Vattenfall AB’s 2017 Annual General Meeting was held on April 27 at Vattenfall’s head office in Solna. The AGM elected Fredrik Rystedt, Executive Vice President and CFO at the hygiene and forest products company SCA, as new member of the Board and decided to not distribute any dividend for the fiscal year of 2016.
The owner, the Swedish state, was represented at the voting by Malin Fries, Senior Advisor at the Ministry for Enterprise and by Eva Lindström, State Secretary at the Ministry for Enterprise, who held a speech.
Annual General Meeting decisions:
Adoption of the income statement and balance sheet
The AGM approved the income statement and balance sheet for Vattenfall AB and the Vattenfall Group.
The Board decided that no dividend is distributed to the shareholder for the fiscal year of 2016.
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 adopt the Board’s proposal for changed guidelines for remuneration to senior executives. The guidelines correspond to the government’s guidelines for terms of employment for senior executives of state-owned enterprises, adopted by the government on 22 December 2016, with a dispensation regarding how these are to be applied in Vattenfall's subsidiaries.
Remuneration to the Board and auditors
The AGM decided that fees for the time until the conclusion of the next Annual General Meeting shall be payable in the amount of SEK 685,000 for the Chairman of the Board and SEK 330,000 for each of the other Board members elected by the AGM. For work in the Audit Committee a fee of SEK 90,000 shall be paid to the Committee Chairman and SEK 70,000 to each of the other members. For work in the Remuneration Committee a fee of SEK 60,000 shall be paid to the Committee Chairman and SEK 45,000 to each of the other members. No fees shall be paid to a 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
The AGM decided that the number of AGM-elected directors shall be nine (9). Lars G Nordström (chairman since June 2011) was re-elected as Chairman of the Board until the conclusion of the next AGM. Fredrik Arp, Viktoria Bergman, Håkan Erixon, Tomas Kåberger, Jenny Lahrin, Åsa Söderström Jerring and Hilde Tonne were re-elected. Fredrik Rystedt, Executive Vice President and CFO at the hygiene and forest products company SCA, was elected new member of the Board. Staffan Bohman did not stand for re-election. Ernst & Young AB was re-elected as auditor, with Staffan Landén as the auditor-in-charge.
The Swedish State’s ownership policy and guidelines for state-owned companies
The AGM decided to adopt the Swedish State’s ownership policy, the government’s guidelines for external reporting in state-owned companies and the government’s guidelines for terms of employment for senior executives in state-owned companies, all adopted by the government on 22 December 2016.
More information about the AGM may be found at corporate.vattenfall.com
Vattenfall publishes the above information pursuant to the Swedish Securities Market Act.
For more information, contact:
Vattenfall’s Press Office, +46 (0)8-739 50 10, firstname.lastname@example.org