Sandvik’s Annual General Meeting 2017
Sandvik AB held its Annual General Meeting on 27 April 2017 in Sandviken, Sweden.
Sandvik's President and CEO Björn Rosengren covered the operations and results for 2016 in his speech. He also talked about the ongoing improvement activities:
“Our focus is on areas where we are or can be market leaders. Sandvik wants to achieve small continuous improvements every day. There is always an opportunity to become a little bit better”, said Björn Rosengren.
”The Board supports Sandvik’s decentralization strategy with business decisions to 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 2016. The Board members and the President were discharged from liability for the financial year 2016.
The General Meeting resolved on a dividend of SEK 2.75 per share. The record day for payment of the dividend was set at Tuesday, 2 May 2017. The dividend is expected to be paid by Euroclear Sweden AB on Friday, 5 May 2017.
Board of Directors
Pursuant to the Nomination Committee’s proposal Marika Fredriksson was elected new member of the Board and Jennifer Allerton, Claes Boustedt, Johan Karlström, Johan Molin, Björn Rosengren, Helena Stjernholm and Lars Westerberg were re-elected members of the Board. Johan Molin was re-elected Chairman of the Board.
The employee unions have appointed Tomas Kärnström and Thomas Lilja as members of the Board and Thomas Andersson and Mats W Lundberg as deputy members.
Fees to the Board
The General Meeting resolved pursuant to the Nomination Committee’s proposal on fees to the Board, distributed as follows: SEK 2,200,000 (previously SEK 2,000,000) to the Chairman of the Board, SEK 630,000 (previously SEK 600,000) each to the other Board members not employed by the company, SEK 275,000 (previously SEK 225,000) to the Chairman of the Audit Committee, SEK 150,000 (unchanged) each to the other members of the Audit Committee, SEK 125,000 (unchanged) to the Chairman of the Remuneration Committee, and SEK 100,000 (unchanged) each to the other members of the Remuneration Committee.
The General Meeting resolved to re-elect KPMG AB as auditor for the period until the end of the 2018 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 2017)
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 2017), on substantially the same terms and conditions as the 2014–2016 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 2017 comprises up to 3.5 million shares. The delivery of these shares will be secured through a share swap agreement with a third party. The total cost of LTI 2017 is estimated at up to SEK 318 million, based on the assumption of maximum performance and a price per share of SEK 100.
Wilhelm Haglund Medal
Roger Berglund, Bo Jönsson, Thomas Lewin and Krister Wickman from Sandvik Materials Technology were named product developers of the year and awarded the Wilhelm Haglund Medal for the development of Kanthal® APM and Kanthal APMT™, materials based on powder metallurgy that dramatically improves the mechanical properties at extreme temperatures, and products based on these materials.
Stockholm, 27 April 2017
For further information contact: Carina Aspenberg, Media Relations Manager, Sandvik AB, tel +46 70 616 0119.