Posten Norden: Annual General Meeting 2011
Posten Norden AB's Annual General Meeting took place on April 15, 2011. The Group's President and CEO, Lars Idermark, spoke on the importance of the continued development of Posten Norden’s operations. The meeting resolved to re-elect all Board members and to change the company name to PostNord AB.
In his address as President and CEO of Posten Norden, Lars Idermark concluded that Posten Norden is a well-managed company in communications and logistics. Concurrently, said Mr. Idermark, the Group’s market situation is becoming increasingly challenging. Posten Norden is part of a Europe in which competition is increasing, but where there are also opportunities for growth.
Mr. Idermark highlighted the responsibility Posten Norden has to its shareholders, customers and over 40,000 employees to ensure the Group grows and becomes stronger as a company:
- We’ll do this by actively continuing to develop the underlying business. That is, more business with existing and new customers. We will demonstrate ability to innovate and grow in new areas where we see opportunities to develop healthy and profitable business. We will engage in partnerships or make acquisitions where we see that we can strengthen our offering or our market position. We will be responsive to our customers' needs and aim to exceed their expectations. With the Nordic region as our domestic market, we will be the leading player in communications and logistics in northern Europe.
Mr. Idermark mentioned the importance of continued strict cost management in the future. Further adjustments to production and administration must be made, and the Group must increase its capital efficiency, flexibility and scalability in terms of expenses.
Mr. Idermark’s speech from the meeting will be available in its entirety online at Posten Norden’s website www.postennorden.com.
Resolutions passed at the Annual General Meeting
The AGM resolved to adopt the income statement and balance sheet and consolidated income statement and consolidated balance sheet. The meeting resolved on distribution of earnings in accordance with the Board and President’s proposal that a dividend will be submitted to shareholders with SEK 0.50 per share, a total of SEK 1 billion, of which SEK 400 million is an extra dividend. The Board of Directors and the President were discharged from personal liability for the fiscal year 2010.
The Board presented proposals for guidelines for remuneration and other conditions of employment for senior executives, which were approved by the meeting.
The meeting resolved that the Board shall consist of eight members with no deputy members.
The meeting resolved to re-elect all members: Fritz H. Schur, Mats Abrahamsson, Ingrid Bonde, Gunnel Duveblad, Bjarne Hansen, Torben Janholt, Anne Birgitte Lundholt and Richard Reinius.
Fritz H. Schur was re-elected as Chairman of the Board.
The meeting resolved in accordance with the proposals on fees to the Board members for the time until the next Annual General Meeting. The meeting also resolved that the Board or committee fees will not be paid to Board members employed by the Government Offices in Sweden and that fees to the auditor will be paid on approved account.
The general meeting established financial targets for the parent company through 2013.
The parent company's return shall amount to 10 percent over an economic cycle and the equity-assets ratio to at least 35 percent. At least 40 percent of net profit will be distributed to the shareholders.
The meeting adopted a number of amendments to the Articles of Association, including the resolution to change the company name to PostNord AB.
The complete minutes of the meeting will be available at Posten Norden’s website www.postennorden.com.