General Meetings of shareholders

The decision-making rights of shareholders in Electrolux are exercised at shareholders’ meetings. The Annual General Meeting (AGM) of Electrolux is held in Stockholm, Sweden, during the first half of the year.

The AGM resolves upon:

  • The adoption of the annual report
  • Dividend
  • Election of Board members and, if applicable, auditors
  • Remuneration to Board members and auditors
  • Guidelines for remuneration to Group Management
  • Other important matters

Extraordinary General Meetings (EGM) 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 2010

The AGM on March 30, 2010, was attended by shareholders representing a total of 40.1% of the share capital and 53.1% of the voting rights in the company. 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 and resolutions. The meeting was held in Swedish, with simultaneous interpretation into English.

The AGM decided to adopt the Boards proposed dividend of SEK 4.00 per share for 2009. Lorna Davis was elected new Board member and PricewaterhouseCoopers AB was re-elected auditors for the period until the Annual General Meeting in 2014.

Marcus Wallenberg was re-elected as Chairman. The meeting also adopted the Board’s proposed guidelines for remuneration to the Group Management of Electrolux, as well as the scope and main principles of the performance-based, long-term Electrolux share program 2010.

All Board members, as well as the Group’s auditor in charge, were present at the meeting.

Annual General Meeting 2011

The next AGM of Electrolux will be held on March 31, 2011, at the Berwald Hall, Stockholm, Sweden.

For additional information on the next AGM, click here.