(ELUX) If you think that appliances are a safe-zone from high-tech and IT – well, think again. Tough competition has forced makers of refrigerators, vacuum cleaners, washers and stoves to start innovating and, in today’s household appliance industry, companies must be technically competitive to stay ahead.
In accordance with the new listing agreement with the Stockholm Stock Exchange, we hereby provide notice of the agenda for the Annual General Meeting to be held on April 27, 1999.
In connection with the proposal for election of Board Members, it should be noted that Gösta Bystedt (born 1929) will resign from the Board at the Annual General Meeting.
Annual General Meeting of
The shareholders of AB ELECTROLUX (publ) are invited to participate in the Annual General Meeting of the Company on Tuesday, April 27, 1999, at 5.p.m. in the Berwald Hall, Strandvägen 69, Stockholm, Sweden.
Attendance at the meeting
Shareholders who intend to participate in the AGM must be registered in the Company’s share register kept by Värdepapperscentralen VPC AB (Swedish Securities Register Center), not later than Friday, April 16, 1999.
In addition, notice of intent to participate must be given to Electrolux not later than 4 p.m. on Thursday, April 22, 1999, by mail to AB Electrolux, C-J, SE-105 45 Stockholm, Sweden, or by telephone at +46 8 738 6793 or +46 8 738 6338, or by fax at +46 8 656 2668, or via internet http://www.electrolux.com/agm
Notice should state the shareholder’s name, registration number, if any, address and telephone number. Shareholders may vote by proxy, which should be submitted to the Company in good time prior to the AGM.
Shareholders, whose shares are registered through banks or trustees, must have their shares registered in their own names in order to participate in the AGM. To facilitate this registration in the share register kept by VPC, shareholders should request re-registration well in time before April 16, 1999.
1. Election of Chairman at the meeting
2. Compiling and approving a voting roll
3. Approval of the agenda
4. Election of two minutes-checkers
5. Resolution on whether the meeting has been properly convened
6. Presentation of the Annual Report and Accounts and the Report of the Auditors as well as of the Consolidated Accounts and the Report of the Auditors with respect to the Group, for the financial year 1998
7. Speech by the President
8. Resolution on adoption of the Profit and Loss Statement and the Balance Sheet as well as the Consolidated Profit and Loss Statement and the Consolidated Balance Sheet, for the financial year 1998
9. Resolution on dispositions in respect of the Company’s profit as shown in the adopted Balance Sheet
10. Resolution on discharge from liability of the Directors and the President
11. Resolution on determination of the number of Directors and Deputy Directors to be elected
12. Resolution on determination of the fees payable to the Board of Directors and the Auditor
13. Election of Directors and Deputy Directors
14. Resolution on amendment of the Articles of Association
15. Election of Auditor
Dividend and record day (item 9)
The Board of Directors has proposed a dividend of SEK 3.00 per share.
The Board of Directors has proposed April 30, 1999 as record date for the dividend. Subject to endorsement of this proposal, dividends are expected to be paid by the VPC on May 7, 1999.
Amendment of the Articles of Association (item 14)
The Board’s proposal for amendment of the Articles of Association is required under the new provisions in the Companies’ Act, which came into force on January 1, 1999. The amendments involve in effect that
§ the term of office of the Auditor be deleted (§ 7),
§ the present provision for the time of notice of a General Meeting be deleted and the way of notice be changed implying that a notice shall be inserted in the Official Gazette (Post- och Inrikes Tidningar) and in Dagens Nyheter and Svenska Dagbladet or any other daily paper with nation-wide coverage (§ 9),
§ a provision on pre-registration of attendance of advisors, if any, be introduced (§ 10),
§ the provision on the opening of a General Meeting be deleted,
§ new items of business regarding approval of the agenda for the Meeting and determination of the number of Directors and Deputy Directors, respectively, be introduced to appear on the agenda of an Ordinary General Meeting (§ 11).
Proposal for Directors’ fees, election of Directors and Auditor (items 12, 13 and 15)
Shareholders representing more than 30 per cent of the voting rights of all the shares in the Company have declared that they, with respect to Directors’ fees and Auditor’s fees, respectively, and election of Directors and Auditor will vote for the following proposals:
§ The Directors’ fees totalling SEK 3,000,000, to be allocated by the Board of Directors among themselves, and the Auditor’s fees be paid on open account.
§ Re-election of the Directors Rune Andersson, Peggy Bruzelius, Thomas Halvorsen, Louis R. Hughes, Nobuyuki Idei, Stefan Persson, Michael Treschow, Karel Vuursteen and Jacob Wallenberg.
§ New election of the auditing company KPMG Bohlins AB for the period up to the end of the Ordinary General Meeting to be held during the financial year 2002.
THE BOARD OF DIRECTORS
Stockholm in April, 1999