In view of the Covid-19 pandemic, the Annual General Meeting was conducted without the physical presence of shareholders, representatives and third parties, and shareholders were only entitled to exercise their voting rights by postal voting before the Meeting. The Company arranged an on-line event the day before the Annual General Meeting to give shareholders the possibility to listen to presentations by President and CEO
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 2020. The Board members and the President were discharged from liability for the financial year 2020.
Dividend
The General Meeting resolved on a dividend of
Board of Directors
The General Meeting decided pursuant to the Nomination Committee's proposal to elect
The employee unions have appointed
Resigning Board member Johan Karlström and deputy employee representative Mats W Lundberg, who left the Board in
Fees to the Board
The General Meeting resolved pursuant to the Nomination Committee's proposal on fees to the Board, distributed as follows:
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's remuneration report for 2020.
Long-term incentive program (LTI 2021)
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 2021).
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 2014-2020 incentive programs.
LTI 2021 comprises up to 2.3 million shares. The delivery of these shares will be secured through a share swap agreement with a third party. The total cost of LTI 2021 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 of Directors to, for the period until the 2022 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.
Amendments to the Articles of Association
The General Meeting approved the Board's proposal to amend the Articles of Association, by adding the possibility of postal voting before a General Meeting as well as making some editorial changes due to changes in legislation.
At the on-line event,
The Sandvik Sustainability Award in Memory of
By establishing international collaborations with customers and other Sandvik business areas their product has been able to deliver a strong circular performance and reduced CO2 emission by over 16,000 tonnes per year.
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(C) 2021 M2 COMMUNICATIONS, source