Report from Annual General Meeting 2010
Beijer Electronics’ Annual General Meeting 2010 was held on Monday April 26, 2010. The AGM resolved in all proposed matters in accordance with the Board and the Nomination Committee's proposals.
The AGM adopted the submitted Income Statement and Balance Sheet for 2009 and discharged the Board members and CEO from liability for the financial year 2009. In addition, the Meeting approved the Board of Directors’ proposal of ordinary dividends of SEK 4.00 per share and that the record date for dividends would be April 29, 2010. The dividends are scheduled for disbursement from Euroclear Sweden AB (the Swedish Central Securities Depository & Clearing Organization) on May 4, 2010.
Chairman of the Board Anders Ilstam reviewed the Board of Directors’ activities in the financial year 2009. In his address to the Meeting, Beijer Electronics’ CEO Fredrik Jönsson reviewed operations in 2009 and progress in the first quarter 2010.
CEO Fredrik Jönsson noted that 2009 was a tough year with lower earnings as a result. But by cutting costs early, implementing internal efficiencies and active sales management, Beijer Electronics built a solid platform for growth. By late last year, the company could see a recovery. With increased demand, lower cost level and internal efficiency improvements in place Beijer Electronics could present an increased order intake and improved operating profit for the first quarter of 2010.
Here is a description of the main contents of the most important decisions taken at the meeting:
The Board of Directors shall consist of seven members, without deputies.
Fees of SEK 400,000 shall be paid to the Chairman of the Board, and that fees to each of the other Board members shall be SEK 175,000, apart from those members that are employed by the company.
Fees to the Auditors shall be paid pursuant to approved account.
Stig-Arne Blom, Bert Åke Eriksson, Ulrika Hagdahl, Anders Ilstam, Fredrik Jönsson and Joen Magnusson were re-elected as Board Members. Hans Linnarson had declined re-election.
Maria Khorsand was elected new Member of the Board.
Anders Ilstam was re-elected as Chairman of the Board.
The Nomination Committee shall consist of five members, one representative of each of the four largest shareholders at the time immediately before publication and the Chairman of the Board. The Nomination Committee shall stand until a new Nomination Committee is appointed.
The Board of Directors’ proposal on guidelines for remuneration to senior executives was adopted.
The Board of Directors was authorize to decide to increase the company’s share capital by a maximum of SEK 622,000 through the new issue of a maximum of 622,000 shares on one or more occasions until the next AGM.
To amend the Articles of Association regarding the manner convening the AGM in accordance with the Board of Directors’ proposal and the Swedish Annual Accounts Act, although conditional on an amendment of the stipulations of the Swedish Annual Accounts Act coming into effect.
The Board of Directors, Beijer Electronics AB (publ)
Malmö, Sweden, April 26, 2010
For more information, please contact:
President and CEO, Fredrik Jönsson
tel +46 (0)40 35 86 10, mobile +46 (0)705 17 16 26
CFO, Lennart Mauritzson
tel +46 (0)40 35 86 53, mobile +46 (0)705 52 05 57
Corporate Communications, Katarina Erichs Emilson
tel +46 (0)40 35 84 96, mobile +46 (0)703 35 84 96
Beijer Electronics is a fast growing technology company with extensive experience of industrial automation and robust data communication, developing and marketing competitive products and solutions with focus on the user. Since its start-up in 1981, Beijer Electronics has evolved into a multinational group with subsidiaries in 14 countries some 500 employees and sales of 1.1 bn SEK 2009. The company is listed on the Nasdaq OMX Nordic Exchange Stockholm’s Small Cap list under the ticker BELE. www.beijerelectronics.se