It is important to reconnect with the companies to explain AP3s standpoint in various corporate governance issues. This is, part of the successfully used dialogue process within the AP Funds Council on Ethics.
AP3 contacted a group of about 50 foreign investees to provide feedback on our reasons for voting against certain AGM resolutions.
- several core governance issues.
- AP3 has opposed proposals that mean that the board of directors consists only of men
- AP3 has voted against the same individual holding the positions of chair and CEO simultaneously
- AP3 voted against mandates for share offerings that were too extensive and against share-based incentive schemes that lacked clear and measurable performance criteria and would lead to unacceptable levels of dilution.
The companies concerned replied either in writing or verbally and our hope is that this dialogue will develop over time and lead to a greater understanding of our position on company managements and boards.
With regard to the Swedish companies there are ongoing dialogues where AP3 makes clear and explain its standpoint in different issues
see AP3 Stewardship Report 2018