At Vattenfall’s Annual General Meeting on Thursday, the chairman of the board, Lars Westerberg, summarised developments since last year’s AGM and thanked the retiring President and CEO, Lars G. Josefsson, for the ten years he has lead the company through its transformation to a large European energy group.
Øystein Løseth, the new President and CEO, reported about Vattenfall’s operations, where focus is now on increasing return on equity to live up to the owner’s requirements.
The shareholders were represented at the AGM by Ola Alterå, State Secretary to the Minister for Enterprise and Energy.
The AGM adopted the profit and loss account and balance sheet for Vattenfall AB and the Vattenfall Group, resolved on the disposition of the company’s profit and resolved that the board members and managing director be discharged from liability for the financial year 2009.
Eli Arnstad, Christer Bådholm, Björn Savén, Lone Fønss Schrøder, Cecilia Vieweg and Lars Westerberg were re-elected as members of the board for a further twelve months. Patrik Jönsson was elected as new member for twelve months. Lars Westerberg was re-elected chair.
The following employee representatives are also members of the board: Ronny Ekwall, SEKO, Carl-Gustaf Angelin, Academics Council, and Johnny Bernhardsson, Unionen, with Lars Carlsson, Unionen, Lars-Göran Johansson, Ledarna, and Per-Ove Lööv, SEKO as their deputies.
From the profits of SEK 51,315,052,436 at the disposal of the AGM, it was resolved that SEK 5.24 billion be distributed to shareholders and SEK 46,075,052,436 be carried forward. The dividend corresponds to SEK 39,79 per share, to be paid on 3 May.
The meeting resolved that the chairman of the board should receive an emolument of SEK 580,000 and that each board member that is not an employee of Vattenfall AB is to receive an emolument of SEK 280,000. Board member who is employed in the Government Offices does not receive any emolument. Audit Committee members elected by the AGM and not employed in Vattenfall AB shall receive an emolument of SEK 70,000 per board member. Committee members employed in the Government Offices do not receive any emolument. Board members and deputies representing the employees do not receive any emolument.
Conditions of employment and changes in the articles of associationThe meeting also approved the principles for terms and conditions of employment for senior executives. The principles are in accordance with the Swedish Government’s Guidelines for conditions of employment for senior executives in companies with state ownership.
An additional paragraph was entered in the articles of association with the tenor that Vattenfall AB shall manage capital and liquidity service and trade with securities.
Vattenfall discloses the information provided herein pursuant to the Swedish Securities Market Act.
The press release for download:
Focus on profitability at Vattenfall’s AGM (PDF 126 kb)
For further information, please contact:
Maria Parent, Press Secretary, telephone +46 (0) 76-807 65 50.
Klaus Aurich, Head of Investor Relations, phone +46 (0) 8 739 65 14, mobile +46(0) 70 539 65 14.
From Vattenfall's Press Office, telephone: +46 (0)8-739 50 10.