Report of Foreign Issuer (6-k)
February 22 2017 - 10:04AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT
TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2017
Commission File Number 001-16429
ABB Ltd
(Translation of registrant’s name into English)
P.O. Box 1831,
Affolternstrasse 44, CH-8050, Zurich, Switzerland
(Address of principal executive office)
Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1):
⬜
Note:
Regulation S-T
Rule 101(b)(1) only permits the submission in paper of a Form 6-K if
submitted solely to provide an attached annual report to security holders.
Indication
by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7):
⬜
Note:
Regulation S-T
Rule 101(b)(7) only permits the submission in paper of a
Form 6-K if submitted to furnish a report or other document that the
registrant foreign private issuer must furnish and make public under the laws
of the jurisdiction in which the registrant is incorporated, domiciled or
legally organized (the registrant’s “home country”), or under the rules of
the home country exchange on which the registrant’s securities are traded, as
long as the report or other document is not a press release, is not required to
be and has not been distributed to the registrant’s security holders, and, if
discussing a material event, has already been the subject of a Form 6-K
submission or other Commission filing on EDGAR.
Indicate
by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
If
“Yes” is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-
This
Form 6-K consists of the following:
1.
Press
release issued by ABB Ltd dated February 22, 2017 titled “ABB nominates
new Board member”.
2.
Press
release issued by ABB Ltd dated February 22, 2017 titled “ABB uncovers
criminal activity in South Korean subsidiary”.
2
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Zurich,
Switzerland, February 22, 2017
ABB
nominates new Board member
At the
coming annual general meeting (AGM) on April 13, 2017, all ABB board members
will stand for re-election, except for Robyn Denholm and Michel de Rosen who
have decided to not stand for re-election. Following ABB’s selection process,
the Board of Directors has nominated Lars Förberg, Managing Partner at Cevian
Capital, as new member for election. The shareholders will vote on each person
standing for election to the board at the company’s next AGM.
“We are
pleased to nominate Lars to the Board of Directors of ABB. He brings relevant
long-term experience as board member of industrial companies complementing the
ambitions of our Next Level strategy,” said Peter Voser, Chairman of ABB’s
Board of Directors. “At the same time I would like to thank Robyn for her
valuable contribution over the past year and wish her well for her new
executive position in Australia. We are grateful to Michel for his service and
commitment to the board for more than a decade and his tremendous contribution
in transforming ABB’s compensation system as the chairman of the compensation
committee in the past three years.”
“I look
forward to working with management and the colleagues of the board to enhance
ABB’s long-term competitiveness and value, including through the successful
implementation of ABB’s Next Level strategy” said Lars Förberg.
Lars
Förberg co-founded Cevian Capital in 2002 and serves as its Managing Partner.
Today, Cevian Capital is ABB’s second largest owner. Lars has extensive board
and investment experience across multiple industries and geographies, in particular
with companies managing strategic, operational and organizational change. He
serves as a Member of the Election Committee of AB Volvo. Lars holds a M.Sc.
degree in Economics and Business Administration from the Stockholm School of
Economics, including studies at the University of Michigan.
The
election of ABB’s nominees would bring the number of Board members from 11
today to ten.
ABB
(ABBN: SIX Swiss
Ex) is a pioneering technology leader in electrification products, robotics and
motion, industrial automation and power grids, serving customers in utilities,
industry and transport & infrastructure globally. Continuing more than a 125-year
history of innovation, ABB today is writing the future of industrial
digitalization and driving the Energy and Fourth Industrial Revolutions. ABB
operates in more than 100 countries with about 132,000 employees. www.abb.com
|
For more
information, please contact:
|
Media
Relations
Tel: +41
43 317 65 68
media.relations@ch.abb.com
|
Investor
Relations
Tel. +41 43 317
71 11
investor.relations@ch.abb.com
|
ABB
Ltd
Affolternstrasse
44
8050
Zurich
Switzerland
|
—
Zurich,
Switzerland, February 22, 2017
ABB uncovers criminal activity in South Korean subsidiary
ABB has
uncovered a sophisticated criminal scheme related to a significant embezzlement
and misappropriation of funds in its South Korean subsidiary. The treasurer of
the South Korean subsidiary is suspected of forging documentation and colluding
with third parties to steal from the company. The suspected individual went
missing on February 7, 2017 and subsequently ABB discovered significant
financial irregularities in South Korea. The company immediately launched a
full investigation in South Korea engaging independent forensic and legal specialists
and collaborating with law enforcement authorities. ABB is working with the
local police on the investigation and Interpol’s engagement.
This
embezzlement and misappropriation of funds will have an impact on the
previously reported unaudited 2016 results. Current estimate is a pre-tax
charge of approx. $100 million. ABB has initiated mitigating actions to reduce
the impact of this criminal activity on its results significantly including
recovery of misappropriated funds, legal claims and insurances.
The
company has checked and reconfirmed the balances of its global bank accounts
and can confirm that this situation is limited to South Korea. ABB has a
zero-tolerance approach to unethical behavior and maintains the highest
standards regarding integrity and ethical business practices.
As a
consequence of the ongoing investigation, ABB will publish its 2016 Annual
Report latest by March 16, 2017.
ABB
(ABBN:
SIX Swiss Ex) is a pioneering technology leader in electrification products,
robotics and motion, industrial automation and power grids, serving customers
in utilities, industry and transport & infrastructure globally. Continuing
more than a 125-year history of innovation, ABB today is writing the future of
industrial digitalization and driving the Energy and Fourth Industrial
Revolutions. ABB operates in more than 100 countries with about 132,000
employees.
www.abb.com
Important
notice about forward-looking information
This
press release includes forward-looking information and statements. This
information is generally identifiable by statements containing words such as
“expects,” “believes,” “estimates,” “intends” or similar expressions. Because
there are uncertainties, many of which are beyond our control, the actual
results may differ. Although ABB Ltd believes that its expectations reflected
in any such forward-looking statement are based upon reasonable assumptions, it
can give no assurance that those expectations will not change.
|
For more information,
please contact:
|
Media
Relations
Tel: +41
43 317 65 68
media.relations@ch.abb.com
|
Investor
Relations
Tel. +41 43 317
71 11
investor.relations@ch.abb.com
|
ABB
Ltd
Affolternstrasse
44
8050
Zurich
Switzerland
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
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ABB LTD
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Date: February 22, 2017.
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By:
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/s/ Alanna Abrahamson - Haka
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Name:
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Alanna Abrahamson - Haka
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Title:
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Group Senior Vice President
and
Head of Investor Relations
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Date: February 22,
2017.
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By:
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Name:
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Richard A. Brown
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Title:
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Group Senior Vice President
and
Chief Counsel Corporate & Finance
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