At today’s Annual General Meeting of
Board of Directors and auditor
The Annual General Meeting resolved that the number of Board members shall be six with no deputy members. The Meeting re-elected
Appropriation of the company’s profit
In accordance with the proposal of the Board, the Meeting resolved that no dividend is to be distributed for the financial year 2019, and that the funds available for distribution of SEK 4,781,472,834, including this year’s profit of
Instructions for the Nomination Committee
The Annual General Meeting approved the Nomination Committee’s proposal for instructions to the Nomination Committee. The proposal principally entails the following.
The Nomination Committee shall be composed of representatives of the five largest shareholders in terms of voting rights, based on a register of owner-registered shareholders maintained by
A change in the composition of the Nomination Committee shall immediately be publicly announced. The composition of the Nomination Committee for the Annual
Guidelines for remuneration to Group Management
The Annual General Meeting resolved on the adoption of revised guidelines for remuneration to Group Management, which have been adjusted to new rules in the Swedish Companies Act. The guidelines principally entail that the remuneration and terms of employment shall be competitive and in accordance with market conditions, in order to ensure that the
The Meeting resolved, in accordance with the Board’s proposal, on the implementation of a share and cash based incentive scheme (the “Incentive Scheme”). The implementation of the Incentive Scheme principally entails that 1/3 of any annual bonus earned may be paid in the form of class B shares in Loomis with delayed payment and subject to continued employment with Loomis.
Approximately 350 key employees will participate in the Incentive Scheme and thereby be entitled to receive a part of the annual bonus in the form of shares in Loomis, provided that certain predetermined and measurable performance criteria are met. The existing principles relates to result improvements and are set as close to the local business as possible and aim for long term profitability of the group.
Provided that the applicable performance criteria are met, the annual bonus will be determined at the outset of 2021 and be payable by (i) 2/3 in cash at the outset of 2021 and (ii) 1/3 in class B shares (the “Bonus Shares”) at the outset of 2022. The number of Bonus Shares to which each participant will be entitled shall be determined by the ratio between the available bonus and the share price at the time of determination of the bonus. Distribution of Bonus Shares in accordance with (ii) presupposes that the participant is employed by Loomis as of the last day of
Furthermore, in order to enable Loomis’ delivery of Bonus Shares in accordance with the Incentive Scheme, the Meeting resolved to enter into a share swap agreement with a third party, whereby the third party in its own name shall acquire and transfer shares in the company to employees participating in the Incentive Scheme.
Amendments in the Articles of Association
The Meeting resolved, in accordance with the Board’s proposal, to amend the articles of association in order to adapt it to previous and expected legislative amendments and remove the possibility to issue different series of shares.
This press release is also available at: www.loomis.com
Contact: Carina Cederblad
+46 8 522 920 53
Loomis offers safe and effective comprehensive solutions for the distribution, handling, storage and recycling of cash and other valuables. Loomis customers are banks, retailers and other companies. Loomis operates through an international network of more than 400 branches in more than 20 countries. Loomis employs around 25,000 people and had revenue in 2019 of
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