The Annual General Meeting of Alfa Laval AB was held at Färs & Frosta Sparbank Arena in Lund, Sweden, on Monday, April 23rd. Some 350 shareholders attended the meeting under the chairmanship of Anders Narvinger.
This is an unofficial translation of the Swedish notice. In case of any discrepancies between the Swedish notice and this English translation, the Swedish notice shall prevail.
At the meeting, Lars Renström, President and CEO, concluded on the development in 2011, a year which started off with a strong growth in demand, resulting in a record high order intake in the third quarter. The increasing macroeconomic uncertainty that characterized both Europe and the US during the summer, however, began to have an impact in the autumn, causing certain customers to adopt a cautious attitude toward new investments. This development had a wider impact in the fourth quarter. Despite an initial decline, 2011 turned out a very good year, with order intake totaling SEK 28.7 billion, up 20 percent compared with 2010. Revenues amounted to SEK 28.6 billion, up 16 percent. The operating income increased significantly in absolute terms and the operating margin was 18.5 percent.
Lars Renström’s entire speech can be found on:”www.alfalaval.com/investors”.
The income statements and balance sheets of both the parent company and the Group were adopted, together with the Board’s proposal for distribution of surplus. The proposed dividend of SEK 3:25 per share was approved. Furthermore, the board’s proposal for authorization to, at one or more occasions prior to the next Annual General Meeting, buy back up to five percent of the outstanding shares in the Company, was adopted.
As Board members Gunilla Berg, Björn Hägglund, Ulla Litzén, Anders Narvinger, Arne Frank, Finn Rausing, Jörn Rausing and Lars Renström were re-elected. Anders Narvinger was appointed Chairman of the Board. Furthermore the nominating committee’s proposal regarding auditors was adopted. Authorized public accountant Staffan Landén was re-elected and Håkan Olsson Reising was newly elected as ordinary auditors the coming year. Authorized public accountants Johan Thuresson and Karoline Tedevall were newly elected as deputy auditors.
The AGM decided the remuneration to the Board of Directors for 2012 in line with the proposal from the Nomination Committee. Remuneration should be SEK 3,850,000, an increase from SEK 3,650,000 in 2011. Additional remuneration will be paid for work performed in the committees of the board.
Furthermore it adopted a resolution on the guidelines for compensation to senior management, including fixed compensation and long and short term variable compensation.
The Annual General Meeting approved discharge from liability for members of the Board of Directors and the Managing Director.
Complete proposals can be found on www.alfalaval.com.