The fund asks for annual elections of board members

We announce our intention to vote in favour of a shareholder proposal that asks for annual election of board members in Kellogg Company.

24 April 2019

We vote on around 45,000 board members every year. The second quarter is peak season for shareholder meetings and accounts for around two-thirds of our voting during the year.

“The board represents the company’s shareholders. For board accountability to be effective, shareholders must be able to participate in frequent election of all members of the board, with our preference being annual elections,” says Chief Corporate Governance Officer Carine Smith Ihenacho.

This position is an important part of our public voting guidelines. We publish voting intentions for selected companies to highlight issues that are of fundamental importance to the fund. We are a large owner, and it is important for us to be predictable when we exercise our ownership.

“Clear positions on good governance ensure predictability and consistency in our voting. As an owner we can influence companies by deciding who sits on the board”, says Ihenacho.

In addition, we also publish our voting intention for Grupo Mexico S.A.B. de C.V. We will vote against the resolution to elect directors since the company has not disclosed the names of the director nominees and bundled the election of its directors into a single voting item. To ensure board accountability, we need to know who the nominees are, evaluate them and vote on each individually.

Voting intention for Kellogg Company

Voting intention for Grupo Mexico S.A.B. de C.V.

Press contacts

Marthe Skaar, Manager of Communications and External Relations
Tel: + 47 926 17 663 / +47 24 07 35 61

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