NORMA GROUP SE
NORMA Group Annual General Meeting: Dividend and new remuneration system approved, Supervisory Board Chairman re-elected
Maintal, Germany, Max 16, 2024 - Today, NORMA Group SE held its Annual General Meeting today as an in-person event in Frankfurt/Main. The shareholders approved all items on the agenda by a wide majority. A total of around 79.0 percent of NORMA Group SE's share capital was represented at the Annual General Meeting, including votes submitted by mail.
In his remarks, CEO Guido Grandi looked back at the past financial year and provided an outlook on the future strategic direction: "In 2023, we achieved sound results in a persistently challenging environment and also managed to stabilize our profitability. NORMA Group will become more profitable and even more competitive overall. Our Step Up growth and efficiency program introduced last spring will provide significant leverage in this regard. The results for the first quarter of 2024 clearly show that we are on the right track."
Dividend of 45 cents per share resolved
The NORMA Group Annual General Meeting approved the proposal of the Supervisory Board and Management Board to distribute a dividend of 45 cents per share with 99.8 percent of votes in favor. This corresponds to a distribution volume of about EUR 14.3 million. The payout ratio is thus 32.7 percent of the adjusted consolidated net profit in financial year 2023, amounting to EUR 43.9 million. The NORMA Group dividend strategy calls for a payout ratio of 30 to 35 percent of adjusted consolidated net profit.
New remuneration system for the Management Board
The Annual General Meeting also approved a new remuneration system for the Management Board by a wide majority. The new system had been resolved by the Supervisory Board in March 2024. The system promotes sustainable value creation and thus the long-term success of NORMA Group. In accordance with the recommendations of the German Corporate Governance Code, remuneration consists of both fixed and variable components. Part of the variable remuneration depends on the achievement of sustainability targets such as a reduction of CO2 emissions in production.
Supervisory Board: Chairman Mark Wilhelms re-elected
In a regularly-scheduled election, the Annual General Meeting confirmed Mark Wilhelms as a member of the Supervisory Board. The Supervisory Board re-elected him as Chairman of the Supervisory Board at a subsequent meeting. Mark Wilhelms has been a member of NORMA Group's Supervisory Board since 2018 and its Chairman since May 2023.
Miguel Ángel López Borrego, who has been a member of the Supervisory Board since 2021, announced that he is resigning from his position. Mark Wilhelms: "On behalf of the entire Supervisory Board, I would like to thank Mr. López for the trusting cooperation and his outstanding commitment to NORMA Group. He made a significant contribution to the company's success on the Supervisory Board, as Chairman of the Audit Committee and in the five months acting as CEO on an interim basis in 2023."
Voting results on the individual agenda items and the remarks from CEO Guido Grandi are available here. The curriculum vitae of Supervisory Board Chairman Mark Wilhelms can be found here.
In his remarks, CEO Guido Grandi looked back at the past financial year and provided an outlook on the future strategic direction: "In 2023, we achieved sound results in a persistently challenging environment and also managed to stabilize our profitability. NORMA Group will become more profitable and even more competitive overall. Our Step Up growth and efficiency program introduced last spring will provide significant leverage in this regard. The results for the first quarter of 2024 clearly show that we are on the right track."
Dividend of 45 cents per share resolved
The NORMA Group Annual General Meeting approved the proposal of the Supervisory Board and Management Board to distribute a dividend of 45 cents per share with 99.8 percent of votes in favor. This corresponds to a distribution volume of about EUR 14.3 million. The payout ratio is thus 32.7 percent of the adjusted consolidated net profit in financial year 2023, amounting to EUR 43.9 million. The NORMA Group dividend strategy calls for a payout ratio of 30 to 35 percent of adjusted consolidated net profit.
New remuneration system for the Management Board
The Annual General Meeting also approved a new remuneration system for the Management Board by a wide majority. The new system had been resolved by the Supervisory Board in March 2024. The system promotes sustainable value creation and thus the long-term success of NORMA Group. In accordance with the recommendations of the German Corporate Governance Code, remuneration consists of both fixed and variable components. Part of the variable remuneration depends on the achievement of sustainability targets such as a reduction of CO2 emissions in production.
Supervisory Board: Chairman Mark Wilhelms re-elected
In a regularly-scheduled election, the Annual General Meeting confirmed Mark Wilhelms as a member of the Supervisory Board. The Supervisory Board re-elected him as Chairman of the Supervisory Board at a subsequent meeting. Mark Wilhelms has been a member of NORMA Group's Supervisory Board since 2018 and its Chairman since May 2023.
Miguel Ángel López Borrego, who has been a member of the Supervisory Board since 2021, announced that he is resigning from his position. Mark Wilhelms: "On behalf of the entire Supervisory Board, I would like to thank Mr. López for the trusting cooperation and his outstanding commitment to NORMA Group. He made a significant contribution to the company's success on the Supervisory Board, as Chairman of the Audit Committee and in the five months acting as CEO on an interim basis in 2023."
Voting results on the individual agenda items and the remarks from CEO Guido Grandi are available here. The curriculum vitae of Supervisory Board Chairman Mark Wilhelms can be found here.
Guido Grandi, CEO of NORMA Group
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Mark Wilhelms was re-elected as Chairman of the Supervisory Board.
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Norma Group SE published this content on 15 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 May 2024 12:29:05 UTC.
