AGM clarifies Vattenfall’s role

Vattenfall shall, within the framework of the requirement for business professionalism, devote special attention to the development of new electricity generation technology and thereby contribute to a Swedish electricity supply that is both ecologically and economically sustainable. This is the basic content of a supplement to Vattenfall’s Articles of Association that was adopted at the company’s Annual General Meeting on Tuesday.

“I welcome this clarification and see it as supporting our ambition to be at the forefront and, as far as is commercially viable, steering our development in a direction that is ecologically and economically sustainable. At the same time, it is important to remember that we conduct business operations and that we must all the time be able to create more resources than we consume if we are to continue to develop and be able to play a sustainable and leading role. I hope and believe that this clarification on the part of the owner will create tranquillity within the company so that we can devote our efforts towards providing a good energy supply on reasonable conditions, both now and in the future,” said Chairman of the Board Dag Klackenberg. As an expression of Vattenfall’s ambition for transparency, this AGM was for the first time open to the public. Some 250 participants attended the meeting to listen and ask questions. CEO Lars G Josefsson emphasised that Vattenfall’s healthy result shows that the strategy of growing with European market development is the right one to follow. “Growth builds the foundations for more effective solutions, more effective processes, and better products and services for our customers. We have taken advantage of the new prospects that the reformed European electricity market offers, and have established a positive spiral that provides us with excellent prospects for the future,” comments Lars G Josefsson. The following Board members were re-elected: Dag Klackenberg, Chairman, Lars G Josefsson, President and CEO, Christer Bådholm, Peter Lindell, Maarit Aarni, Lone Fønss Schrøder, Anders Sundström and Hans-Olov Olsson. Other members of the Board are staff representatives Ronny Ekwall, SEKO, Carl- Gustaf Angelin, CF, and Johnny Bernhardsson, SIF. Deputy Board members are Lars Carlsson, SIF, Stig Lindberg, Ledarna, and Per-Ove Lööv, SEKO. The meeting decided to discharge the members of the Board and the President from liability and to adopt the Income Statement and the Balance Sheet for Vattenfall AB and the Vattenfall Group. It also decided on the appropriation of the company’s profit. Of the total profit of SEK 17 078 110 612 at the disposal of the AGM, it was decided that SEK 5 600 000 000 should be distributed in the form of a dividend to shareholders and that SEK 11 478 110 612 should be carried forward. For further information please contact: Knut Leman, Senior Vice President, Corporate Communications, Vattenfall AB, tel: +46(0)8-739 50 31. Martin May, Press Manager, Vattenfall AB, tel: +46(0)8-739 52 70, (0)70-539 52 70. From Vattenfall's Press Office, telephone: +46 8 739 50 10.