Shareholders in Holmen Aktiebolag (publ) are herewith invited to attend the Annual General Meeting at 4.00 pm CET on Wednesday 30 March 2011 in Vinterträdgården, Grand Hôtel (Stallgatan entrance), Stockholm, Sweden.
Shareholders wishing to participate in the Meeting shall:
- be entered in the register of shareholders maintained by Euroclear Sweden AB on Thursday 24 March 2011;
- give notice of participation by Thursday 24 March 2011 at the latest, preferably before 5.00 pm CET, to Holmen AB, Group Legal Affairs, P O Box 5407, SE-114 84 Stockholm, Sweden, in which the number of assistants shall be stated. Notice may also be given by telephone: +46 (0)8 666 21 11, by fax: +46 (0)8 666 21 80, by e-mail to firstname.lastname@example.org or via the company's website: www.holmen.com
Shareholders whose shares are registered under a nominee name must temporarily re-register them in their own names with Euroclear Sweden to be entitled to participate. Such re-registration must be completed on Thursday 24 March 2011. This means that shareholders must notify their account operator of their intention well ahead of this date. Shareholders who wish to be represented by a proxy may obtain a proxy form from the company.
1 Opening of Meeting
2 Election of Chairman of Meeting
3 Preparation and approval of voting list
4 Approval of agenda
5 Election of adjusters to approve the minutes of the Meeting
6 Resolution concerning the due convening of the Meeting
7 Presentation of the annual report and the consolidated financial statements, and the report of the auditors and the consolidated report of the auditors.
Address by CEO.
8 Matters arising from the above reports
9 Resolution concerning the adoption of the parent company's income statement and balance sheet and the consolidated income statement and balance sheet
10 Resolution concerning the proposed treatment of the company's unappropriated earnings as stated in the adopted balance sheet, and date of record for entitlement to
11 Resolution concerning the discharge of the members of the Board and the CEO from liability
12 Decision on the number of members of the Board to be elected by the Meeting
13 Decision on the fees to be paid to the Board and the auditors
14 Election of the Board and the Chairman of the Board
15 Information about the Nomination Committee before the 2012 Annual General Meeting
16 Board's proposal regarding guidelines for determining the salary and other remuneration of the CEO and senior management
17 Board's proposal concerning the buy-back and transfer of shares in the company
18 Board's proposal on amending the company's articles of association
19 Closure of the Meeting
Nomination Committee proposals in respect of Item 2 and Items 12-14 on the agenda
The Annual General Meeting has previously decided to set up a Nomination Committee to submit the names of candidates for election to the Board, the fee to be paid to the Board and, in relevant years, the election of auditors and the auditors' fee. Pursuant to the Annual General Meeting's decision, the Nomination Committee shall consist of the Chairman of the Board and one representative of each of the three largest shareholders on 31 August each year. Prior to the 2011 Annual General Meeting, the Nomination Committee consists of Mats Guldbrand, L E Lundbergföretagen; Johan Kempff, Kempe Foundations; Håkan Sandberg, Handelsbanken incl. pension funds, and Fredrik Lundberg, Chairman of the Board. Chairman of the Nomination Committee is Mats Guldbrand.
The Nomination Committee has submitted the following proposals:
Item 2 It is proposed that Fredrik Lundberg chair the Meeting.
Item 12 Nine members
Item 13 It is proposed that a fee of SEK 2 700 000 (previous year: 2 475 000) be paid to the Board, of which SEK 600 000 (550 000) be paid to the Chairman, and SEK 300 000
(275 000) be paid to each of the members elected by the Annual General Meeting who are not an employee of the company.
Compensation to the auditors shall be paid against approved invoice.
Item 14 It is proposed that Fredrik Lundberg, Carl Bennet, Magnus Hall, Carl Kempe, Hans Larsson, Louise Lindh, Ulf Lundahl and Göran Lundin be re-elected to the Board, and
that Lars G. Josefsson be elected to the Board. Curt Källströmer is not available for re-election. Lars G Josefsson was born in 1950 and has an M.Sc. in Engineering. He
previously held the position of President and CEO of Vattenfall and is a board member of, amongst others, Robert Bosch GmbH and Eskom Holdings Ltd as well as
member of the Royal Swedish Academy of Engineering Sciences.
It is proposed that Fredrik Lundberg be elected Chairman.
Board proposal concerning Item 10 on the agenda
The Board proposes that a dividend of SEK 7 (7) per share be paid. The Board proposes that the date of record for entitlement to dividend be Monday 4 April 2011.
Provided the shareholders at the Annual General Meeting resolve in favour of the proposal, it is expected that the dividend will be distributed by Euroclear Sweden on Thursday 7 April 2011.
Board proposal concerning Item 16 on the agenda
The Board proposes that the following guidelines be adopted for determining the salary and other remuneration of the CEO and senior management, i.e. the business area managers and heads of Group staffs reporting directly to the CEO.
Salary and other remuneration: The remuneration of the CEO and the senior management shall consist of a fixed market-based salary. Other benefits, mainly car and accommodation, shall, insofar as they are provided, represent a limited part of the remuneration. No variable remuneration shall be paid.
Pension: Normal retirement age shall be 65 years. The company and the employee shall be mutually entitled to request that pension be drawn from 60 years of age. Any pension drawn before 65 years of age shall be either defined benefit or defined premium. Pension drawn after 65 years of age shall be in accordance with the ITP-plan. Over and above this, the employee may also be entitled to a supplementary old age pension. In this case, there shall be a gradual transition from the existing arrangement with a defined benefit pension to one in which the pension is defined premium.
Notice and severance pay: Discontinuation notice should normally be one year if it is given by the company, and six months if it is given by the employee. In the event of notice being given by the company, severance pay can be paid corresponding to no more than 24 months' salary. For new contracts, salary during the period of notice and severance pay shall not exceed a total of an amount equivalent to two years' salary.
Incentive scheme: Any decision on a share and share price based incentive scheme for senior company personnel shall be made by the Annual General Meeting.
Remuneration committee: A remuneration committee appointed from among the members of the Board shall prepare business pertaining to the CEO's salary and other conditions of employment and submit proposals on such issues to the Board for decision. Detailed principles for determining the salaries, pension rights and other remuneration to senior management shall be laid down in a pay policy adopted by the remuneration committee.
Departures in individual cases: The Board shall be entitled to depart from these guidelines in individual cases should special reasons exist. In the event of such a departure, information thereon and the reasons therefore shall be submitted to the next Annual General Meeting.
Board proposal concerning Item 17 on the agenda
The Board proposes that the Annual General Meeting decides that Board be mandated, for the period until the end of the next Annual General Meeting, to make decisions, on one or more occasions, to buy back Series "A" or Series "B" shares in the company, or combinations thereof to the extent that the company's holding of its own shares does not at any time exceed 10 per cent of all the shares in the company. The share purchases shall be transacted via NASDAQ OMX Stockholm at prevailing listed prices.
The Board further proposes that it be mandated by the Annual General Meeting to make decisions between now and the next Annual General Meeting to use the company's holding of its own shares as payment in connection with the acquisition of companies or lines of business or to finance such acquisitions, in which case the shares shall be sold via NASDAQ OMX Stockholm. The mandate may be exercised on one or more occasions and may include the company's entire holding of its own shares at the time of the Board's decision. The mandate includes the right to decide to waive the prior rights of existing shareholders.
The purpose of this mandate to buy back and sell shares in the company is to enable the Board to adjust the capital structure, thereby generating a higher value for shareholders.
Board proposal concerning Item 18 on the agenda
Current wording: The notice of the Annual General Meeting shall be published through advertisement in Post- och Inrikes Tidningar and on the company's website. The fact that notice has been given shall be advertised in the newspapers Svenska Dagbladet and Dagens Nyheter. Notices convening an Annual General Meeting and an Extraordinary General Meeting at which an amendment to the company's articles of association will be discussed shall be sent no earlier than six and no later than four weeks before the meeting. Notices convening other Extraordinary General Meetings shall be sent no earlier than six and no later than two weeks before the meeting.
Proposed wording: The notice of the Annual General Meeting shall be published through advertisement in Post- och Inrikes Tidningar and on the company's website. The fact that notice has been given shall be advertised in the newspapers Svenska Dagbladet and Dagens Nyheter. Notices convening an Annual General Meeting and an Extraordinary General Meeting at which an amendment to the company's articles of association will be discussed shall be sent no earlier than six and no later than four weeks before the meeting. Notices convening other Extraordinary General Meetings shall be sent no earlier than six and no later than three weeks before the meeting.
Information at the meeting
If requested by a shareholder and the Board deems that it can take place without causing material damage to the company, the Board and the CEO shall provide information about circumstances that may affect assessment of an item on the agenda, circumstances that may affect assessment of the company's or its subsidiaries' financial situation, and the company's relationship with another Group company.
The annual report, the auditor's report, the Board's dividend proposal and its reasons for the proposal, the Board's proposal for guidelines for determining the salary and other remuneration of the CEO and senior management, the auditor's statement in accordance with Chapter 8 Section 54 of the Swedish Companies Act, the Board's proposal for a mandate to acquire and transfer the company's own shares and the Board's reasons for doing so as well as the Board's proposal for amendment to the company's articles of association shall be made available at the company's offices as of Wednesday 9 March 2011 inclusive and shall also be published on the company's website.
Holmen AB has a total of 84 756 162 shares in issue, divided into 22 623 234 Class "A" shares and 62 132 928 Class "B" shares. Each Class "A" share carries ten votes and each Class "B" share one vote. The total number of votes is
288 365 268. In order to secure the company's commitments as part of the incentive scheme that was introduced pursuant to the decision by the 2008 Annual General Meeting, the company has bought back a total of 760 000 of its own Class "B" shares.
Stockholm, February 2011
The Board of Directors
In its capacity as issuer, Holmen AB is releasing the information in this press release in accordance with Chapter 17 of the Swedish Securities Market Act (2007:528). The information was distributed to the media for publication at 12.00 CET on Monday 21 February 2011.