The decision-making rights of shareholders in Electrolux are exercised at shareholders’ meetings. The AGM of Electrolux is held in Stockholm, Sweden, during the first half of the year.
Extraordinary General Meetings may be held at the discretion of the Board or, if requested, by the auditors or by shareholders owning at least 10% of the shares.
Participation in decision-making requires the shareholder’s presence at the meeting, either personally or through a proxy. In addition, the shareholder must be registered in the share register by a stipulated date prior to the meeting and must provide notice of participation in the manner prescribed. Additional requirements for participation apply to shareholders with holdings in the form of American Depositary Receipts (ADR) or similar certificates. Holders of such certificates are advised to contact the ADR depositary bank, the fund manager or the issuer of the certificates in good time before the meeting in order to obtain additional information.
Individual shareholders requesting that a specific issue be included in the agenda of a shareholders’ meeting can normally request the Electrolux Board to do so well in advance to the meeting via an address provided on the Group’s website.
Decisions at the meeting are usually taken on the basis of a simple majority. However, as regards certain issues, the Swedish Companies Act stipulates that proposals must be approved by shareholders representing a larger number of votes than the number of votes cast and shares represented at the meeting.
Annual General Meeting 2011
The 2011 AGM was held at the Berwald Hall in Stockholm, Sweden, on March 31, 2011. 720 shareholders representing a total of 49.9% of the share capital and 60.4% of the votes were present at the AGM. The President’s speech was broadcasted live via the Group’s website and is also presented on www.electrolux.com/corporate-governance, together with the minutes. The meeting was held in Swedish, with simultaneous interpretation into English. The speach of the President was simultaneously interpreted into Swedish.
All Board members, as well as the Group’s auditor in charge, were present at the meeting.
Decisions at the Annual General Meeting 2011 included:
- Dividend payment of SEK 6.50 per share for fiscal year 2010.
- Election of the two new Board members Keith McLoughlin and Ulrika Saxon and re-election of the Board members Marcus Wallenberg, Peggy Bruzelius, Lorna Davis, Hasse Johansson, John S. Lupo, Torben Ballegaard Sørensen and Barbara Milian Thoralfsson.
- Re-election of Marcus Wallenberg as Chairman of the Board.
- Unchanged fees to the Board members.
- Approval of remuneration guidelines for Electrolux Group Management.
- Performance-based, long-term incentive program for 2011 covering up to 170 managers and key employees.
- Authorization to acquire own shares for the purpose of financing potential company acquisitions and as a hedge for the company’s share-related incentive programs.
- Adoption of an instruction for the Nomination Committee to apply until further notice.
Annual General Meeting 2012
The next AGM of Electrolux will be held on Tuesday, March 27, 2012, at the Stockholm Waterfront Congress Centre, Stockholm, Sweden.
For additional information on the next AGM, click here.