At Vattenfall’s Annual General Meeting held on Wednesday 25 April, the Chairman of the Board Lars G Nordström summarised developments since the previous year’s AGM. The President and CEO Øystein Løseth presented Vattenfall’s operations, which in 2011 had focused on consolidation in line with Vattenfall’s new strategic direction.
The owner was represented by Erik Thedéen, State Secretary at the Ministry of Finance. He said in his speech that the owner is now initiating a process of reviewing Vattenfall's financial objectives and that the "…rate of return is likely to be lower than the current 15%. "Exactly what the goals are and what additional objectives that will be recommended by the owner will be addressed at an extraordinary general meeting in the autumn," said Erik Thedéen.
Adoption of the income statement and balance sheet
The AGM adopted the income statement and balance sheet for Vattenfall AB and the Vattenfall Group.
Of the total profits of SEK 79,643,407,543 at the disposal of the AGM, it was decided to pay out SEK 4,433,000,000 to the shareholder and carry SEK 75,210,407,543 forward. The dividend corresponds to SEK 33.66 per share and will be paid on 2 May.
Discharge of liability
The AGM decided to discharge the members of the Board and the CEO from liability.
Guidelines for remuneration
The AGM decided to retain the principles for remuneration to senior executives unchanged.
Remuneration to the Board and auditors
The AGM decided that unchanged fees for the time until the conclusion of the next Annual General Meeting shall be payable in the amount of SEK 580,000 for the Chairman of the Board and SEK 280,000 for each of the other Board members elected by the AGM. For work in the Remuneration Committee, the Audit Committee and the Safety and Risk Committee respectively, an unchanged fee of SEK 60,000 shall be paid to the Committee Chairman and SEK 45,000 to the other members. No fees shall be paid to Board member who is employed at the Swedish Government Offices or to employee representatives.
The AGM decided that the fee for the auditor’s work shall be paid as per approved invoice.
Election of Board members and auditors
Lars G Nordström (Chairman since June 2011) was re-elected as Chairman of the Board until the conclusion of the next AGM. Eli Arnstad, Patrik Jönsson, Håkan Erixon and Cecilia Vieweg were re-elected as members of the Board. Gunilla Berg, Håkan Buskhe and Jan-Åke Jonsson were elected as new members of the Board. Christer Bådholm and Lone Fønss Schrøder both declined re-election after ten and nine years respectively on the Board of Vattenfall and were thanked at the Meeting.
Ernst & Young AB was also re-elected as auditor.
More information about the AGM may be found at www.vattenfall.com under “Corporate governance”.
Vattenfall publishes the above information pursuant to the Swedish Securities Market Act.
For more information, contact:
Vattenfall’s Press Office, +46 (0) 87 39 50 10,
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