Sandvik: Sandvik’s Annual General Meeting 2013
SANDVIKEN, Sweden -- April 25, 2013
Sandvik AB held its Annual General Meeting on 25 April 2013 in Sandviken.
In his address, Olof Faxander, President and CEO, commented on the 2012
financial year and the trend for the first quarter of 2013. The presentation
comprised a report on Sandvik’s results per Business Area as well as
geographically. Olof Faxander also reported on a number of important events
during the year, such as improved co-ordination and use of group resources and
strategic focus on growth markets. He also emphasized how research and
development is a precondition for success and that Sandvik has been named one
of the world’s 100 most innovative companies by Thomson Reuters.
Adoption of the Profit and Loss Accounts and Balance Sheets
The General Meeting adopted the Profit and Loss Account and Balance Sheet for
the parent company as well as the Consolidated Profit and Loss Account and
Consolidated Balance Sheet for 2012. The Board members and the President were
discharged from liability for the financial year 2012.
The General Meeting resolved on a dividend of SEK 3.50 per share. The record
date for payment of the dividend was set at Tuesday, 30 April 2013. The
dividend is expected to be sent by Euroclear Sweden AB on Monday, 6 May 2013.
Board of Directors
Pursuant to the Nomination Committee’s proposal, Olof Faxander, Jürgen M
Geissinger, Johan Karlström, Fredrik Lundberg, Hanne de Mora, Anders Nyrén,
Simon Thompson and Lars Westerberg were re-elected members of the Board.
Anders Nyrén was re-elected Chairman of the Board.
The employee unions have appointed Jan Kjellgren and Tomas Kärnström as
members of the Board and Thomas Andersson and Alicia Espinosa as deputy
members of the Board.
Fees to the Board
The General Meeting resolved pursuant to the Nomination Committee’s proposal
that the fee to each Board member not employed by the company should be SEK
550,000 (previously SEK 525,000) and that the fee to the Chairman of the Board
should be SEK 1,650,000 (previously SEK 1,575,000). Further, the following
fees were resolved on: SEK 150,000 (unchanged) to each Board member elected by
the General Meeting who is a member of the Audit Committee, SEK 175,000
(unchanged) to the Chairman of the Audit Committee, SEK 100,000 (unchanged) to
each Board member elected by the General Meeting who is a member of the
Remuneration Committee and SEK 125,000 (unchanged) to the Chairman of the
Resolution on guidelines for remuneration of senior executives
The General Meeting resolved to adopt the Board’s proposal regarding
guidelines for remuneration of senior executives.
Resolution on a long-term incentive program (LTI 2013)
The General Meeting approved the Board’s proposal on a long-term incentive
program (LTI 2013) for about 350 senior executives and key employees in the
Group, on substantially the same terms and conditions as the 2011 and 2012
Participants will have the opportunity to be allotted employee stock options
enabling the participant to acquire Sandvik shares at a certain price after a
period of three years, on the condition that certain performance goals are
met. More senior executives are required to make a private investment in
Sandvik shares in order to be eligible to receive employee stock options and
matching rights enabling the executive to acquire Sandvik shares at a certain
price after a period of three years.
The program includes a maximum of 12,000,000 Sandvik shares. Assuming a share
price of SEK 100, an expected volatility of 40 per cent and a five-year term,
the cost of the program is estimated at approximately SEK 241 M.
As regards the proposal that the Business Area Sandvik Materials Technology
should be distributed to Sandvik’s shareholders and listed on the stock
exchange, it was noted that this proposal was to be understood as a request
for the Board to further contemplate the issue.
Wilhelm Haglund medal
Silvia Dahlund, Sakari Ruppi and Jenni Zackrisson, Seco Tools, were named
product developers of the year and were awarded the Wilhelm Haglund Medal for
their development of Seco Tools TP2500 and Duratomic® for steel turning.
Stockholm, 25 April 2013
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Sandvik Investor Relations
Magnus Larsson, +46 8 456 12 40
Oskar Lindberg, +46 8 456 12 30
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