Bulletin from annual general meeting in Internationella Engelska Skolan i Sverige Holdings II AB (publ) on 24 November 2020
At the annual general meeting in Internationella Engelska Skolan i Sverige Holdings II AB (publ) in Stockholm today the shareholders resolved upon the following:
Approval of income statement and balance sheet for the financial year 2019/2020 and discharge from liability
The annual general meeting approved the income statement and balance sheet as well as the consolidated income statement and the consolidated balance sheet for the financial year 2019/2020, and the members of the board and the managing directors were discharged from liability for the financial year 2019/2020.
Allocation of profit or loss
The annual general meeting resolved, in accordance with the board’s proposal, that the funds at the meeting’s disposal consisting of the profit of the year, SEK 73,759,612 and the company’s accumulated results, SEK 478,093,996, in total SEK 551,853,608, is carried forward and that no dividends are paid out for the financial year 2019/2020.
Election of board members, auditors, fees to the board of directors and auditors
The annual general meeting resolved, in accordance with the nomination committee’s proposal, that the number of members of the board of directors shall be seven without deputy members, and that the company shall have one auditor, with no deputies.
In accordance with the nomination committee’s proposal, Maria Rankka, Brian Hatch, Peter Wikström, Lars Strannegård, Carola Lemne and Robert Clark were re-elected and Shaun Heelan was elected, as board members for the time until the end of the next annual general meeting. Carola Lemne was re-elected as chairman of the board. The accounting firm KPMG AB was re-elected as auditor, and it was noted that the authorised public accountant Håkan Reising will be auditor in charge.
The annual general meeting further resolved, in accordance with the nomination committee’s proposal, that the fees to board shall be SEK 1,950,000 in total, allocated as follows: SEK 500,000 shall be paid to the chairman of the board and a fee of SEK 250,000 shall be paid to each of the other board members not employed by the company. Fees for committee work shall be paid with SEK 100,000 to the chairman of the audit committee and with 50,000 to each of the other members of the audit committee. Brian Hatch and Shaun Heelan voluntarily abstained from half of their remuneration. The annual general meeting further resolved that, in accordance with the nomination committee’s proposal, auditor fees shall be paid in accordance with approved invoice.
Guidelines for remuneration for members of management
The annual general meeting resolved to adopt guidelines for remuneration of members of management in accordance with the board’s proposal. In short, the guidelines state that remuneration to members of management of Internationella Engelska Skolan should offer overall compensation at market level that enables the hiring and retention of qualified senior managers. Compensation within Internationella Engelska Skolan should be based on principles of performance, competitiveness and fairness. There will be no variable compensation.
Authorisation to issue new shares
In light of the company’s upcoming de-listing from Nasdaq Stockholm, the annual general meeting resolved against the board’s proposal to authorise the board to resolve to increase the company’s share capital by new share issues.
Authorisation to repurchase and transfer the company’s own shares
In light of the company’s upcoming de-listing from Nasdaq Stockholm, the annual general meeting resolved against the board of directors’ proposal to authorise the board of directors to repurchase and transfer the company’s own shares.
Additional information from the annual general meeting
Minutes from the annual general meeting will be made available on Internationella Engelska Skolan’s website no later than two weeks after the annual general meeting.
For more information, please contact:
Emma Rheborg, Head of Communication & IR
Tel: +46 768 511 540
e-mail: emma.rheborg@engelska.se
The information was submitted for publication, through the agency of the above contact, on 24 November 2020 at 17:45 CET.
About Internationella Engelska Skolan
Internationella Engelska Skolan, IES, is one of the leading free school operators in Sweden with some 28,000 students at 39 schools, and about 4,600 students at its schools in Spain. IES Sweden operates schools for students in grades F-12. Its main focus is grades 4-9, what is often called "middle school." Within the compulsory school system in Sweden, IES is the leading independent operator, with 17 of the 20 largest free schools. IES's results on the national tests in grade 9 are far above average in Sweden.
Internationella Engelska Skolan was founded in 1993 and is in its 28th year of operation. Throughout this period, its schools have been defined by the three core convictions of its founder, Mrs. Barbara Bergström:
- A safe and orderly environment, where teachers can teach and students learn.
- To command the English language − the key to the world.
- High academic expectations and aspirations.
Up to half of the education in IES schools in Sweden is in English, conducted by native English speaking teachers. Almost 1,000 teachers with qualified foreign teaching degrees are currently teaching in IES schools. They are mainly recruited from Canada, the USA, the UK and South Africa.
IES's student base is in growing strongly. Over the past ten years, total operating income has increased by an average of 20% per year. In the most recent financial year 2019/20, which concluded on 30 June 2020, total operating income was MSEK 3,082, an increase of some 11% year on year. As of 30 September 2020, there were approximately 223,800 applications in the waiting list to secure a place in the Swedish schools for the current and forthcoming years.
Internationella Engelska Skolan has been listed on Nasdaq Stockholm Mid Cap since 2016.