First Swiss-listed company seeks shareholder advisory vote on political and charitable spending. This post comes from Arie Gerszt, LLM’10, Corporate Governance Concentration.
On 9 April 2013, Swiss-listed Mobimo Holding AG held its Annual General Meeting. Among standard agenda matters, Mobimo’s board of directors proposed to request two advisory votes from its shareholders on political and charitable spending.
The first vote is on the amounts spent on charitable donations and on political donations for the past business year. The second vote seeks to allow the board of directors to spend up to CHF 100,000 in political and charitable donations in 2013.
The Swiss-based Ethos Foundation, a Swiss voting and proxy advisor, has commended Mobimo for allowing such advisory votes, on the grounds that only very few Swiss-listed companies feature similar transparency on the issue of political and charitable donations. According to Ethos, this is the first time that a Swiss listed company implements such a vote, allowing shareholders to give their opinion on a very sensitive issue.
- Website Ethos: http://www.ethosfund.ch
- Press Release Ethos: http://www.ethosfund.ch/e/news-publications/news.asp?code=278
- Website Mobimo: http://www.mobimo.ch/en/home
— Anastasia Tolu, Corporate Governance site administrator
May 17, 2013