Ericsson's Annual General Meeting 2010
(Thomson Reuters ONE) -
At Ericsson's (NASDAQ:ERIC) Annual General Meeting (AGM) today, the proposals by
the Board of Directors and the Nomination Committee were approved.
Dividend
The proposed dividend of SEK 2.00 was adopted. The record day was set to Friday,
April 16,
2010. Payment from Euroclear Sweden AB is expected to take place on Wednesday,
April 21, 2010.
Adoption of the Profit and Loss Statement and the Balance Sheet
The AGM resolved to adopt the Profit and Loss Statement and the Balance Sheet
for the Parent Company as well as the Consolidated Profit and Loss Statement and
the Consolidated Balance Sheet for the Group for 2009. The members of the Board
of Directors and the President were discharged from liability for the fiscal
year 2009.
Board of Directors
In accordance with the proposal by the Nomination Committee, Michael Treschow
was re-elected Chairman of the Board of Directors and Roxanne S. Austin, Sir
Peter L. Bonfield, Börje Ekholm, Ulf J. Johansson, Sverker Martin-Löf, Nancy
McKinstry, Anders Nyrén, Carl-Henric Svanberg, and Marcus Wallenberg were
re-elected to the Board. Hans Vestberg and Michelangelo Volpi were elected new
members of the Board of Directors.
Board of Directors' Fees
The AGM approved the Nomination Committee's proposal for unchanged yearly fees
to the non-employed members of the Board; SEK 3,750,000 to the Chairman and SEK
750,000 to each of the other Board members.
Committee work fees to the non-employed members were approved on unchanged
levels as follows: SEK 350,000 to the Chairman of the Audit Committee, SEK
250,000 to each of the other members of the Audit Committee and SEK 125,000 to
each member of the Finance and Remuneration Committee.
The AGM approved the Nomination Committee's proposal to enable payment of part
of the fees to the Directors, in respect of the Board assignment, in the form of
synthetic shares.
Nomination Committee
The AGM also approved the proposals for the procedure on appointing the members
of the Nomination Committee and the assignment to the Committee.
Guidelines for Remuneration
In accordance with the Board of Directors' proposal, the AGM resolved to approve
the guidelines for remuneration and other employment terms for senior
management.
Long-Term Variable Compensation Program (LTV)
In accordance with the Board of Directors' proposals, the AGM resolved as
follows.
LTV 2010 and transfer of shares
* Implementation of LTV 2010, which is in all material respect similar to the
previous programs. The program comprises in total 23.5 million B shares and
includes the Stock Purchase Plan for all employees, the Key Contributor
Retention Plan and the Executive Performance Stock Plan. All plans are based
on the employees own investment in Ericsson shares. If the shares are
retained for a period of three years and the employment remains, the
participants obtain matching shares from the company. Costs for
compensation, social security and administration are estimated to SEK
919-1,611 m.
* Transfer of 19.4 million B shares during the period November 2010 - November
2014, free of consideration, to employees covered by the terms of the LTV
2010.
* Transfer of 4.1 million B shares prior to the AGM 2011 on NASDAQ OMX
Stockholm at a price within the, at each time, prevailing price interval for
the share, to cover payments for social security charges.
The Company has approximately 3.2 billion shares in issue. As per today, the
Company holds approximately 78 million shares in treasury. The 23.5 million B
shares allocated for LTV 2010 correspond to approximately 0.74 percent of the
total number of outstanding shares.
Transfer of treasury stock for previously decided LTV programs
* Transfer of approximately 7.5 million shares on NASDAQ OMX Stockholm prior
to the AGM 2011 to cover certain payments, mainly social security charges
that may occur in relation to the Long-Term Incentive Plans 2006 and the
Long-Term Variable Compensation Programs 2007, 2008 and 2009.
Proposal on voting rights
The AGM resolved not to approve Einar Hellbom's proposal to delegate to the
Board of Directors to review and present to the next AGM how the shares are to
be given equal voting rights.
Notes to editors:
Our multimedia content is available at the broadcast room:
www.ericsson.com/broadcast_room
Ericsson is the world's leading provider of technology and services to telecom
operators. Ericsson is the leader in 2G, 3G and 4G mobile technologies, and
provides support for networks with over 2 billion subscribers and has the
leading position in managed services. The company's portfolio comprises mobile
and fixed network infrastructure, telecom services, software, broadband and
multimedia solutions for operators, enterprises and the media industry. The Sony
Ericsson and ST-Ericsson joint ventures provide consumers with feature-rich
personal mobile devices.
Ericsson is advancing its vision of being the "prime driver in an
all-communicating world" through innovation, technology, and sustainable
business solutions. Working in 175 countries, more than 80,000 employees
generated revenue of SEK 206.5 billion (USD 27.1 billion) in 2009. Founded in
1876 with the headquarters in Stockholm, Sweden, Ericsson is listed on OMX
NASDAQ, Stockholm and NASDAQ New York.
www.ericsson.com
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FOR FURTHER INFORMATION, PLEASE CONTACT
Ericsson Corporate Public & Media Relations
Phone: +46 10 719 69 92
E-mail:media.relations(at)ericsson.com
Ericsson Investor Relations
Phone: +46 10 719 00 00
E-mail:investor.relations(at)ericsson.com
UPCOMING EVENTS
Ericsson's Capital Markets Day, Stockholm, Sweden, May 5-6
Ericsson Business Innovation Forum, Shanghai, China, May 17-18
For more information please contact the Ericsson Media Relations Team.
[HUG#1403262]
Press release PDF: http://hugin.info/1061/R/1403262/357571.pdf
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Datum: 13.04.2010 - 12:50 Uhr
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