Report from the AGM of Alfa Laval AB
The Annual General Meeting of Alfa Laval AB was held at Färs & Frosta Sparbank Arena in Lund on Wednesday, April 27. Some 500 shareholders attended the meeting under the chairmanship of Anders Narvinger.
This is an unofficial translation of the Swedish notice. In case of any discrepancies between the Swedish notice and this English translation, the Swedish notice shall prevail.
During the meeting, Lars Renström, Group President and CEO, talked about the recovery in demand seen in 2010 when orders rose some 11 percent to 23.9 billion kronor. The development was solid across most segments and regions and India, boosted by a growing middle class, climbed to become Alfa Laval’s third largest market, after the US and China. The delay between orders and sales affected revenues but profitability improved and the EBITA margin reached 18.9 percent for the full year.
Lars Renström’s entire speech can be found on:” www.alfalaval.com/investors ”.
The income statements and balance sheets of both the parent company and the Group were adopted, together with the Board’s proposal for distribution of surplus. The proposed dividend of SEK 3:00 per share was approved. Furthermore, the board’s proposal for authorization to, at one or more occasions prior to the next Annual General Meeting, buy back up to five percent of the outstanding shares in the Company, was adopted.
As Board members Gunilla Berg, Björn Hägglund, Ulla Litzén, Anders Narvinger, Arne Frank, Finn Rausing, Jörn Rausing and Lars Renström were re-elected. Anders Narvinger was appointed Chairman of the Board.
The AGM decided the remuneration to the Board of Directors for 2011 in line with the proposal from the Nomination Committee. Remuneration should be SEK 3,650,000, an increase from SEK 3,060,000 in 2010. Additional remuneration will be paid for work performed in the committees of the board.
Furthermore it adopted a resolution on the guidelines for compensation to senior management, including fixed compensation and long and short term variable compensation.
The Annual General Meeting approved discharge from liability for members of the Board of Directors and the Managing Director.
Complete proposals can be found on http://www.alfalaval.com/ .
Lund, April 27, 2011
Alfa Laval AB
For more information please contact
Vice President, Communications
Tel: + 46 46 36 72 31
Mobile: +46 709 33 72 31
Investor Relations Manager
Tel: +46 46 36 74 82
Mobile: +46 709 78 74 82
Alfa Laval AB (publ) discloses the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 6.15 p.m. on April 27, 2011.