The Annual General Meeting (AGM) resolves upon the nomination process for the Board of Directors and, when appropriate, the auditors. The process involves the appointment of a Nomination Committee comprised of six members. The members should be one representative of each of the four largest shareholders, in terms of voting rights that wish to participate in the Committee, together with the Chairman of the Electrolux Board and one additional Board member.
The composition of the Nomination Committee shall be based on shareholder statistics from Euroclear Sweden AB as of the last banking day in August in the year prior to the AGM and on other reliable shareholder information which is provided to the company at such time. The names of the representatives and the names of the shareholders they represent shall be announced as soon as they have been appointed. If the shareholder structure changes during the nomination process, the composition of the Nomination Committee may be adjusted accordingly.
The Nomination Committee’s tasks include preparing a proposal for the next AGM regarding:
- Chairman of the AGM
- Board members
- Chairman of the Board
- Remuneration to individual Board members
- Remuneration for committee work
- Nomination Committee for the next year
- Auditors and auditors’ fees, when these matters are to be decided by the following AGM
The Nomination Committee is assisted in preparing proposals for auditors and auditors’ fees by the company’s Audit Committee. The Audit Committee evaluates the auditors’ work and informs the Nomination Committee of its findings.
The Nomination Committee’s proposals are publicly announced no later than on the date of notification of the AGM. Shareholders may submit proposals for nominees to the Nomination Committee.
Nomination Committee for the AGM 2010
The Nomination Committee for the AGM 2010 was comprised of six members. Petra Hedengran of Investor AB led the Nomination Committee’s work.
Lorna Davis was proposed as a new Board member in Electrolux. A report regarding the work of the Nomination Committee was presented at the AGM 2010. Further information regarding the Nomination Committee and its work can be found on the Group’s website.
Nomination Committee for the AGM 2011
The Nomination Committee for the AGM 2011 is based on the ownership structure as of August 31, 2010, and was announced in a press release on September 30, 2010.
The Nomination Committee’s members are:
- Petra Hedengran, Investor AB, Chairman
- Ramsay J. Brufer, Alecta
- Marianne Nilsson, Swedbank Robur funds
- Peter Rudman, Nordea Investment Funds
- Marcus Wallenberg, Chairman of Electrolux
- Peggy Bruzelius, Deputy Chairman of Electrolux
No changes in the composition of the Nomination Committee had occurred as of February 1, 2011. Shareholders wishing to submit proposals to the Nomination Committee should send an e-mail to nominationcommittee@electrolux.com.