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Only Four Companies Have Approved ‘Green’ Measures In Their General Meetings

In the 2021 representation season, the average quorum of the Ibex 35 companies increased slightly to 71.3% compared to 2020 (70.9%), but remains below 2019 (72.3%) and 2018 (72.2%). as detailed in Georgeson’s 2021 General Meetings report.

This year, out of 31 listed companies analyzed, only four resolutions related to Acción por el Clima have been submitted for approval : Aena, Ferrovial and Iberdrola . While ISS has supported these resolutions, Glass Lewis has issued unfavorable recommendations to the Boards of Ferrovial and Aena.

Among the 33 companies of the Ibex 35 that are part of the Georgeson report , three resolutions proposed by the board of directors of three companies were rejected by the shareholders, at the General Meetings of Acerinox, Amadeus and International Consolidated Airlines Group ( AIG ).

In the case of Acerinox , on April 15, investors rejected the board’s request to issue debt securities up to a total of 600 million euros.

The largest number of resolutions challenged this year is related to remuneration , where 46 resolutions received more than 10% opposition, representing 49% of the total resolutions in this category (compared to 24 resolutions in 2020, with a proportion of 26% of the total resolutions voted) A total of 18 resolutions related to the elections to the board of directors received more than 10% opposition in the vote, which represents 15% of the total (compared to 28 resolutions in 2020 and 26 in 2019, with a ratio of 17% in both cases).

The resolutions with the highest proportion of negative recommendations were the remuneration reports
A total of six proposals related to the issuance of shares received more than 10% of negative votes (nine resolutions less than last year). Likewise, the ratio decreased by 32%, from 37% in 2020 to 25% in the 2021 representation season.

The resolutions that received the highest proportion of negative recommendations from ISS (24%) and Glass Lewis (27%) were compensation reports. The remuneration policy was the The remuneration policy was the resolution with the highest proportion of negative recommendations from Corporance (50%).In the reference period, 27 resolutions proposed by the board of directors of 20 companies were to modify the statutes of the company in order to allow the holding of Shareholders’ Meetings by electronic means.

There were 26 companies that saw how at least one resolution proposed by the management received more than 10% opposition from shareholders , for a total of 75 resolutions (which represents 19% of the total resolutions voted).

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