Sandvik's Annual General Meeting 2024
Sandvik's President and CEO
"Over the past year we have continued to build a stronger Sandvik, and we have made important progress in our strategic focus areas. In a challenging global environment, we have delivered strong revenue growth and healthy profitability, a clear proof of the quality in our organization," said
"The Board appreciates the dedicated and professional work done by all Sandvik's employees. With the very strong competence and innovation capabilities that exists within Sandvik, I have a very positive view of the future opportunities for the company," said Chairman of the Board
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 2023. The Board members and the President were discharged from liability for the financial year 2023.
Dividend
The General Meeting resolved pursuant to the Board's proposal on a dividend of SEK 5.50 per share. The record day for payment of the dividend was set at
Board of Directors
The General Meeting decided pursuant to the Nomination Committee's proposal to elect
The employee unions have appointed Fredrik Håf and
Resigning Board member
Fees to the Board
The General Meeting resolved pursuant to the Nomination Committee's proposal on fees to the Board, distributed as follows: SEK 3,000,000 to the Chairman of the Board, SEK 800,000 to each other Board member not employed by the Company, SEK 352,000 to the Chairman of the Audit Committee, SEK 200,000 to each other member of the Audit Committee, SEK 167,000 to the Chairman of the Remuneration Committee, SEK 132,000 to each other member of the Remuneration Committee, SEK 226,000 to the Chairman of the
Auditor
The General Meeting resolved pursuant to the Nomination Committee's proposal to re-elect
Remuneration report
The General Meeting resolved to approve the Board of Directors' remuneration report for 2023.
Guidelines for remuneration of senior executives
The General Meeting resolved to adopt the Board's proposal regarding revised guidelines for remuneration of senior executives.
Long-term incentive program (LTI 2024)
The General Meeting approved the Board's proposal on a long-term incentive program in the form of a performance share program for about 350 senior executives and key employees in the Group (LTI 2024).
Participation requires that an investment in Sandvik shares be made. Each acquired Sandvik share entitles the participant to be allotted, after a period of three years, a certain number of Sandvik shares free of charge, provided that certain performance targets with respect to earnings per share are met. The program is based on substantially the same terms and conditions as the 2014–2023 incentive programs.
LTI 2024 comprises up to 2.0 million shares. The delivery of these shares will be secured through a share swap agreement with a third party. The total cost of LTI 2024 is estimated at up to
Authorization on acquisition of the Company's own shares
The General Meeting approved the Board's proposal to authorize the Board to, for the period until the 2025 Annual General Meeting, resolve on acquisitions of the Company's own shares, however no more than 10 per cent of the total number of shares in the Company.
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SOURCE Sandvik