Convening for the Annual General Meeting of Vestas Wind Systems A/S
To the shareholders of Vestas Wind Systems A/S
Pursuant to article 4 of the Articles of Association, you are hereby convened
for the Annual General Meeting of Vestas Wind Systems A/S on
Wednesday 2 April 2008 at 2.00 p.m. (CET)
at the Concert Hall (Musikhuset) Aarhus, Thomas Jensens Allé, 8000 Aarhus C,
Denmark. The agenda includes the following items:
1. Report from the Board of Directors on the company's activities during the
past year.
2. Presentation of the annual report, and resolution to adopt the annual report.
3. Resolution on the application of profit or covering of loss according to the
approved annual report.
4. Election of members of the Board of Directors.
5. Appointment of auditors.
6. Proposals, if any, from the Board of Directors or the shareholders, including
proposals for authorisation of the company to acquire treasury shares.
The Board of Directors proposes the following:
6.1 The Board of Directors requests the authorisation of the general meeting for
the company to acquire treasury shares up to a total nominal value of 10 per
cent of the value of the company's share capital at the time in question, cf.
article 48 of the Danish PublicCompanies Act, in the period up until the next
annual general meeting. The payment for the shares must not deviate more than 10
per cent from the closing price quoted at the OMX Nordic Exchange Copenhagen at
the time of acquisition.
7. Any other business.
The agenda, the annual report for 2007 and the full wording of proposals to be
considered by the General Meeting will be available for review by the
shareholders at the company's registered office from 17 March 2008 to 2 April
2008 between 10.00 a.m. and 4.00 p.m. (CET).
Admission card
Pursuant to article 6 of the Articles of Association, shareholders wishing to
attend the General Meeting shall order an admission card with VP Investor
Services, Helgeshøj Allé 61, P.O. Box 20, 2630 Taastrup, Denmark, (fax: +45 4358
8867) or via Vestas' homepage www.vestas.com no later than on 28 March 2008 at
4.00 p.m. (CET). Non-registered shareholders wishing to attend the General
Meeting shall provide evidence of their title by presentation of a document of
title issued by the relevant shareholder's bank ("the account-holding bank").
The document of title must be issued no more than 14 days before the
shareholder's request for an admission card. Further, the shareholder shall
declare in writing that the shares are not and will not be transferred to a
third party before the General Meeting has been held.
Entitled to vote
The company's share capital amounts to DKK 185,204,103.00 and is divided into
shares in the denomination of DKK 1.00 and/or multiples thereof. Each share
amount of DKK 1.00 shall entitle the shareholder to one vote. Shareholders who
are entitled to attend the General Meeting, and who have caused their shares to
be entered in the Register of Shareholders or have reported and submitted proof
of their acquisition, shall be entitled to vote. Shareholders who have acquired
shares by transfer cannot exercise the voting rights attached to the shares in
question without such shares having been registered in the Register of
Shareholders or the shareholder has reported and submitted proof of his
acquisition prior to this notice, cf. article 6 of the Articles of Association.
A form for submitting votes by proxy may be obtained from VP Investor Services
or via www.vestas.com. The shareholders exercise their financial rights through
their own deposit banks, cf. section 73 (5) (2) of the Danish Public Companies
Act.
Canapés and drinks will be served after the General Meeting. The arrangement
will be ending at approx 5 p.m. (CET).
Randers, 10 March 2008
Vestas Wind Systems A/S
On behalf of the Board of Directors
Bent Erik Carlsen
Chairman
FULL WORDING OF THE PROPOSALS FROM THE BOARD OF DIRECTORS
for the Annual General Meeting of Vestas Wind Systems A/S
Wednesday 2 April 2008 at 2.00 p.m. (CET)
at Concert Hall (Musikhuset) Aarhus, Thomas Jensens Allé, 8000 Aarhus C, Denmark
Re. Item 1 on the agenda:
Proposal to take note of the annual report.
Re. Item 2 on the agenda:
Proposal to approve the annual report.
Re. Item 3 on the agenda:
Proposal to apply annual profit of DKK 275m as follows:
Transfer to reserve for net revaluation according to the equity method 287 DKK
Dividend DKK 0m
Retained earnings DKK (12)m
Re. Item 4 on the agenda:
Proposal to re-elect the current members of the Board of Directors appointed by
the general meeting. The nominated candidates for the Board of Directors have
stated that they hold the following competencies and fiduciary positions in
other Danish and foreign companies and organisations:
Bent Erik Carlsen (62 years), Chairman
Group Executive Vice President, A.P. Møller-Mærsk (Denmark) 2002 -.
Member of the Board since September 1996.
Competencies
Education:
1972 B. Com. (marketing), Copenhagen Business School, Denmark
1978 B. Com. (management accounting), Copenhagen Business School, Denmark
- Various management courses INSEAD, Denmark
Former positions:
1969-1972 - Sales Manager, Colon Emballage A/S, Denmark
1972-1979 - Managing Director, Eurocard Denmark A/S, Denmark
1979-1981 - Managing Director, Winther & Heide Eftf. A/S, Denmark
1981-1983 - Member of the European Management, Air Liquide, France
1983-1988 - Managing Director, Aktieselskabet Dansk Ilt- & Brintfabrik, Denmark
1988-1990 - Managing Director, Fro Saldatura S.A., Italy
1990-1992 - Managing Director, L'Air Liquide Belge sa-nv, Belgium
1992-1999 - Managing Director, Hede Nielsen A/S, Denmark
1999-2002 - Managing Director, Air Liquide, Scandinavien, Denmark
Fiduciary positions
Chairman of the Boards of: A/S Maersk Aviation Holding (Denmark), Aktieselskabet
Roulunds Fabriker (Denmark), Dansk Industri Syndikat A/S (Denmark), Maersk
Container Industri (China), Mærsk Container Industri A/S (Denmark), Norfolk
Holding B.V. (The Netherlands), Rosti A/S (Denmark), Rotrex A/S (Denmark),
Roulunds Holding A/S (Denmark), Star Air A/S (Denmark) and Svitzer A/S
(Denmark).
Deputy Chairman of the Board of: Dansk Supermarked A/S (Denmark).
Member of the Boards of: Ejendomsselskabet Roulunds A/S (Denmark), F. Salling
A/S (Denmark), F. Salling Holding A/S (Denmark) and Martinair Holland N.V. (The
Netherlands).
Independence
Complies with the Committee on Corporate Governance's definition of the concept
independency (The Committee on Corporate Governance's definition of the concept
independency is available at www.vestas.com / Investor).
Torsten Erik Rasmussen (63 years), Deputy Chairman
Managing Director & CEO, Morgan Management ApS (Denmark) 1997 -.
Member of the Board since January 1998.
Competencies
Education:
1961-1964 - Commercial education, Dalhoff Larsen & Horneman A/S, Denmark
1964-1966 - Military service, Royal Danish Life Guards, Denmark and discharged
as First lieutenant (R) 1967
1972 - MBA, IMEDE, Lausanne, Switzerland
1985 - International Senior Managers' Program, Harvard Business School, USA
Former positions:
1967-1971 - Department Manager and later Director, Northern Soft- & Hardwood
Co.
Ltd., Congo
1973 - Management Assistant, LEGO System A/S, Denmark
1973-1975 - Finance Director, LEGOLAND A/S, Denmark
1975-1977 - Logistics Manager, LEGO System A/S, Denmark
1977 - Deputy Manager, logistics, LEGO System A/S, Denmark
1978-1980 - Managing Director & CEO, LEGO Overseas A/S, Denmark
1981-1997 - Director and member of the Group Management, LEGO A/S, Denmark
Fiduciary positions
Chairman of the Boards of: Amadeus Management A/S (Denmark), Ball ApS (Denmark),
CPD Invest ApS (Denmark) and EVO Management A/S (Denmark).
Deputy Chairman of the Boards of: A/S Det Østasiatiske Kompagni (Denmark), JAI
A/S (Denmark) and TK Development A/S (Denmark).
Member of the Boards of: Acadia Pharmaceuticals A/S (Denmark), Acadia
Pharmaceuticals Inc. (USA), Arvid Nilsson A/S (Denmark), Coloplast A/S
(Denmark), ECCO (Thailand) Co. Ltd. (Thailand), ECCO (Xiamen) Co. Ltd. (China),
ECCO Sko A/S (Denmark), ECCO Slovakia a.s. (Slovakia), Ecco'let Portugal
(Portugal), JAI Aviation ApS (Denmark), JAI Group Holding ApS (Denmark), Morgan
Invest ApS (Denmark), NatImmune A/S (Denmark), Oase Outdoors ApS (Denmark),
Outdoor Holding A/S (Denmark), PT ECCO Indonesia (Indonesia), Schur
International A/S (Denmark), Vola A/S (Denmark) and Vola Holding A/S (Denmark).
Independence
Complies with the Committee on Corporate Governance's definition of the concept
independency.
Arne Pedersen (62 years)
Managing Director, Homasit A/S (Denmark) 2008-.
Member of the Board since April 1995.
Competencies
Education:
1967 - Engineering worker, Assens Sukkerfabrik A/S, Denmark
1971 - Production Engineer, Engineering College of Odense, Denmark
1976 - B. Com. (organisation), Århus School of Business, Denmark
Former positions:
1972-1973 - Personal Planner, Århus Bogtrykkerie A/S, Denmark
1973-1977 - Project Manager, Novopan Træindustri A/S, Denmark
1977-1980 - Project Manager, Joran Bor A/S, Denmark
1980-1985 - Managing Director, Svendborg Avis A/S - Fyns Amtsavis, Denmark
1985-1993 - Managing Director, Nordfab A/S, Denmark
1993-1998 - Managing Director, Århus Flydedok A/S, Denmark
1998-2004 - Managing Director, Bladt Industries A/S, Denmark
2004-2007 - President and CEO, SIPCO Surface Protection Inc. USA
Fiduciary positions
Chairman of the Boards of: AROS Maritime ApS (Denmark), AROS Maritime A/S
(Denmark), DanTruck-Heden A/S (Denmark), DanTruck-Heden Lifttruck A/S (Denmark),
DTH Holding ApS (Denmark), EMH og P&S DOK og Leasing Aktieselskab (Denmark),
Formard Mould A/S (Denmark), Marstal Værft A/S (Denmark), Nettotruck A/S
(Denmark), Petersen og Sørensen Motorværksted A/S (Denmark) and Petersen og
Sørensen Reparationsværksted A/S (Denmark).
Member of the Boards of: DanTruck-Heden Danmark A/S (Denmark), Devitech ApS
(Denmark), Muehlhan A/S (Denmark), Muehlhan Norway AS (Norway) and Targit A/S
(Denmark).
Other positions of trust: Chairman of Brancheforeningen Danske Maritime - Danish
Maritime Association (Denmark), Chairman of Industriens Branchearbejdsmiljøråd -
Industrial Occupational Health Committee (Denmark), member of CESA - Den
europæiske værftsforening - The European Shipyard Association (Belgium) and
member of Dansk Industris Hoveddbestyrelse - The General Council of the
Confederation of Danish Industries (Denmark).
Independence
Complies with the Committee on Corporate Governance's definition of the concept
independency.
Freddy Frandsen (63 years)
Director.
Member of the Board since April 2004.
Competencies
Education:
1967 - Electronic Engineer, Engineering College of Århus, Denmark
- Various management courses INSEAD, Denmark
Former positions:
1967-1973 - Engineer, Industry Department, Bruun & Sørensen A/S, Denmark
1973-1987 - Divisional Director, Skako A/S, Denmark
1987-1989 - Managing Director, Kverneland-Danmark A/S, Denmark
1989-1993 - Managing Director, Pedershaab A/S, Denmark
1993-2005 - Managing Director, Aalborg Industries A/S, Denmark
Fiduciary positions
Chairman of the Boards of: FRF Invest ApS (Denmark) and Hans Følsgaard A/S
(Denmark).
Member of the Boards of: Aktieselskabet af 1. november 1998 (Denmark),
Anpartsselskabet af 8. februar 2005 (Denmark), Hans Følsgaard A/S (Denmark),
Odense Staalskibsværft A/S (Denmark), Polaris Invest II ApS (Denmark), Polaris
Management A/S (Denmark) and Svejsemaskinfabrikken Migatronic A/S Denmark).
Other positions of trust: Chairman of the non-profit foundation: Utzon
Foundation (Denmark), member of Det Nationale Fødevareforum,
Videnskabsministeriet - Ministry of Science (Denmark), member of Følsgaard
Fonden (Denmark) and member of Nordsøen Forskerpark/ Ocenarium (Denmark).
Independence
Complies with the Committee on Corporate Governance's definition of the concept
independency.
Jørgen Huno Rasmussen (55 years)
President and CEO, FLSmidth & Co. A/S (Denmark) 2004 -.
Member of the Board since January 1998.
Competencies
Education:
1976 - MSc engineering (construction), Danish University of Technology, Denmark
1977 - B. Com. (organisation), Copenhagen Business School, Denmark
1980 - Lich.tech., Danish University of Technology, Denmark
Former positions:
1979-1982 - Project Manager, A. Jespersen & Søn A/S, Denmark
1982-1983 - Manager, Industrial Construction, Chr. Islef & Co. A/S, Denmark
1983-1986 - Department Manager, H. Hoffmann & Sønner A/S, Denmark
1986-1988 - Director of Foreign Affairs, H. Hoffmann & Sønner A/S, Denmark
1988-2003 - Managing Director, Hoffmann A/S, Denmark
2000-2003 - President & CEO, Veidekke ASA, Norway
Fiduciary positions
Chairman of the Boards of: Aktieselskabet af 1. januar 1990 (Denmark), FFE
Invest A/S (Denmark), FFE Minerals Corporation (USA), FLS miljø A/S (Denmark),
FLS Plast A/S (Denmark), FLSmidth Airtech A/S (Denmark), FLSmidth Inc. (USA),
FLSmidth Ltd. (India), FLSmidth Materials Handling A/S (Denmark), FLSmidth
Minerals Holding ApS (Denmark), FLSmidth Rusland Holding A/S (Denmark) and SLF
Romer XV ApS (Denmark).
Deputy Chairman of the Boards of: Dansk Eternit Holding A/S (Denmark) and Scion
DTU A/S (Denmark).
Member of the Boards of: Dan Indian Holding ApS (Denmark) and FLSmidth
Dorr-Oliver Eimco Denmark ApS (Denmark).
Other positions of trust: Member of the representatives of Industriens
Arbejdsgivere - The Copenhagen Industries Employers' Federation (Denmark) and
member of the representatives of Tryg i Danmark smba (Denmark).
Independence
Complies with the Committee on Corporate Governance's definition of the concept
independency.
Jørn Ankær Thomsen (61 years)
Attorney at Law and partner, Gorrissen Federspiel Kierkegaard (Denmark) 1976 -.
Member of the Board since April 2004.
Competencies
Education:
1970 - Master of Law, University of Copenhagen, Denmark
Former positions:
1970-1974 - Deputy judge and Junior associate, Denmark and Lawyer in 1974
Fiduciary positions
Chairman of the Boards of: Aida A/S (Denmark), Aktieselskabet af 26. november
1984 (Denmark), Aktieselskabet Schouw & Co. (Denmark), Carlsen Byggecenter
Løgten A/S (Denmark), Carlsen Supermarked Løgten A/S (Denmark), Danish
Industrial Equipment A/S (Denmark), Danske Invest Administration A/S (Denmark),
DB 2001 A/S (Denmark), F.M.J. A/S (Denmark), Fibertex A/S (Denmark), Frima
Vafler A/S (Denmark), Fåmandsforeningen Danske Invest (Denmark), GAM Holding A/S
(Denmark), Ghana Impex A/S (Denmark), Givesco A/S (Denmark), Holdingselskabet
af 25.
november 1972 A/S (Denmark), Investeringsforeningen Danske Invest (Denmark),
Investeringsforeningen Danske Invest AlmenBolig (Denmark),
Investeringsforeningen Danske Invest Select (Denmark), Investeringsforeningen
Profil Invest (Denmark), K.E. Mathiasen A/S (Denmark), Kildebjerg Ry A/S
(Denmark), Krone Erhvervsinvestering A/S (Denmark), Krone Kapital A/S (Denmark),
Løgten Midt A/S (Denmark), Martin Professional A/S (Denmark), Ortopædisk
Hospital Aarhus A/S (Denmark), Pipeline Biotech A/S (Denmark),
Placeringsforeningen BG Invest (Denmark), Schouw Finans A/S (Denmark),
Specialforeningen Danske Invest (Denmark), Søndergaard Give A/S (Denmark) and
Th. C. Carlsen, Løgten A/S (Denmark).
Member of the Boards of: A/S P. Grene (Denmark), ASM Foods AB (Sweden), Biomar
A/S (Denmark), Biomar Holding A/S (Denmark), Carletti A/S (Denmark), Dan Cake
A/S (Denmark), GFK Holding ApS (Denmark), GFKJURA 883 A/S (Denmark), Givesco
Bakery A/S (Denmark), Krone Kapital I A/S (Denmark), Krone Kapital II A/S
(Denmark) and Krone Kapital III A/S (Denmark).
Other positions of trust: Member of Jens Eskildsen og Hustru Mary Antonie
Eskildsen Mindefond - Memorial foundation (Denmark), member of Købmand TH. C.
Carlsens Mindefond - Memorial foundation (Denmark) and member of the Otto
Mønsteds Kollegium (Denmark).
Independence
Does not comply with the Committee on Corporate Governance's definition of the
concept independency due to connection to one of the law firms acting as
consultant to the company.
Kurt Anker Nielsen (62 years)
Director.
Member of the Board since 2006.
Competencies
Education:
1972 - MSc (Economics and Business Administration), Copenhagen Business School,
Denmark
Former positions:
1972-1973 - Business Economist, Carlsberg A/S, Denmark
1973-1974 - Management Consultant, Booz, Allen and Hamilton of Scandinavia,
Denmark
1974-1977 - Economist, Novo Industri A/S, Denmark
1977-1984 - Head of Corporate Planning, Novo Industri A/S, Denmark
1984-1985 - Director, Corporate Planning and Communications, Novo Industri A/S,
Denmark
1985-1989 - President of Corporate Finance, Novo Industri A/S, Denmark
1989-2000 - Chief Financial Officer, Novo Nordisk A/S, Denmark
1996-2000 - Deputy CEO, Novo Nordisk A/S, Denmark
2000-2003 - Co-CEO, Novo A/S, Denmark
Fiduciary positions
Chairman of the Board of: Reliance A/S (Denmark).
Deputy Chairman of the Board of: Novozymes A/S (Denmark).
Member of the Boards of: Lifecycle Pharma A/S (Denmark), Novo Nordisk A/S
(Denmark), StatoilHydro ASA (Norway) and ZymoGenetics Inc. (USA).
Other positions of trust: Chairman of LifeCycle Pharma's Audit Committee
(Denmark), Chairman of Novo Nordisk A/S' Audit Committee (Denmark), Chairman of
StatoilHydro ASA's Audit Committee (Norway), Chairman of ZymoGenetics Inc.'s
Audit Committee (USA) and member of Novo Nordisk Fonden (Denmark).
Independence
Complies with the Committee on Corporate Governance's definition of the concept
independency.
Re. Item 5 on the agenda:
Proposal to elect PricewaterhouseCoopers, Statsautoriseret Revisionsaktieselskab
and KPMG Statsautoriseret Revisionspartnerskab as auditors of the company.
Re. Item 6 on the agenda:
Proposal 6.1
Proposal from the Board of Directors to authorise the Board of Directors to let
the company acquire treasury shares of up to a total nominal value of 10 per
cent of the value of the company's share capital at the time in question, cf.
Article 48 of the Danish Public Companies Act, in the period up until the next
annual general meeting. The payment for the shares must not deviate more than 10
per cent from the closing price quoted at the OMX Nordic Exchange Copenhagen at
the time of acquisition.
Randers, 10 March 2008
Vestas Wind Systems A/S
On behalf of the Board of Directors
Bent Erik Carlsen
Chairman
