Sandvik AB's Annual General Meeting 2006
Sandvik AB's Annual General Meeting, held in Sandvik on 2 May 2006, approved a dividend of SEK 13.50 per share for 2005.
Friday, 5 May 2006 was determined as the record date for payment of the dividend. The dividend is expected to be distributed through VPC on Wednesday, May 10.
Attorney Sven Unger was elected Chairman of the Meeting. Anders Nyrén reported on the role and work of the Board and the Audit Committeeas well as the work of the Remuneration Committee and Carl-Olof By on the Nomination Committee's work.
In his address, Lars Pettersson, President and CEO, commented on fiscal year 2005 and the first quarter of the current year. He also explained the Group's business concept and future development. With a strong product portfolio, focused R&D activities, Sandvik is well positioned to offer high customer value to a global customer base and has favorable conditions for continued profitable growth. The Group's financial strength also makes it possible to conduct a generous dividend policy and an aggressive investment strategy.
Georg Ehrnrooth, Clas Åke Hedström, Sigrun Hjelmquist, Egil Myklebust, Anders Nyrén and Lars Pettersson were re-elected members of the Board. Fredrik Lundberg and Hanne de Mora were newly elected members. Clas Åke Hedström was elected Chairman of the Board.
The employee organizations appointed Tomas Kärnström and Göran Lindstedt as members of the Board and Mette Ramberg and Bo Westin as deputy members.
Decision on changes to the Articles of Association
The Meeting resolved to adapt the Articles of Association to the new Swedish Companies Act that became effective on 1 January 2006. It was also decided to implement a 5:1 share split, with a preliminary record date of 12 June 2006.
Decision on principles for remuneration and other employment terms for the Group Executive Management
The Meeting resolved that the Board's proposal regarding principles for remuneration, etc. for the Group Executive Management shall apply.
Decision on deletion of the limiting transfer conditions
The Meeting decided to permit certain companies within the Group to adapt their Articles of Association regarding conditions for transfer to correspond with those in Sandvik AB's Articles of Association.
Decision on Nomination Committee
The Meeting decided that the four largest shareholders as known by the Company shall each appoint a representative and these persons, as well as the Chairman of the Board, who is also the convener, shall comprise the Nomination Committee.
Statutory Board meeting
A statutory Board meeting washeld after the Annual General Meeting. Anders Nyrén, Fredrik Lundberg and Sigrun Hjelmkvist were appointed members of the Audit Committee. Clas Åke Hedström, Georg Ehrnrooth and Egil Myklebust were appointed members of the Remuneration Committee.
Helga Holzschuh and Jörg Drobniewski from Walter within Sandvik Tooling were named the Group's product developers of the year. They were rewarded for the development of a new cemented-carbide grade for, among other applications, machining of cast-iron, with considerably higher performance that facilitates improved customer productivity.
Sandviken, 2 May 2006
Sandvik AB; (publ)