The Annual General Meeting of Björn Borg AB was held at 5.30 p.m. CET on 19 May 2016 at the company’s offices in Stockholm.
The Annual General Meeting adopted the income statement and balance sheet, the consolidated income statement and the consolidated balance sheet for the year 2015. The Annual General Meeting resolved that no dividend be paid to the shareholders for the year 2015. Instead of a dividend, the Annual General Meeting resolved on a share redemption program as set out below.
The Annual General Meeting resolved to re-elect the Directors Fredrik Lövstedt, Mats H Nilsson, Martin Bjäringer and Heiner Olbrich and to elect Christel Kinning, Lotta de Champs and Petra Stenqvist as new Directors, meaning also that the total number of Directors remains seven. Kerstin Hessius, Isabelle Ducellier and Nathalie Schuterman declined re-election. The Meeting resolved to re-elect Fredrik Lövstedt as Chairman of the Board of Directors. Further, the Meeting resolved that the remuneration to the Board shall be raised, which means that the Chairman of the Board receives SEK 375,000 and other Directors SEK 150,000 each. The Meeting also resolved that remuneration to be paid to the Directors for work on board committees shall be raised, which means SEK 16,000 to each of the members of the remuneration committee and SEK 27,000 to the Chairman of the remuneration committee, and SEK 55 000 to each of the members of the audit committee and SEK 80,000 to the Chairman of the audit committee.
The Annual General Meeting resolved to re-elect Deloitte AB for the period until the end of the next Annual General Meeting. The Meeting also decided that fair remuneration to the auditors shall be paid on approved accounts.
Automatic share redemption procedure
The Annual General Meeting resolved on an automatic share redemption procedure, including a share split 2:1, in accordance with proposal by the Board of Directors. The procedure means a distribution to the shareholders of SEK 2.00 per existing share. The Annual General Meeting authorized the Board of Directors to set the record date for the share split, which is estimated to occur 30 May 2016. Payment of the redemption amount is estimated to take place by 22 June 2016, through Euroclear. ISIN code for redemption share is SE0003857457 and for original share SE0008242002.
Authorization to resolve on new issues of shares, warrants and/or convertibles
In accordance with the proposal by the Board of Directors, the Annual General Meeting authorized the Board of Directors, until the next Annual General Meeting, to resolve on new issues of shares, warrants and/or convertibles on one or several occasions, with or without deviation from the shareholders’ preferential rights. The reasons for deviating from the shareholders’ preferential rights shall be to enable directed share issues for the purpose of acquisitions of companies or businesses, in whole or in part, alternatively for raising capital to be used for such acquisitions.
Guidelines for remuneration to the executive management
The Meeting adopted the Board of Directors’ proposal regarding guidelines for remuneration to the executive management, comprising the managing director and the other individuals in the executive management.
The Annual General Meeting approved the nomination committee’s proposal regarding the nomination committee.
The CEO gave a presentation and answered questions.
For further information, please contact:
Fredrik Lövstedt, Chairman of the Board, telephone: +46 708 59 54 80, e-mail firstname.lastname@example.org
The information contained in this press release is such that the company is required to disclose in accordance with the Swedish Securities Markets Act and/or the Swedish Financial Instruments Trading Act. The information was released for publication on 20 May, 2016 at 8.00 a.m. (CET).