Sandvik’s Annual General Meeting 2016
April 28 2016 - 2:59PM
Business Wire
Regulatory News:
Sandvik AB held its Annual General Meeting on 28 April 2016 in
Sandviken, Sweden.
Sandvik's President Bj�rn Rosengren covered the operations and
results 2015 in his CEO speech. He also elaborated on the
development ahead and underlined that Sandvik has to be agile to
understand its customer needs and adjust to different market
conditions.
"Our structure has to be clear. We have to focus on the areas
where we are or can become market leaders" said Bj�rn
Rosengren.
”The Board considers it positive that the Sandvik management
drives decentralisation and we fully support that business
decisions should be taken and implemented close to the customers,
in the market, said Chairman of the Board Johan Molin.
Adoption of the profit and loss accounts and balance sheets
The General Meeting adopted the profit and loss account and
balance sheet for the parent company as well as the consolidated
profit and loss account and consolidated balance sheet for 2015.
The Board members and the President were discharged from liability
for the financial year 2015.
Dividend
The General Meeting resolved on a dividend of SEK 2.50 per
share. The record day for payment of the dividend was set at
Monday, 2 May 2016. The dividend is expected to be paid by
Euroclear Sweden AB on Friday, 6 May 2016.
Board of Directors
Pursuant to the Nomination Committee’s proposal Bj�rn Rosengren
and Helena Stjernholm were elected new Board members and Jennifer
Allerton, Claes Boustedt, Jürgen M Geissinger, Johan Karlstr�m,
Johan Molin and Lars Westerberg were re-elected members of the
Board. Johan Molin was re-elected Chairman of the Board.
The employee unions have appointed Thomas Eriksson and Tomas
Kärnstr�m as members of the Board and Thomas Andersson and Mats W
Lundberg as deputy members of the Board.
Resigning Board member Hanne de Mora and employee representative
Jan Kjellgren were thanked for their services.
Fees to the Board
The General Meeting resolved pursuant to the Nomination
Committee’s proposal on fees to the Board, distributed as follows:
SEK 600,000 (unchanged) to each Board member not employed by the
company, SEK 2,000,000 (previously SEK 1,700,000) to the
Chairman of the Board, SEK 150,000 (unchanged) to each member of
the Audit Committee, SEK 225,000 (previously SEK 175,000) to the
Chairman of the Audit Committee, SEK 100,000 (unchanged) to each
member of the Remuneration Committee and SEK 125,000 (unchanged) to
the Chairman of the Remuneration Committee.
Auditor
The General Meeting resolved to re-elect KPMG AB as auditor for
the period until the end of the 2017 Annual General Meeting.
Resolution on guidelines for remuneration of senior
executives
The General Meeting resolved to adopt the Board’s proposal
regarding guidelines for remuneration of senior executives.
Resolution on a long-term incentive program (LTI 2016)
The General Meeting approved the Board’s proposal on a long-term
incentive program in the form of a performance share program for
about 350 senior executives and key employees in the Group (LTI
2016), on substantially the same terms and conditions as the 2014
and 2015 incentive programs.
Participation requires that an investment in Sandvik shares be
made. Each Sandvik share invested in entitles the participant to be
allotted, after a period of three years, one Sandvik share free of
charge. Provided that certain performance targets with respect to
earnings per share are met, each Sandvik share invested in also
entitles the participant to be allotted further Sandvik shares free
of charge.
LTI 2016 comprises up to 4.5 million shares. The delivery of
these shares will be secured through a share swap agreement with a
third party. The total cost of LTI 2016 is estimated at up to 332
million SEK, based on the assumption of maximum performance and a
highest price per share of 100 SEK.
Wilhelm Haglund Medal
Hannu Hellen, Jouni Teppo and Minna Pirkkanen, Sandvik Mining,
were named product developers of the year and awarded the Wilhelm
Haglund Medal for the development of TH551/TH663 - a new modular
family of large underground trucks, designed to deliver the power,
performance and productivity.
Stockholm, 28 April 2016
Sandvik Group
Sandvik is a high-tech and global engineering group offering
advanced products and services that enhance customer productivity,
profitability and safety. We hold world-leading positions in
selected areas – tools for metal cutting, equipment and tools for
the mining and construction industries, stainless materials,
special alloys, metallic and ceramic resistance materials as well
as process systems. In 2015, the Group had about 46,000 employees
and sales of about 91 billion SEK in more than 150 countries.
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Sandvik ABCarina Aspenberg, +46 8 456 13 07Media Relations
Managercarina.aspenberg@sandvik.com
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