The Electrolux Group is comprised of approximately 150 companies with operations in over 50 countries. The parent company of the Group is AB Electrolux, a public Swedish limited liability company. The company’s shares are listed on Nasdaq OMX Stockholm.
The governance of Electrolux is based on the Swedish Companies Act, the rule book for issuers at Nasdaq and the Swedish Code of Corporate Governance (the "Code"), as well as other relevant Swedish and foreign laws and regulations.
This corporate governance report has been drawn up as a part of Electrolux application of the Code. Electrolux does not report any deviations from the Code in 2010.
Highlights
- Hans Stråberg left Electrolux at year-end after nine years as President and Chief Executive Officer. At the same time, he left the Board of Electrolux.
- Keith McLoughlin has been appointed new President and Chief Executive Officer as of January 1, 2011.
- Lorna Davis was elected new Board member at the Annual General Meeting on March 30, 2010.
- Henrik Bergström has been appointed head of Floor Care and Small Appliances and new Group Management member.
- Three new appointments in Group Management as of February 1, 2011, to accelerate Electrolux strategy.
- Electrolux B-share was delisted from London Stock Exchange on March 11, 2010.
Ownership structure
Electrolux shares are registered with Euroclear Sweden AB. This means that no share certificates are issued, and that Euroclear Sweden AB keeps a share register of owners and custodians in the company.
According to the share register at year-end 2010, the Group had a total of approximately 57,200 shareholders. The number of Electrolux shareholders in Sweden at year-end was approximately 53,400. Investor AB is the largest shareholder, with approximately 13.6% of the share capital and approximately 29.9% of the voting rights.
Foreign investors are not always recorded in the share register. Foreign banks and other custodians may be registered for one or several customers’ shares, and the actual owners are then usually not displayed in the register.
For additional information regarding the ownership structure, see Share capital and ownership. The information on ownership structure is updated quarterly on the Group’s website.
Voting rights
The share capital of Electrolux consists of A-shares and B-shares. An A-share entitles the holder to one vote and a B-share to one-tenth of a vote. All shares entitle the holder to the same proportion of assets and earnings and carry equal rights in terms of dividends. An A-share can at the request of the owner be converted into a B-share.