.2 of the Bylaws on the effects of the loss of the Directors' independence requirements

FOR FOR

15 (EGM) Amendment of Art. 32.2 of the Bylaws on the approval of the periodic financial information

FOR FOR

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Atlas Copco (AGM) 26.04.2017

Item Item title

Board position

Ethos position 1. Opening of the Meeting and election

of Chairman

FOR FOR

2. Preparation and approval of the voting register

FOR FOR

3. Approval of the agenda FOR FOR

4. Election of persons to verify the minutes of the Meeting

FOR FOR

5. Determination whether the Meeting has been duly convened

FOR FOR

6. Presentation of the (consolidated) annual report and the (consolidated) auditor’s report

7. Address by the CEO NON-VOTING NON-VOTING

8a. Adoption of the financial statements FOR FOR

8b. Resolution on the discharge of the members of the Board of Directors and the CEO from liability

FOR FOR

8c. Approve allocation of income and dividend

FOR FOR

8d. Decision on the record date for receiving dividend

FOR FOR

9a. Resolution on the number of shareholder-elected members of the Board of Directors

FOR FOR

9b. Resolution on the number of auditors FOR FOR

10a. Election of the Board of Directors FOR OPPOSE The board is not sufficiently independent in our view and the proposed slate would not improve the level of independence.

10b. Election of the Chairman of the Board of Directors

FOR OPPOSE Concerns over his aggregate time commitments.

10c. Election of the auditors FOR FOR

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11a. Approve Directors' Fees FOR OPPOSE Non-executives receive synthetic shares that we consider a speculative and volatile instrument of remuneration.

11b. Approve Auditors' Fees FOR FOR

12a. Approve executive remuneration guidelines

FOR OPPOSE Specific performance targets and criteria are not fully disclosed, preventing shareholders from assessing the link between performance and pay.

12b. Approve LT incentive plan FOR OPPOSE We do not consider the

performance period for the long- term incentive plan to be long enough.

13a. Authorisation to repurchase own shares in connection with the 2017 LT incentive plan

FOR OPPOSE Related to article 12b, which we do not support.

13b. Authorisation to repurchase own shares in connection with the compensation of the Board of Directors in the form of synthetic shares

13c. Authorisation to transfer shares in connection with the 2017 LT incentive plan

13d. Authorisation to sell shares to cover costs related to the grant of synthetic shares to members of the Board of Directors

FOR OPPOSE Related to ITEM 11(a) which we do not support.

13e. Authorisation to sell shares to cover costs in connection with earlier approved incentive plans

FOR FOR

14. Closing of the meeting NON-VOTING NON-VOTING

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AXA (AGM) 26.04.2017

Item Item title

Board position

Ethos position 1 To approve the parent company's

financial statements

FOR FOR

2 To approve the consolidated accounts FOR FOR

3 To approve the allocation of income and the dividend payment

FOR FOR

4 Advisory "Say on Pay" vote on the individual remuneration of Henri de Castries, Chairman-CEO to August 31st, 2016

FOR OPPOSE Concerns over the pension

allowance which exceeds guidelines.

5 Advisory "Say on Pay" vote on the individual remuneration of Denis Duverne, Deputy CEO to August 31st, 2016

6 Advisory "Say on Pay" vote on the individual remuneration of Denis Duverne, Chairman of the Board from the 1st of September, 2016

7 Advisory "Say on Pay" vote on the individual remuneration of Thomas Buberl, CEO from the 1st of September, 2016

FOR OPPOSE Excessive base salary and the link between pay and performance is not demonstrated.

8 To approve the remuneration policy for the Chairman of the Board

9 To approve the remuneration policy for the CEO

FOR OPPOSE Excessive base salary and shares can be granted even in case of poor performance.

10 Statement of related-party

agreements reported in the Statutory Auditor’s Special Report on Regulated Agreements and Commitments with Related Parties

FOR FOR

11 Statement of related-party agreements, related to Thomas Buberl's social security, reported in the Statutory Auditor’s Special Report on Regulated Agreements and Commitments with Related Parties

FOR OPPOSE Details of the new CEO's social benefits are not disclosed.

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12 To approve severance agreement referred to in the Statutory Auditor's Special Report and granted to Thomas Buberl

FOR OPPOSE Concerns over the severance payments which are considered excessive.

Board main features -

13 Re-election of Deanna Oppenheimer as a Director for 4 years

FOR FOR

14 Re-election of Ramon de Oliveira as a Director for 4 years

FOR FOR

15 To ratify the co-optation of Thomas Buberl as a Director for 1 year

FOR FOR

16 To ratify the co-optation of André François-Poncet as a Director for 1 year

FOR FOR

17 To approve a treasury share buy-back and disposal programme

FOR FOR

18 To authorise capital increases by transfer of reserves

FOR FOR

19 To authorise the Board to issue shares or other securities giving access to shares with pre-emptive rights

FOR FOR

20 Global allowance to issue capital related securities without pre-emptive rights by public issuance

FOR FOR

21 Global allowance to issue capital related securities without pre-emptive rights through private placement

FOR FOR

22 To depart from the legal rules defining the maximum discount for capital increase without pre-emptive rights

FOR FOR

23 To approve issues of shares or other capital related securities as a payment for any public exchange offer

FOR FOR

24 Delegation to issue shares and capital securities as consideration for contributions in kind made to the company

FOR FOR

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25 To approve issuance of securities by subsidiaries offering access to the parent company's capital

FOR FOR

26 To approve issuance by subsidiaries of securities offering access to the company's capital stock with pre- emptive rights

FOR FOR

27 To authorise capital increases related to an all-employee share ownership plan

FOR FOR

28 To authorise capital increases related to an employee of foreign subsidiaries share ownership plan

FOR FOR

29 To authorise allocation of options (new or existing shares)

FOR FOR

30 To authorise a potential reduction in the company's share capital

FOR FOR

31 Delegation of powers for the completion of formalities

FOR FOR

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Banco Santander (AGM) 07.04.2017

Item Item title

Board position

Ethos position 1.A Approval of the annual accounts of

Banco Santander SA and its consolidated Group with respect to the Financial Year ended 31 December 2016

FOR FOR

1.B Approval of the corporate

management for Financial Year 2016

FOR FOR

2 Application of results obtained during Financial Year 2016

FOR FOR

3.A Ratification of appointment of Ms.

Homaira Akbari as independent Director

FOR FOR

3.B Re-election of Mr. José Antonio Álvarez Álvarez as executive Director

FOR FOR

3.C Re-election of Ms. Belén Romana García as independent Director

FOR FOR

3.D Re-election of Ms. Ana Patricia Botín- Sanz de Sautuola y O’Shea as executive Director

FOR OPPOSE Executive chairman on a board that has too many executives and non-independent members.

3.E Re-election of Mr. Rodrigo Echenique Gordillo as executive Director

FOR OPPOSE Executive director on a board that has too many executives and non- independent members.

3.F Re-election of Ms. Esther Giménez- Salinas i Colomer as independent Director

FOR FOR

4 Delegation to the Board of Directors of the power to decide all terms and conditions of a share capital increase of up to maximum € 500 million

FOR FOR

5 Authorisation to increase the share capital by up to 50% of the share capital, conferring authority to exclude pre-emptive rights in connection with no more than 20% of the Bank's share capital

FOR FOR

6 Share capital increase with a charge to reserves under the "Santander Scrip Dividend" program

FOR FOR

(23)

7 Delegation to the Board of the power to issue fixed-income securities, preferred interests or debt

instruments that are not convertible into shares

FOR FOR

8 Binding vote on Directors' remuneration policy

FOR OPPOSE Concerns over the excesssive remuneration and pension allowance which exceeds guidelines.

9 Approval of the maximum amount of total annual remuneration of Directors in their capacity as such

FOR OPPOSE Egregious remuneration without justification provided by the company.

10 Approval of the maximum ratio between fixed and variable

components of the remuneration of executive directors and other employees

FOR OPPOSE Awards will be excessive due to egregious base salary on which the maximum variable

remuneration (200% of base salary) is based.

11.A Approval of the delivery of shares under the Deferred Multiyear Objectives Variable Remuneration Plan

FOR FOR

11.B Approval of the delivery of shares under the Deferred and Conditional Variable Remuneration Plan

FOR FOR

11.C Application of Santander Group's buy- out policy

FOR OPPOSE Concerns over the absence of a cap on variable pay.

11.D Plan for employees of Santander UK plc and other companies of the Group in the United Kingdom by means of options on shares of the Bank

FOR FOR

13 Advisory vote on the Annual Report on Directors' remuneration

FOR OPPOSE Excessive remuneration and

concerns over the pension allowance which exceeds guidelines.

23

(24)

Bank of Ireland (AGM) 28.04.2017

Item Item title

Board position

FOR FOR

3a To re-elect as a director, Kent Atkinson

FOR FOR

3b To re-elect as a director, Richie Boucher

FOR FOR

3c To re-elect as a director, Pat Butler FOR FOR 3d To re-elect as a director, Patrick Haren FOR FOR

3e To re-elect as a director, Archie Kane FOR OPPOSE Chairman of the nomination committee and the board only has 18% women.

3f To re-elect as a director, Andrew Keating

FOR FOR

3g To re-elect as a director, Patrick Kennedy

FOR FOR

3h To re-elect as a director, Davida Marston

FOR FOR

3i To re-elect as a director, Fiona Muldoon

FOR FOR

3j To re-elect as a director, Patrick Mulvihill

FOR FOR

4 To authorise the directors to

determine the auditor's remuneration

aggregate basis, which raises concerns over the auditor's independence, and the shareholders cannot vote separately on the re-election of the auditor.

FOR OPPOSE The proposed share repurchase is inconsistent with the company's financial situation.

(25)

6 To approve that the issue price be set at a discount to the closing middle market price on the last day prior to the announcement of the capital raising

FOR FOR

10 To approve a general authority to the directors to issue contingent equity conversion notes, and Ordinary Stock on the conversion of such notes

FOR OPPOSE Excessive potential dilution.

11 To approve an authority to the directors to dis-apply pre-emption rights on the issue of contingent equity conversion notes, and Ordinary Stock on the conversion of such notes

EGM 1 To approve a Scheme of Arrangement and to approve certain legal

requirements for the purpose of giving effect to the Scheme

FOR FOR

EGM 2 To approve the reduction of the issued capital stock

FOR FOR

EGM 3 To approve an authority to the

directors to issue shares and apply the reserves of the Company to pay up the shares

FOR FOR

EGM 4 To approve the amendment to the By- laws

FOR FOR

EGM 5 To approve an advisory vote in relation to the creation of distributable reserves in BOIG plc

FOR FOR

25

(26)

BASF (AGM) 12.05.2017

Item Item title

Board position

Ethos position

FOR FOR

5 Appoint the Auditors FOR FOR

6 Authorise Share Repurchase FOR FOR

7 Authorisation to issue convertible bonds and bonds with warrants and creation of new Conditional Capital 2017 as well as related amendments to the Articles of Association

FOR FOR

8 Amend Articles: Remuneration of the Supervisory Board

FOR OPPOSE Significant increase in directors fees and no justification provided by the company.

(27)

Beiersdorf (AGM) 20.04.2017

Item Item title

Board position

Ethos position

FOR FOR

5 Appoint the Auditors FOR FOR

6a Elections to the Supervisory Board:

Hong Chow

FOR FOR

6b Elections to the Supervisory Board:

Beatrice Dreyfus (substitute member)

FOR FOR

7 Approve Remuneration System of the Management Board members

FOR OPPOSE The potential variable remuneration (780% of base salary) largely exceeds our guidelines.

27

(28)

BIC (AGM) 10.05.2017

Item Item title

Board position

FOR FOR

2 To approve the consolidated financial statements

FOR FOR

4 To approve Directors' fees FOR FOR

5 Authorisation to repurchase shares FOR OPPOSE The authorisation allows for share repurchase during a period of public offer and can potentially be used as an anti-takeover device.

6 Approval to Re-elect François Bich as a director

FOR OPPOSE Non independent director

(representative of the controlling family shareholder). The number of important shareholder representatives on the board is sufficient and the board lacks independence.

7 Approval to Re-elect Marie-Pauline Chandon-Moët as a director

(representative of the controlling family shareholder). The number of important shareholder representatives on the board is sufficient and the board lacks independence.

8 Approval to elect Candace Matthews as a director

FOR FOR

9 To re-elect Deloitte & Associés as auditor for 6 years

FOR OPPOSE The auditor's long tenure raises independence concerns.

10 To re-elect the company BEAS as alternate auditor for a period of 6 years

FOR OPPOSE The appointment of an associate or partner of the main auditing firm as substitute auditor is not in line with the legal objective to provide protection to shareholders and to the company.

(29)

11 To re-elect Grant Thornton as auditor for 6 years

aggregate basis, which raises concerns over the auditor's independence.

12 To re-elect the company IGEC as alternate auditor for a period of 6 years

FOR OPPOSE The appointment of an associate or partner of the main auditing firm as substitute auditor is not in line with the legal objective to provide protection to shareholders and to the company.

13 Advisory "Say on Pay" vote on the 2016 individual remuneration of Bruno Bich, Chairman of the Board, and then Chairman of the Board and CEO

14 Advisory "Say on Pay" vote on the 2016 individual remuneration of Mario Guevara, CEO

allowance which significantly exceeds guidelines.

15 Advisory "Say on Pay" vote on the 2016 individual remuneration of François Bich, Deputy CEO

16 Advisory "Say on Pay" vote on the 2016 individual remuneration of Gonzalve Bich, Deputy CEO

17 Advisory "Say on Pay" vote on the 2016 individual remuneration of James DiPietro, Deputy CEO

allowance which significantly exceeds guidelines.

18 Advisory "Say on Pay" vote on the 2016 individual remuneration of Marie- Aimée Bich-Dufour, Deputy CEO

19 To approve the 2017 remuneration policy of Chairman, CEO and Deputy CEOs.

FOR FOR

21 To insert article 10 bis in the Bylaws regarding Employees' representatives at the Board

FOR FOR

29

(30)

Capgemini (AGM) 10.05.2017

Item Item title

Board position

FOR FOR

3 Approval of related-party agreements reported in the Statutory Auditor’s Special Report on Regulated Agreements and Commitments with Related Parties

FOR FOR

5 Approval of the remuneration policy of Paul Hermelin, Chairman CEO, for fiscal year 2017

FOR OPPOSE Targets are not sufficiently challenging in our view and awards are potentially excessive.

6 Advisory "Say on Pay" vote on the individual remuneration of Paul Hermelin for fiscal year 2016

FOR OPPOSE Excessive remuneration and some concerns over pension

entitlements.

7 Election of Patrick Pouyanné as a Director for a 4 year term

FOR FOR

8 Re-election of Daniel Bernard as a Director for a 4 year term

FOR OPPOSE Non independent director (board membership exceeding time limit for independence). The board is not sufficiently independent.

9 Re-election of Anne Bouverot as a Director for a 4 year term

FOR FOR

10 Re-election of Pierre Pringuet as a Director for a 4 year term

(business connections with the company). The board is not sufficiently independent.

11 Approval of a treasury share buy-back and disposal programme

FOR FOR

12 Approval to change the company's name

FOR FOR

(31)

13 Approval of the conversion of the corporate form of the Company through adoption of the European company statute

FOR OPPOSE Concerns over the change of the legal form of the company to a European company (Societas Europaea, SE) where the shareholders rights are less stringent.

14 Adoption of company bylaws relating from the change in legal structure

FOR OPPOSE Concerns over the change of the legal form of the company to a European company (Societas Europaea, SE) where the shareholders rights are less stringent.

15 Amendment of Article 10 of the company bylaws modifying compulsory threshold declarations

FOR FOR

16 Authority to issue restricted shares for employees and executive directors

FOR OPPOSE Awards are potentially excessive.

17 Authority to increase capital related to an all-employee share ownership plan

FOR FOR

18 Authority to increase capital related to an all-employee share ownership plan for employees of overseas

subsidiaries

FOR FOR

31

(32)

Christian Dior (AGM) 13.04.2017

Item Item title

Board position

FOR FOR

3 Approval of related-party agreements reported in the Statutory Auditor’s Special Report on Regulated Agreements and Commitments with Related Parties

FOR OPPOSE Concerns over one or more

related party agreements that are not in the interests of

shareholders.

FOR FOR

5 Re-election of Bernard Arnault as a director for a 3 years term of Bernard Arnault as a Managing Director

FOR OPPOSE Non-independent director

(significant link to an important shareholder). The independence of the board is not sufficient.

6 Re-election of Sidney Toledano as a director for a 3 years term of Sidney Toledano as a Managing Director

FOR FOR

7 Election of Luisa Loro Piana as a director for a 3 years term of Maria Luisa Loro Piana as a Director

FOR OPPOSE Executive director. The board is not sufficiently independent.

8 Election of Pierre Godé as censor for a 3 years term

FOR OPPOSE Election of non-voting directors is not in shareholders' interests as they can be used to circumvent limitations on multi-directorships or on a maximum number of directors.

9 Advisory "Say on Pay" vote on the individual remuneration of Bernard Arnault, Chairman of the Board of Directors

FOR OPPOSE Excessive remuneration and

specific performance targets and criteria are not fully disclosed, preventing shareholders from assessing the link between performance and pay.

(33)

10 Advisory "Say on Pay" vote on the individual remuneration of Sidney Toledano, CEO

FOR OPPOSE Specific performance targets and criteria are not fully disclosed, preventing shareholders from assessing the link between performance and pay and we do not consider the performance period to be long enough.

11 Approval of the remuneration policy of Executives Directors for fiscal year 2017

FOR OPPOSE Specific performance targets and criteria are not fully disclosed, preventing shareholders from assessing the link between performance and pay.

12 Modification of Articles 4, 17 and 21 of the company's bylaws regarding the headquarters general meetings and extraordinary meetings

FOR OPPOSE Multiple voting rights are not in the best interest of shareholders, as they create a disproportionate control of one group of

shareholders regardless of their participation in the company's equity.

13 Amendment of the company's bylaws in order to conform to changes in the law

FOR FOR

33

(34)

Commerzbank (AGM) 03.05.2017

Item Item title

Board position

Ethos position

2 Approve the use of any distributable profits

FOR FOR

5 Appoint the Auditors FOR OPPOSE Non-audit fees exceed the audit

fees for the year under review and 50% of the audit fees on a three- year aggregate basis, which raises concerns over the auditor's independence.

6 Appoint the Auditors for the audit review of the interim financial report for the first quarter of the financial year 2018

FOR FOR

7 Appoint the Auditors for the audit review of the interim financial report for further interim reports of the financial year 2018

FOR FOR

8a Elections to the Supervisory Board: Dr.

Tobias Guldimann

FOR FOR

8b Elections to the Supervisory Board (substitute member): Dr. Roger Müller

FOR FOR

9 Amend Articles: shortening the period for calling an EGM in exceptional cases

FOR FOR

(35)

Compass Group (EGM) 07.06.2017

Item Item title

Board position

Ethos position 1 To approve the payment of an interim

dividend and sub division of shares pursuant to the admission of new ordinary shares

FOR FOR

35

(36)

Continental (AGM) 28.04.2017

Item Item title

Board position

Ethos position

3.1 Approve Discharge of Management Board member Dr. Degenhart (CEO)

FOR FOR

3.2 Approve Discharge of Management Board member José A. Avila

FOR FOR

3.3 Approve Discharge of Management Board member Dr. Ralf Cramer

FOR FOR

3.4 Approve Discharge of Management Board member Hans-Jürgen Duensing

FOR FOR

3.5 Approve Discharge of Management Board member Frank Jourdan

FOR FOR

3.6 Approve Discharge of Management Board member Helmut Matschi

FOR FOR

3.7 Approve Discharge of Management Board member Dr. Ariane Reinhart

FOR FOR

3.8 Approve Discharge of Management Board member Wolfgang Schäfer

FOR FOR

3.9 Approve Discharge of Management Board member Nikolai Setzer

FOR FOR

4.1 Approve Discharge of Supervisory Board member Prof. Dr.-Ing. Wolfgang Reitzle (Chairman)

FOR FOR

4.2 Approve Discharge of Supervisory Board member Dr. Gunter Dunkel

FOR FOR

4.3 Approve Discharge of Supervisory Board member Hans Fischl

FOR FOR

4.4 Approve Discharge of Supervisory Board member Prof. Dr.-Ing. Peter Gutzmer

FOR OPPOSE Concerns over his attendance rate, which was below 75%

during the year under review.

(37)

4.5 Approve Discharge of Supervisory Board member Peter Hausmann

FOR FOR

4.6 Approve Discharge of Supervisory Board member Michael Iglhaut

FOR FOR

4.7 Approve Discharge of Supervisory Board member Prof. Dr. Klaus Mangold

FOR FOR

4.8 Approve Discharge of Supervisory Board member Hartmut Meine

FOR FOR

4.9 Approve Discharge of Supervisory Board member Sabine Neuß

FOR FOR

4.10 Approve Discharge of Supervisory Board member Prof. Dr. Rolf Nonnenmacher

FOR FOR

4.11 Approve Discharge of Supervisory Board member Dirk Nordmann

FOR FOR

4.12 Approve Discharge of Supervisory Board member Klaus Rosenfeld

FOR FOR

4.13 Approve Discharge of Supervisory Board member Georg F. W. Schaeffler

FOR FOR

4.14 Approve Discharge of Supervisory Board member Maria-Elisabeth Schaeffler-Thumann

FOR OPPOSE Concerns over her attendance rate, which was below 75%

4.15 Approve Discharge of Supervisory Board member Jörg Schönfelder

FOR FOR

4.16 Approve Discharge of Supervisory Board member Stefan Scholz

FOR FOR

4.17 Approve Discharge of Supervisory Board member Kirsten Vörkel

FOR FOR

4.18 Approve Discharge of Supervisory Board member Elke Volkmann

FOR OPPOSE Concerns over her attendance rate, which was below 75%

4.19 Approve Discharge of Supervisory Board member Erwin Wörle

FOR FOR

4.20 Approve Discharge of Supervisory Board member Prof. KR Ing. Siegfried Wolf

FOR FOR

5 Appoint the Auditors FOR OPPOSE The auditor's long tenure raises

independence concerns.

37

(38)

6 Approve Remuneration System of the Management Board members

FOR OPPOSE Awards are potentially excessive.

(39)

Croda International (AGM) 26.04.2017

Item Item title

Board position

FOR FOR

2 Approve the remuneration policy FOR OPPOSE No specific performance targets and criteria are disclosed for the bonus, preventing shareholders from assessing the link between performance and pay.

FOR OPPOSE The potential variable

remuneration largely exceeds our guidelines.

5 To re-elect as a director, A Ferguson FOR FOR

6 To re-elect as a director, S Foots FOR OPPOSE CEO is a member of the nomination committee.

7 To re-elect as a director, A Frew FOR OPPOSE Chairwoman of the nomination committee and the board only has 25% women.

8 To re-elect as a director, H Ganczakowski

FOR FOR

9 To re-elect as a director, K Layden FOR OPPOSE Executive director. The board is not sufficiently independent.

10 To re-elect as a director, J Maiden FOR OPPOSE Executive director. The board is not sufficiently independent.

11 To re-elect as a director, P Turner FOR FOR

12 To re-elect as a director, S Williams FOR OPPOSE Non independent director (provides consultancy services to the company). The board is not sufficiently independent.

13 To reappoint PricewaterhouseCoopers LLP as auditor of the company

FOR OPPOSE The auditor's long tenure (since 1970) raises independence concerns.

FOR FOR

39

(40)

FOR FOR

FOR OPPOSE The executive variable

remuneration depends on "per share" indicators, which are artificially positively impacted by the proposed share repurchase programme.

(41)

Danone (AGM) 27.04.2017

Item Item title

Board position

FOR FOR

4 To approve the dividend reinvestment plan (option for scrip dividend)

FOR FOR

5 Re-election of Gaëlle Olivier as a Director for a 3 year term

FOR FOR

6 Re-election of Isabelle Seillier as a Director for a 3 year term

(representative of an important local financial institution). The board is not sufficiently independent.

7 Re-election of Jean-Michel Severino as a Director for a 3 year term

FOR FOR

8 Re-election of Lionel Zinsou-Derlin as a Director for a 3 year term

FOR FOR

9 Election of Gregg Engles as a Director for a 3 year term

(representative of an important local financial institution). The board is not sufficiently independent.

10 Approval of the related party transaction between the Company and J. P. Morgan

FOR FOR

11 Advisory "Say on Pay" vote on the 2016 individual remuneration of Franck Riboud, Chairman of the Board of Directors

12 Advisory "Say on Pay" vote on the 2016 individual remuneration of Emmanuel Faber, CEO

FOR FOR

13 Approval of the 2017 remuneration policy of the Chairman of the Board of Directors (Franck Riboud)

41

(42)

14 Approval of the 2017 remuneration policy of the CEO (Emmanuel Faber)

FOR FOR

15 To approve a treasury share buy-back and disposal programme

FOR FOR

16 Global allowance to issue capital related securities with pre-emptive rights

FOR FOR

17 Global allowance to issue capital related securities without pre-emptive rights by public issuance

FOR FOR

18 Authority to increase capital in case of oversubscription (Greenshoe)

FOR OPPOSE Additional potential dilution which is not in shareholders' interests.

19 To approve issues of shares or other capital related securities as a payment for any public exchange offer

FOR FOR

20 Delegation to issue shares and capital securities as consideration for contributions in kind

FOR FOR

21 To authorise capital increases through capitalisations

FOR FOR

22 Authority to increase capital related to an Employee Stock Ownership Plan (ESOPs)

FOR FOR

23 Authority to issue restricted shares for employees and/or executive directors

FOR FOR

(43)

Deutsche Post (AGM) 28.04.2017

Item Item title

Board position

Ethos position

FOR FOR

5 Appoint the Auditors FOR OPPOSE The auditor's long tenure raises

independence concerns.

6 Approve the creation of a new Authorised Capital 2017, the

cancellation of the existing Authorised Capital 2013 and related amendments to the Articles of Association

FOR FOR

7 Authorisation to issue convertible bonds and bonds with warrants, cancellation of existing and creation of new Conditional Capital 2017 as well as related amendments to the Articles of Association

FOR FOR

8 Authorise Share Repurchase FOR FOR

9 Authorise Share Repurchase by use of Equity Derivatives

FOR FOR

43

(44)

Direct Line Insurance Group (AGM) 11.05.2017

Item Item title

Board position

FOR FOR

3 Approve the remuneration policy FOR OPPOSE Insufficient disclosure to determine whether the performance targets are sufficiently challenging.

5 To re-elect as a director, Mike Biggs FOR FOR

6 To re-elect as a director, Paul Geddes FOR FOR

7 To elect as a director, Danuta Gray FOR FOR 8 To re-elect as a director, Jane Hanson FOR FOR

9 To elect as a director, Mike Holliday- Williams

FOR FOR

10 To re-elect as a director, Sebastian James

FOR FOR

11 To re-elect as a director, Andrew Palmer

FOR FOR

12 To re-elect as a director, John Reizenstein

FOR FOR

13 To re-elect as a director, Clare Thompson

FOR FOR

14 To re-elect as a director, Richard Ward FOR FOR

15 To reappoint Deloitte LLP as auditor of the company

FOR OPPOSE The auditor's long tenure raises independence concerns.

FOR FOR

(45)

FOR FOR

22 To approve a general authority to the directors to issue shares in relation to an issue of Solvency II Compliant Restricted Tier 1 Capital Instruments

23 To approve a general authority to the directors to dis-apply pre-emption rights on the issue of shares for cash in relation to an issue of Solvency II Compliant Restricted Tier 1 Capital Instruments

45

(46)

DnB (AGM) 25.04.2017

Item Item title

Board position

Ethos position 1. Opening of the Meeting and election

of a person to chair the Meeting

2. Approval of the notice and the agenda FOR FOR

3. Election of (a) person(s) to verify the minutes of the Meeting

FOR FOR

4. Adoption of the financial statements, including the allocation of profit

FOR FOR

5a. Advisory vote on the remuneration guidelines

FOR FOR

5b. Binding vote on remuneration linked to shares or the development of the company's share price

FOR FOR

6. Report on corporate governance FOR FOR

7. Resolution on the remuneration of the auditor

FOR FOR

8. Authorisation to repurchase own shares

FOR FOR

9. Election of the Board of Directors FOR FOR

10. Approve Directors' Fees FOR FOR