Resolutions at Lifco’s Annual General Meeting 2019
At the Annual General Meeting of Lifco AB held in Stockholm on 26 April 2019, the following main resolutions were made:
In accordance with the proposal of the Board of Directors and the CEO, the Meeting resolved to declare a dividend of SEK 4.60 per share. 30 April 2019 was determined as record date for dividend.
Election of Board of Directors
Carl Bennet, Ulrika Dellby, Erik Gabrielson, Ulf Grunander, Anna Hallberg, Annika Espander Jansson, Johan Stern and Axel Wachtmeister were re-elected as members of the Board. Per Waldemarson was elected new member of the Board. Carl Bennet was re-elected Chairman of the Board.
Fees to the Board of Directors
It was resolved that remuneration to the Board of Directors shall amount to a total of SEK 5,535,000, excluding remuneration for Committee work, of which SEK 1,230,000 to the Chairman and SEK 615,000 to each of the other Board members elected by the Meeting who are not employees of Lifco Group. In addition, the Meeting resolved that work in the Audit Committee shall be compensated with SEK 240,000 to the Chairman and SEK 120,000 to each of the other members, while work in the Remuneration Committee shall be compensated with SEK 130,000 to the Chairman and SEK 80,000 to each of the other members.
Election of auditor
The registered public accounting firm PricewaterhouseCoopers AB was re-elected auditor of the company for a term of one year. PricewaterhouseCoopers has informed that Eric Salander will be the principal auditor. It was resolved that auditor fees shall be paid as agreed.
The Meeting resolved to instruct the Chairman of the Board to convene a Nomination Committee for the AGM 2020, composed of the Chairman of the Board, one representative of each of the Company’s five largest shareholders as per 31 August 2019, as well as one representative of the minority shareholders. The Nomination Committee shall perform such duties that fall on the Nomination Committee in accordance with the Swedish Code of Corporate Governance.
Guidelines for Remuneration to Senior Executives
The Meeting approved the proposal of the Board regarding guidelines for remuneration to senior executives, which principally entail the following. Remuneration and other terms and conditions of employment for senior executives shall be based on market conditions and be competitive in all markets where Lifco operates, to ensure that competent and skillful employees can be attracted, motivated and retained. The total remuneration to senior executives shall comprise basic salary, variable remuneration, pensions and other benefits. The basic salary shall be based on the areas of responsibility and experience of the individual executive. Basic salary and variable remuneration must be in proportion to the responsibility and authority of the executive concerned. The variable remuneration shall be connected to predetermined and measurable criteria elaborated with the purpose to promote the long-term added value of the Company. The Board shall retain the right to deviate from the guidelines if motivated by particular reasons on an individual basis.
The decisions can be read in full at www.lifco.se.
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Lifco offers a safe haven for small and medium-sized businesses. Lifco’s business concept is to acquire and develop market-leading niche businesses with the potential to deliver sustainable earnings growth and robust cash flows. Lifco is guided by a clear philosophy centred on long-term growth, a focus on profitability and a strongly decentralised organisation. The Group has three business areas: Dental, Demolition & Tools and Systems Solutions. At year-end, the Lifco Group consisted of 146 operating companies in 29 countries. In 2018, Lifco reported EBITA of SEK 2,168 million on net sales of SEK 12.0 billion. The EBITA margin was 18.1 per cent. Read more at www.lifco.se.