Resolutions at Projektengagemang’s annual general meeting 25 April 2024
Projektengagemang Sweden AB (publ), corporate identity number 556330-2602, (”Projektengagemang” or “the Company”) today held its annual general meeting which, inter alia, elected the Board, adopted the 2023 annual accounts and granted the board memebers and the CEO discharge from liability. The meeting resolved to implement a long-term incentive programme, that no dividend should be paid, on authorization to the Board to decide on new issue of shares and to approve the Board’s remuneration report for 2023. The most important resolutions passed by the meeting are summarized below.
Adoption of income statements and balance sheets
The meeting adopted the income statements and the balance sheets for the Company and the Group for the financial year 2023.
Disposition of the Company’s result in accordance with the adopted balance sheet
The meeting resolved, in accordance with the Board’s proposal, that no dividend shall be paid for the fiscal year 2023.
Discharge from liability
The meeting granted the board members as well as the CEO discharge from liability for the financial year 2023.
Fees for the board members and auditor
The meeting decided that the following fees shall be paid to the board members: SEK 384,000 to the Chairman of the Board (unchanged) and SEK 192,000 to each of the other board members (unchanged). In addition to the board member’s fees, SEK 88,000 shall be paid to the Chairman of the audit committee (unchanged) and SEK 44,500 to each of the other members of the audit committee (unchanged) and SEK 44,500 to the Chairman of the renumeration committee (unchanged) and SEK 22,250 to each of the other members of the remuneration committee (unchanged). Auditors’ fees shall be paid based on an approved invoice.
The Board
The meeting decided that the number of board members elected shall be seven and re-elected the board members Lars Erik Blom, Per-Arne Gustavsson, Per Göransson, Carina Malmgren Heander, Christina Ragsten, Jon Risfelt and Peter Sandberg. Per-Arne Gustavsson was re-elected as the Chairman of the Board.
Auditors
The meeting decided that the Company shall have a chartered auditing firm as auditor and re-elected the accounting firm within PricewaterhouseCoopers, Öhrlings PricewaterhouseCoopers AB, as auditor during the period until the end of the 2025 annual general meeting. The authorized public accountant Camilla Samuelsson will continue as the auditor in charge.
Remuneration report for 2023
The meeting approved the Board’s remuneration report for 2023.
Resolution on guidelines for renumeration of senior executives
The meeting resolved on guidelines for renumeration of senior executives in accordance with the Board’s proposal.
Long-term share-based incentive programme
The meeting resolved to establish a long-term performance-based incentive programme – Share Savings Scheme 2024 – in accordance with the Board’s proposal.
Share Savings Scheme 2024
Approximately 10 senior executives in the group management and the management team will be offered participation in the performance-based Share Savings Scheme 2024.
Participation in the Share Savings Scheme 2024 requires that participants with their own funds invest in Class B shares in the Company ("Savings Shares") at market price on Nasdaq Stockholm for an amount corresponding to a maximum of 5 percent to 12 percent of the respective participant's annual fixed base salary for 2024 up to a maximum of 140,000 Savings Shares. If the Savings Shares are retained during the established three-year vesting period, which runs from 1 August 2024 (“Vesting Period”) and, with certain limited exceptions, that the participant remains employed by the Group during the entire Vesting Period, then each Savings Share entitles to receive, free of charge, three to four Class B shares in the Company (“Performance Shares”). Allocation of Performance Shares is also subject to the fulfillment of certain performance requirements, calculated on an annual basis as of 1 August 2024 and during the three-year Vesting Period.
The maximum number of Class B shares in the Company that can be allocated according to the Share Savings Scheme 2024 is limited to 450,000 shares, which corresponds to approximately 1.8 percent of all shares and approximately 0.6 percent of all votes in the Company.
The total cost is estimated to MSEK 6.8 excluding social security charges, based on the assumptions stated in the proposal and the costs for outgoing social contributions are estimated to amount to a maximum of approximately MSEK 2.1. The costs for the Share Savings Scheme 2024, including social security contributions, amounts to approximately one percent of the Company´s total costs for salaries and remuneration based on stated assumptions.
Authorization for the Board to resolve on acquisitions and transfer of own shares
The meeting resolved in accordance with the Board’s proposal to authorize the Board, during the period up until the next annual general meeting, on one or more occasions, to resolve to execute the acquisition of Class B shares in the Company as a possible alternative hedge measure to implement the Company’s Share Savings Scheme 2024. Acquisitions may take place of a maximum of 590,000 Class B shares. Acquisitions of Class B shares shall take place on Nasdaq Stockholm and at a price per Class B share at each time within the registered price interval. Payment for Class B shares shall be paid in cash. Acquisition may be made in order to secure the Company's undertakings (including social costs) in connection with the Share Savings Scheme 2024 and other share-based incentive programmes decided by the meeting. As another alternative hedge measure, the Board may enter into an equity swap agreement on market terms with a third party to secure the financial exposure of the Share Savings Scheme 2024, whereby the third party shall be able to purchase and transfer Class B shares in the Company in its own name in accordance with the Share Savings Scheme 2024.
Furthermore, the meeting resolved to authorize the Board, during the period up until to the next annual general meeting, on one or more occasions, to decide to transfer a maximum of 240,000 Class B shares in the Company to enable hedging of costs (including social security costs) and delivery in connection with the implementation of the Company's Share Savings Scheme 2024 and other share-based incentive programmes decided by the annual general meeting. Transfer shall take place on Nasdaq Stockholm and at a price per share of Class B at each time within the registered price interval. Transfer of shares may also take place outside Nasdaq Stockholm to a bank or other financial institution, with deviation from the shareholders' preferential rights.
Transfer of own shares
The meeting further resolved, in accordance with the Board’s proposal, on transfer of a maximum of 450,000 Class B shares in the Company (or the higher number of Class B shares that may result from recalculation according to the terms) to participants in the Share Savings Scheme 2024 which, under the terms, are entitled to receive allocation of Class B shares.
Authorization for the Board to decide on new issues of Class B shares
The meeting resolved to authorize the Board to, with or without deviation from the shareholders’ preferential right, on one or more occasions during the time until the next meeting, decide on new issues of Class B shares in the Company. The authorization includes shares of Class B corresponding to a maximum of ten (10) percent of the total number of issued Class B shares in the Company.
Complete proposals and decisions
The meeting approved all of the proposals presented by the Board and the nominating committee. The proposals are available in the previously published notice to attend the meeting and the decisions in the minutes of the meeting, which will be published at the Company’s website.
This document has been prepared in Swedish and translated into English. In the event of any discrepancies between the Swedish and the translation, the former shall take precedence.
For further information, please contact:
Liselotte Haglind, Acting CEO and President
Phone: +46 10-516 05 87
Email: liselotte.haglind@pe.se
About Projektengagemang
Projektengagemang is one of Sweden's leading consulting groups with a focus on buildings and their surrounding environments. The operational activities are conducted within the subsidiary PE Teknik & Arkitektur, which generates an annual turnover of approximately one billion Swedish kronor. As urban developers, PE Teknik & Arkitektur creates innovative and sustainable solutions that contribute to the development and renewal of society. Learn more at pe.se/ir.