Annual General Meeting of Securitas AB (publ), 2011
Wednesday, May 4, 2011
At today's Annual General Meeting of Securitas AB (publ) the following was resolved:
The Annual General Meeting adopted the Statement of Income and the Balance Sheet as per 31 December, 2010. The Annual General Meeting discharged the Board of Directors and the President from liability for the financial year 2010.
In accordance with the proposal of the Board, the Meeting resolved to declare a dividend of SEK 3.00 per share. May 9, 2011 was determined as record date for dividend and payment from Euroclear Sweden AB is expected to commence on May 12, 2011.
Board of Directors
The Annual General Meeting resolved that the number of Board members shall be eight with no deputy members. The Meeting re-elected Fredrik Cappelen, Carl Douglas, Marie Ehrling, Annika Falkengren, Alf Göransson, Fredrik Palmstierna, Melker Schörling and Sofia Schörling-Högberg. Melker Schörling was re-elected Chairman of the Board. The fee to the Board members was determined to SEK 4,700,000 in total (including fees for committee work) apportioned so that the Chairman of the Board shall receive SEK 1,000,000, the deputy Chairman SEK 750,000 and the other Board members, except for the President, SEK 500,000 each. The Chairman of the Audit Committee shall receive SEK 200,000, the Chairman of the Remuneration Committee SEK 100,000, a member of the Audit Committee SEK 100,000 and a member of the Remuneration Committee SEK 50,000. The auditor’s fees are to be paid as per agreement.
At the Annual General Meeting 2008 the accounting firm PricewaterhouseCoopers, Stockholm, was elected auditor of the company for a period of four years. Peter Nyllinge, authorised public accountant, is auditor in charge.
The Meeting re-elected Gustaf Douglas (Investment AB Latour, etc.), Per-Erik Mohlin (SEB Fonder/SEB Trygg Liv), and Mikael Ekdahl (Melker Schörling AB) and elected Jan Andersson (Swedbank Robur Fonder) and Henrik Didner (Didner & Gerge) as members of the Nomination Committee before the Annual General Meeting 2012. Gustaf Douglas was appointed Chairman of the Committee.
Guidelines for remuneration to management
The Annual General Meeting resolved on the adoption of guidelines for remuneration to management, principally entailing that the total remuneration shall be competitive and in accordance with market conditions. The benefits shall consist of fixed salary, possible variable remuneration and other customary benefits and pension. The variable remuneration shall have an upper limit and be related to the fixed salary. The variable remuneration shall be based on the outcome in relation to set targets and be in line with the interests of the shareholders. Pension benefits shall be fee-based and pension rights shall be applicable as from the age of 65, at the earliest. The variable remuneration shall not be pension qualifying unless local regulations provide otherwise. The complete guidelines are published on the company website www.securitas.com (http://www.securitas.com/).
The Annual General Meeting resolved on a share and cash bonus scheme, a similar incentive scheme the Annual General Meeting 2010 resolved on. Approximately 2,500 Securitas employees previously participating in the Securitas cash bonus schemes will participate in the Incentive Scheme and thereby be entitled to receive a part of the yearly cash bonus in the form of shares in Securitas, provided that certain predetermined and measurable performance criteria, which applied under the cash bonus schemes, are met.
The Annual General meeting decided that the Incentive Scheme will be hedged by the entry of Securitas 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 scheme. Further information is published on the company website www.securitas.com (http://www.securitas.com/).
President and CEO Alf Göransson reported on Securitas operations during the year 2010. The presentation is published at www.securitas.com (http://www.securitas.com/). The quotas below refer to the operations:
“Briefly, I could summarize Securitas’ business during 2010 as successful. Our strategy is to focus on profitability and to differentiate ourselves from our competitors. We offer added value to our customers through optimized and innovative security solutions. Over the past few years, this strategy has been successful in the various business cycles – both in difficult and in more prosperous times.”
“Today, more than one third of our sales volume is generated by specialized branch offices that focus on one or very few customer segments. This is gradually leading to improved margins, higher growth and long-term and improved customer relations. ”
“Acquisitions are a key component in reaching our target of increased earnings per share of 10 percent annually in average over time. During 2010 we completed 15 major acquisitions, with total annual sales of approximately MSEK 4,100 and approximately 19,500 employees and expanded our global presence with five new countries. The target is to have operations in approximately 60 countries within three years.”
This press release is also available at: www.securitas.com (http://www.securitas.com/)
Gisela Lindstrand, Senior Vice President Corporate Communications and Public Affairs, Securitas AB, mobile +46 70 287 8662
Micaela Sjökvist, Head of Investor Relations, mobile +46 76 116 7443
Securitas is a knowledge leader in security, focusing on providing security solutions to fit each customer's needs in 45 countries in North America, Europe, Latin America, Middle East, Asia and Africa. Everywhere from small stores to airports, our 280,000 employees are making a difference.Securitas AB discloses the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 17.20 (CET) on May 4, 2011.