The Annual General Meeting of AB Electrolux was held on Tuesday, April 1, 2008, in Stockholm.
Marcus Wallenberg, Peggy Bruzelius, Torben Ballegaard Sørensen, John Lupo, Barbara Milian Thoralfsson, Johan Molin, Hans Stråberg and Caroline Sundewall were re-elected to the Board. Hasse Johansson was elected as new Board member. Marcus Wallenberg was appointed Chairman of the Board of Directors.
At the statutory Board meeting following the AGM, Peggy Bruzelius was re-elected Deputy Chairman of the Board.
The proposed dividend of SEK 4.25 was adopted. The record date was set as April 4, 2008, and cash dividends are expected to be paid from VPC on April 9, 2008.
The parent company’s and the Group’s income statements and balance sheets were adopted. The Board of Directors and President were discharged from liability for the financial year 2007.
The AGM approved the proposals for yearly fees to the Board allocated as follows: SEK 1,600,000 to the Chairman of the Board of Directors, SEK 550,000 to the Deputy Chairman of the Board of Directors and SEK 475,000 to each of the other Directors appointed by the General Meeting but no employed by Electrolux and, for committee work, to the members who are appointed by the Board of Directors: SEK 200,000 to the Chairman of the audit committee and SEK 85,000 to each of the other members of the committee and SEK 120,000 to the Chairman of the remuneration committee and SEK 55,000 to each of the other members of the Committee. The AGM approved the Nomination Committee’s proposal that it will be possible to pay part of the fees to the Board members, in respect of the Board assignment, in the form of so-called synthetic shares, on the terms and conditions described in the notice convening the AGM.
The AGM decided on a nomination committee process for the AGM in 2009 with the same terms as the nomination committee process applied for this AGM.
The AGM decided to approve the Board of Directors’ proposal for remuneration guidelines for Group Management including the scope of and the principles for Electrolux performance based, long-term share program for 2008.
The AGM decided to authorize the Board of Directors, for the period of until the next Annual General Meeting, to resolve on acquisitions of Electrolux B-shares up to a maximum amount of 10 per cent of all shares issued by the company.
In accordance with the proposal by the Board of Directors, the AGM decided to authorize the Board to transfer own shares on account of company acquisitions during the period up until the AGM in 2009.
The AGM also authorized transfers of up to 3,000,000 repurchased B-shares to cover costs that may arise as a result of the previous employee stock-option programs for 2001-2003 and the Electrolux Performance Share Program 2006.
The AGM also approved the resolution on changes in the articles of association as proposed by the Board of Directors including the addition of a provision to the effect that owners of series A-shares shall be entitled to request conversion of series A-shares to series B-shares.
For full details on each proposal adopted by the AGM please refer to www.electrolux.com/agm where documentation related to the AGM is published.
For further information contact Electrolux Media Hotline on +46 8 657 65 07
Electrolux is a global leader in home appliances and appliances for professional use, selling more than 40 million products to customers in 150 countries every year. The company focuses on innovations that are thoughtfully designed, based on extensive consumer insight, to meet the real needs of consumers and professionals. Electrolux products include refrigerators, dishwashers, washing machines, vacuum cleaners and cookers sold under esteemed brands such as Electrolux, AEG-Electrolux, Eureka and Frigidaire. In 2007, Electrolux had sales of SEK 105 billion and 57,000 employees. For more information, visit http://www.electrolux.com/press
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