For the third year, on July 13, 2012 Etica Sgr voted at each item on the agenda in Dell shareholders’ meeting. It voted in favor of the election of seven directors (out of twelve) and against the other five directors because of the lack of an effective independence. Instead Etica Sgr abstained about the ratification of the appointment of the Independent Auditor, since Dell has proposed to reconfirm for the 2013 financial year PricewaterhouseCoopers, former auditor since 1986. Etica Sgr voted against the remuneration of the Board of Directors member because of the lack of transparency regarding the gap between the remuneration of managers with the average of the employees and the absence of details on the stock option and stock grant’s plans. Finally Etica Sgr abstained about the approval of the long-term incentive plan because the Company didn’t specify how to select the beneficiaries. Moreover, the Company did not offered a comparison with the comparables and it did not disclosed the criteria on which depend the payment of the bonus, the thresholds and the calculation methodology.
Contrary to the previous year, there were no further proposals of minority shareholders.