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Sandvik Group

Sandvik aktiebolag's annual general meeting 1996

In his address to the shareholders at Sandvik AB's Annual General Meeting on 10 May 1996, Chief Executive Officer Clas Åke Hedström commented on the very successful operations in fiscal year 1995.

He also reported on the goals and strategies set for future operations. Continued aggressive research and development, production and marketing were among the main points. Significantly increased growth will be achieved through a combination of own expansion, company acquisitions and joint ventures.

The Meeting approved the Board's proposal of a dividend of SEK 6.00 per share for fiscal year 1995, corresponding to SEK 1,640 m. (1994: SEK 3.75 per share, SEK 1,025 m.) May 15 was approved as the record date, which means that the distribution of dividends is expected to occur on 23 May 1996.

The meeting also approved the change in the Articles of Association as a result of the new regulations in the Swedish Companies Act which established an increased obligation for limited liability companies recognize preferential rights in conjunction with increases in share capital.

All members and the deputy member of the Board of Directors as well as the auditors and deputy auditors were re-elected. Jan Broberg has been appointed deputy member to succeed Eino Honkamäki who has served as an employee representative since 1974. Thereafter, the Board comprises:
Members: Rune Andersson, Percy Barnevik (Chairman), Per-Olof Eriksson, Clas Åke Hedström, Lars-Ove Håkansson, Mauritz Sahlin and Sven Ågrup.
Deputy Board member: Lars Ivar Hising.
The auditors are: Authorized Public Accountants Lars Svantemark and Bernhard Öhrn.
Deputy auditors: Authorized Public Accountants Peter Markborn and Åke Näsman.
The employee representatives appointed to the Board are:
Bo Boström (member), Göran Lindstedt (member), Jan Broberg (deputy) and Per-Åke Franklind (deputy).

The Wilhelm Haglund Medal for the Product Development of the Year within the Sandvik Group was awarded to Annika Roos, Olle Sundqvist and Per-Åke Franklind, who all work at Sandvik Steel in Sandviken. They were recognized for their work with SANMAC, a stainless steel for metalworking which achieved an unusually rapid and large breakthrough in the market.

Sandviken, 10 May 1996

SANDVIK AB; (publ)