Sandvik AB held its Annual General Meeting on 13 May 2014 in Sandviken, Sweden.
A dividend of SEK 3.50/share was resolved on. The record date for payment of the dividend was set at Friday, 16 May 2014.
Board of directors
Olof Faxander, Jürgen M Geissinger, Johan Karlström, Hanne de Mora, Ander Nyrén, Simon Thompson and Lars Westerberg were re-elected member of the Board. Anders Nyrén was re-relected Chariman of the Board.
Resigning Board member Fredrik Lundberg was thanked for his service.
Employee unions appointed Jan Kjellgran and Tomas Kärnström as members of the Board and Thomas Andersson and Alicia Espinosa as deputy members of the Board.
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 2014)
The General Meeting approved the Board’s proposal of a long term incentive program (LTI 2014) in the form of a performance share program for approximately 350 senior executives and key employees from the Group.
Participation in the program requires that an investment in Sandvik shares be made. Each Sandvik share invested in entitles the participant to be allotted, after a period of three years, one Sandvik share free of charge. Provided that certain performance targets with respect to earnings per share are met, each Sandvik share invested in also entitles the participant to be allotted further Sandvik shares free of charge.
The total number of shares that can be allotted pursuant to the long term incentive program during the years 2014 – 2016 must not exeed 12 540 000 shares in Sandvik. LTI 2014 comprise up to 3 500 000 shares. The delivery of these shares will be secured through a share swap agreement with a third party.
The total cost of the TI 2014 is estimated at up to 293 million SEK.
The General Meeting resolved to reject the proposal by shareholders Kjell Andersson and Knut Ters meden to place the Group’s business units in different companies and distribute them to the shareholders as separately listed.
Wilhem Haglund medal
Petri Liljaranta, Tapani Sormunen and Sami Hanski, Sandvik Construction, were named product developers of the year and were awarded the Wilhelm Haglund Medal for developing the Dpi series, a new surface top hammer drill rig series.
Adapted from a press release by Emma McAleavey.
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