Press release from the Annual General Meeting in MIPS AB on May 15, 2018
Adoption of the accounts and discharge from liability
The Meeting adopted the balance sheets and income statement for the parent company and the Group and the Meeting discharged the Board of Directors and the CEO from liability for the fiscal year 2017.
Appropriation of result
The Meeting decided that no dividend should be declared for the financial year 2017 and that the unappropriated earnings at the disposal of the Annual General Meeting in the amount of SEK 216,070 thousand should be carried forward.
The Board of Directors and fees
The Meeting resolved in accordance with the nomination committee's proposal to re-elect Bengt Baron, Pär Arvidsson, Jonas Rahmn, Magnus Welander and Pernilla Wiberg as members of the Board and to elect Jenny Rosberg and Greg Shapleigh as new members of the Board. The Meeting re-elected Bengt Baron as Chairman of the Board. Furthermore, the Meeting decided in accordance with the nomination committee's proposal that Board fees until the end of the next Annual General Meeting, shall be paid in the amounts of SEK 350,000 to the Chairman of the Board and SEK 175,000 to each of the other Board members elected by the Annual General Meeting. Fees for work in the Audit Committee shall be paid in the amount of SEK 70,000 to the Chairman and SEK 40,000 to each of the other committee members. Fees for work in the Remuneration Committee shall be paid in the amount of SEK 35,000 to the Chairman and SEK 20,000 to each of the committee members.
Auditor
The registered accounting firm KPMG AB was elected auditor at the 2016 Annual General Meeting for a period of four years. Accordingly, the task of appointing an auditor is scheduled to occur at the 2020 Annual General Meeting. KPMG has appointed the authorised public accountant Tomas Gerhardsson as auditor-in-charge.
Remuneration to the senior executives
The Meeting approved, in accordance with the Board's proposal, the guidelines for remuneration to the senior executives.
Nomination Committee
The Meeting adopted the nomination committee's proposal regarding rules for the nomination committee.
Statutory meeting
At a statutory meeting held in connection with the AGM Bengt Baron and Pär Arvidsson were elected as members of the Audit Committee with Pär Arvidsson as Chairman of the committee. Magnus Welander and Jenny Rosberg were elected members of the Remuneration Committee with Magnus Welander as Chairman of the committee.
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The information was submitted for publication, by the contact person set out below, on
15 May, 2018 at 6 p.m. CET.
FORE MORE INFORMATION, PLEASE CONTACT:
JOHAN THIEL, PRESIDENT AND CEO
johan.thiel@mipsprotection.com
tel +46 73 399 65 88
MAX STRANDWITZ, CFO
max.strandwitz@mipsprotection.com
tel +46 70 961 17 54
ABOUT MIPS
MIPS is a world-leader in helmet-based safety and the protection of the human brain. Based on an ingredient brand business- model, MIPS Brain Protection System (BPS) is sold to the global helmet industry. The BPS solution, which is patented in all relevant markets, is based on 20 years of research and development together with the Royal Institute of Technology and the Karolinska Institute, both located in Stockholm, Sweden.
MIPS headquarter with 25 employees engaged in research and development, sales, marketing and administration is in Stockholm, where its product and technology test facility also is located. Production and manufacturing operations take place at sub-contractor facilities. The MIPS share has been listed on Nasdaq Stockholm since March 2017. For more information, see www.mipscorp.com.
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