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Annual Report 2016 Report by the Board of Directors Notes Proposed distribution of earnings Auditors' report Eleven-year review Review by business area

Share capital and ownership

Share capital and ownership structure

As of December 31, 2016, the share capital of AB Electrolux amounted to approximately SEK 1,545m, corresponding to 308,920,308 shares. The share capital of Electrolux consists of Class A shares and Class 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. In accordance with the Swedish Companies Act, the ­Art­icles of Association of Electrolux also provide for specific rights of priority for holders of different types of shares, in the event that the company issues new shares or certain other ­instruments.

According to Electrolux Articles of Association, owners of Class A shares have the right to have such shares converted to Class B shares. The purpose of the conversion clause is to give holders of Class A shares an opportunity to achieve improved liquidity in their shareholdings. Conversion re­­duces the total number of votes in the company. There were no conversion of shares in 2016.

The total number of registered shares in the company amounts to 308,920,308 shares, of which 8,192,539 are Class A shares and 300,727,769 are Class B shares, total number of votes amounts to 38,265,316.

Major shareholders

  Share capital, % Voting rights, %
Investor AB 15.5 29.9
JP Morgan Asset Management 4.9 3.9
BlackRock, Inc. 4.0 3.2
Alecta Pension Insurance 3.1 3.7
Swedbank Robur Funds 3.0 2.5
Norges Bank Investment Management 2.6 2.1
Nordea Investment Management 2.3 1.8
AMF Insurance & Funds 1.7 1.4
Fiduciary Management Funds 1.7 1.4
Unionen 1.0 0.8
Total, ten largest shareholders 39.8 50.7

Source: Holdings and Euroclear Sweden as of December 31, 2016.

Swedish institutions and mutual funds, 48%
Foreign investors, 46%
Swedish private investors, 6%
Swedish institutions and mutual funds, 48% 48
Foreign investors, 46% 46
Swedish private investors, 6% 6

At year-end 2016, about 46% of the total share capital was owned by foreign investors. 
Source: Holdings and Euroclear Sweden as of December 31, 2016.

According to Holdings and Euroclear Sweden, there were 48,939 shareholders in AB Electrolux as of December 31, 2016. Investor AB is the largest shareholder, owning 15.5% of the share capital and 29.9% of the voting rights. Information on the shareholder structure is updated quarterly at www.electroluxgroup.com.

Distribution of shareholdings

Shareholding Ownership, % Number of
As % of shareholders 
1–1,000 3.3 43,425 88.8
1,001–10,000 4.1 4,784 9.8
10,001–20,000 1.1 232 0.5
20,001– 91.5 487 1.0
Total 100 48,939 100

Source: Holdings and Euroclear Sweden as of December 31, 2016.

Articles of Association

AB Electrolux Articles of Association stipulate that the Annual General Meeting (AGM) shall always resolve on the appointment of the members of the Board of Directors. Apart from that, the articles do not include any provisions for appointing or dismissing members of the Board of ­Directors or for changing the ­articles.

A shareholder participating in the AGM is entitled to vote for the full number of shares which he or she owns or represents. Outstanding shares in the company may be freely transferred, without restrictions under law or the ­company’s Articles of Association. Electrolux is not aware of any agreements between shareholders, which limit the right to transfer shares.

The full Articles of Association can be downloaded at www.electroluxgroup.com

Effect of significant changes in ownership structure on long-term financing

The Group’s long-term financing is subject to conditions which stipulate that lenders may request advance repayment in the event of significant changes in the ownership of the company. Such significant change could result from a public bid to acquire Electrolux shares.