According to proxy voting specialist Ethos, Novartis is failing its shareholders by not fully complying with the new law.
Under new provisions of the Swiss Code of Obligations, large companies registered in Switzerland must include a vote on the sustainability report at their annual general meetings.
Novartis’ decision to hold an advisory vote rather than a mandatory one, as shown in the company’s agenda this week, is “completely incomprehensible and contrary to the spirit of the law, Novartis’ bylaws and the interests of shareholders,” Vincent said. Kaufmann, CEO of Ethos.