Annual General Meeting 2017
The Annual General Meeting (“AGM”) of Inwido AB was held Tuesday May 9, 2017, at Malmö Börshus. At the meeting, CEO Håkan Jeppsson accounted for his view of the operating year 2016. He emphazised the fact that 2016 was Inwido´s best year to date and confirmed that Inwido continue to work towards the vision – improving life at home – while strong earnings growth, based on increased sales and improved efficiency, continuously is high priority.
Håkan Jeppsson comments:
“2016 was once again a record year for Inwido. Several acquisitions, product launches and aggressive initiatives laid a solid foundation for continued strong development in Inwido. Virtually all key ratios moved in the right direction, and we largely achieved our long-term financial target”.
“We have begun 2017 with our best first quarter to date in terms of earnings, sales and orders alike and I am positive about Inwido´s future development. Underlying demand for energy-efficient windows and doors remains high in our markets due to urbanization, housing shortages, renovation needs and increasing demands on energy savings, which leads us to remain optimistic about the remainder of 2017”.
Further, the following principal resolutions were passed:
Election of Board of Directors and Auditor
Arne Frank, Benny Ernstson, Sisse Fjelsted Rasmussen and Anders Wassberg were re-elected as Board members. Astrid Simonsen Joos was elected as a new Board member. Eva S. Halén has declined re-election. Arne Frank was re-elected as Chairman of the Board. Thomas Forslund, KPMG, was re-elected as auditor and Linda Bengtsson, KPMG, was re-elected as deputy auditor.
It was resolved that the fees to the Board of Directors should be SEK 250,000 to each Board member not employed by the company and SEK 500,000 to the Chairman of the Board. It was further resolved that the fee to members of the Audit Committee should be SEK 50,000, to the Chairman of the Audit Committee should be SEK 100,000 and to the members and the Chairman of the Remuneration Committee should be SEK 25,000, respectively.
The AGM resolved in accordance with the proposal from the Board and the CEO on dividend amounting to SEK 3.50 per share. The record date for the dividend shall be Thursday May 11, 2017, thus dividend is expected to be paid by Euroclear Sweden AB starting Tuesday May 16, 2017.
Guidelines for remuneration to senior executives
In accordance with the proposal by the Board, the AGM resolved upon guidelines for remuneration to senior executives principally entailing the following. The total remuneration and the terms and conditions for the senior executives should correspond to relevant market conditions and will include fixed salary, variable remuneration, pension benefits, other benefits as well as conditions for termination. The variable remuneration is to be based on the outcome of predetermined objectives. The variable cash remuneration is to be limited to 50% of the fixed annual salary. Variable remuneration may also be paid in the form of long-term incentive programs. Pension benefits must be premium-based. Subject to deviating mandatory national regulations, the retirement age for the CEO shall be 60 years and for other senior executives 65 years. Fixed salary during the notice period and severance pay shall in total not exceed an amount equal to the fixed salary for 12 months; or for the CEO, for 18 months. The Board of Directors may derogate from these guidelines in certain cases if there are special reasons for doing so.