Annual General Meeting of AB SKF

Rhea-AI Summary

The Annual General Meeting of Aktiebolaget SKF was held on March 23, 2023, in Gothenburg, Sweden. Shareholders approved a dividend of SEK 7.00 per share, with eligibility based on registration by March 27, 2023. The Board was discharged of liability for the financial year 2022, and several members were re-elected, including Hans Stråberg as Chair. The remuneration for Board members was set, including SEK 2,610,000 for the Chair. Additionally, the meeting approved the Performance Share Programme 2023, targeting 225 senior managers and allowing for the allotment of up to 1,000,000 SKF B shares, contingent on meeting specific performance metrics.

Positive

• Approval of a dividend of SEK 7.00 per share enhances shareholder returns.
• Re-election of experienced Board members and appointment of new members strengthens governance.
• Performance Share Programme aims to incentivize senior managers while avoiding shareholder dilution.

Negative

• None.

GOTHENBURG, Sweden, March 23, 2023 /PRNewswire/ -- The Annual General Meeting of Aktiebolaget SKF, parent company of the SKF Group, was held on Thursday, 23 March 2023. 

The income statements and the balance sheets were adopted, together with the Board's proposal for distribution of dividend. A dividend of SEK 7.00 per share was approved. To be entitled to receive the dividend, shareholders must be recorded in the share register on 27 March 2023. 

The Board members and the CEO were discharged from liability for their administration of the company for the financial year 2022.

Hans Stråberg, Hock Goh, Geert Follens, Håkan Buskhe, Susanna Schneeberger and Rickard Gustafson were re-elected as Board members. Beth Ferreira, Therese Friberg, Richard Nilsson and Niko Pakalén were newly elected as Board members.

Hans Stråberg was elected Chair of the Board.

The Meeting resolved that remuneration to Board members shall be paid in accordance with the following: 

a.  SEK 2,610,000 to the Chair of the Board, SEK 1,305,000 to the Vice Chair of the Board and SEK 850,000 to each of the other Board members; and            

b.  SEK 295,000 to the Chair of the Audit Committee, SEK 217,000 to each of the other members of the Audit Committee, SEK 170,000 to the Chair of the Remuneration Committee, SEK 135,000 to each of the other members of the Remuneration Committee, SEK 170,000 to the Chair of the Sustainability Committee, SEK 135,000 to each of the other members of the Sustainability Committee. 

A prerequisite for obtaining remuneration is that the Board member is elected by the General Meeting and is not employed by the company.

The Meeting approved the Board's remuneration report and the Board's proposal for a resolution on SKF's Performance Share Programme 2023. The programme is proposed to cover not more than 225 senior managers and key employees in the SKF Group with an opportunity to be allotted, free of charge, SKF B shares. Under the programme, not more than in total 1,000,000 SKF B shares may be allotted. The allotment of shares shall be related to the level of achievement of the Total Value Added (TVA) target, as defined by the Board, and the SKF Group's CDP Climate Change score performance measure during the three-year programme period. The programme does not entail any dilution of the company's shares. The principal terms and guidelines of the programme can be found in the Board's proposal at www.skf.com.

Aktiebolaget SKF
     (publ)

CONTACT:

For further information, please contact:
PRESS: Carl Bjernstam, Group Communication
tel: 46 31-337 2517; mobile: 46 722-201 893; e-mail: carl.bjernstam@skf.com

INVESTOR RELATIONS: Patrik Stenberg, Head of Investor Relations
tel: 46 31-337 2104; mobile: 46 705-472 104; patrik.stenberg@skf.com

The following files are available for download:

https://mb.cision.com/Main/637/3738930/1937529.pdf	20230323 Annual General Meeting of AB SKF
https://news.cision.com/skf/i/dji-0831,c3158905	DJI 0831

View original content:https://www.prnewswire.com/news-releases/annual-general-meeting-of-ab-skf-301780009.html

SOURCE SKF

FAQ

What was approved at the SKF Annual General Meeting on March 23, 2023?

The SKF Annual General Meeting approved a dividend of SEK 7.00 per share and a Performance Share Programme for senior managers.

When must shareholders be registered to receive the SEK 7.00 dividend?

Shareholders must be registered by March 27, 2023, to receive the SEK 7.00 dividend.

Who was elected as Chair of the Board at the SKF AGM?

Hans Stråberg was elected as Chair of the Board at the SKF Annual General Meeting.

What is the Performance Share Programme at SKF?

The Performance Share Programme allows for the allotment of up to 1,000,000 SKF B shares to senior managers based on performance metrics.