Gränges AB held its Annual General Meeting on Thursday
The following main resolutions were adopted on the General Meeting. For more detailed information on the content of the resolutions, please refer to the full notice to attend the General Meeting and the full proposals that are available on the company's website, www.granges.com. A pre-recorded speech by CEO
Adoption of the income statements and balance sheets
The General Meeting resolved to adopt the income statement and balance sheet as well as the consolidated income statement and consolidated balance sheet for the 2020 financial year.
Dividend
The General Meeting resolved, in accordance with the Board of Directors' proposal, on a dividend of
Discharge from liability
The General Meeting discharged the members of the Board of Directors and the Chief Executive Officer from liability towards the company for management of the company in 2020.
Board of Directors and auditors
The General Meeting elected
The General Meeting re-elected the registered accounting firm
The General Meeting resolved that fees payable for the period until the conclusion of the next Annual General Meeting will be in accordance with the following. The Chair of the Board of Directors will receive
All employee representatives of the Board shall receive unchanged
The General Meeting resolved that fees will be paid to the auditor in accordance with approved invoices.
Approval of the remuneration report
The General Meeting resolved, in accordance with the Board of Directors' proposal, on approval of the Board's remuneration report on remuneration to CEO and Deputy CEO in accordance with Chapter 8, Section 53 a of the Swedish Companies Act.
Long-term incentive programme
The General Meeting resolved, in accordance with the Board of Directors' proposal, on a long-term incentive programme, LTI 2021. The programme will run for three years and will be offered to senior managers to supplement the annual incentive programme ("STI 2021").
STI 2021 measures adjusted operating profit (50 per cent), cash conversion (30 per cent) and individual performance (20 per cent), for a maximum payout of 60 per cent of annual basic pay. For President Americas, the maximum payout is 100 per cent of annual basic pay.
LTI 2021 implies that a pay-out equivalent to the amount of STI 2021 is allocated and indexed to the total return of the Gränges share. The vesting periods for LTI 2021 will run over the years 2022, 2023, and 2024 and payment will be made proportionately on an annual basis over a period of three years - 2023, 2024 and 2025 - provided that the individual remains in the Gränges Group's employ.
The total payout from STI and LTI programmes may not exceed 150 per cent of the annual basic pay as of the date of the payout. This shall not apply to the person holding the position as President Americas, whose total payout from STI and LTI programmes is limited to 200 per cent of the annual basic pay.
Issue authorisation
The General Meeting resolved, in accordance with the Board proposal, to authorise the Board of Directors to, on one or more occasions until the next Annual General Meeting, issue new shares and/or convertible bonds. An issue can be decided with or without regard to shareholders' pre-emption rights. Following this authorisation, a total maximum number of shares equivalent to 10 per cent of the total number of outstanding shares in the company on the date of the General Meeting's authorisation resolution, may be issued in new share issues and/or through the conversions of convertible bonds.
For further information, please contact:
niclas.nelson@granges.com, tel: +46 70 834 96 16
About Gränges
Gränges is an aluminium technology company who drives the development of lighter, smarter and more sustainable aluminium products and solutions. The company offers advanced materials that enhance efficiency in the customers' manufacturing process and the performance of the final products. Gränges' innovative engineering has transformed the industry for more than 125 years, and the company holds leading positions in rolled products for thermal management systems, speciality packaging and selected niche applications. Gränges has production facilities and conducts sales on three continents,
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