PostNord: Annual General Meeting 2012

In his speech, President and CEO Lars Idermark concluded that PostNord is an enterprise in an industry undergoing extraordinary change. Demand for mail is undergoing a structural change, which entails declining volumes for the Group’s mail business.

Lars Idermark noted that the Group has been able to meet the development with successful cost adjustments and ongoing efficiency measures. Group operating profit improved in 2011 and given the circumstances, the Group has reported satisfactory results. Lars Idermark also indicated that mail volumes have developed as expected in the first quarter of 2012.

Lars Idermark noted that PostNord has already made many of the necessary changes that other postal companies in the world now have to handle. Similarly, there is a continued need for changes over the next few years. Lars Idermark then outlined the main features of the Group’s new strategy for the period up to 2015:

– We are implementing substantial adjustments in the mail business and making significant investments in production to improve efficiency, flexibility and profitability. We are improving the fundamentals so that in the future as well, we can deliver service and quality in line with the demands placed on us in Sweden and Denmark.

Lars Idermark also asserted PostNord’s strong position in logistics in the Nordic region, and pointed to the growth opportunities on the growing logistics market:

– We will broaden our offering and our market presence, both organically and through acquisitions, with the objective of becoming a leading logistics player in select areas in the Nordic region.

Lars Idermark was able to present improved quality levels for 2011 as well as for the first quarter of 2012, and noted that delivery quality is a crucial competitive factor for PostNord:

–  Quality is PostNord’s defining characteristic, and Group management and I are committed to solve problems whenever they arise. We have a clear focus on quality issues.

Lars Idermark’s speech from the meeting will be available in its entirety on PostNord’s website www.postnord.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 be paid to shareholders in the amount of SEK 0.18 per share, for a total of SEK 368 million. 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 of senior executives which was adopted by the meeting.

The meeting resolved that the Board shall consist of eight members with no deputy members. The meeting resolved to re-elect the members Fritz H. Schur, Mats Abrahamsson, Ingrid Bonde, Gunnel Duveblad, Bjarne Hansen, Torben Janholt and Anne Birgitte Lundholt. The general meeting resolved to elect Jonas Iversen, Director at the Ministry of Finance in Sweden, as new board member. 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 Board or committee fees will not be paid to Board members employed by the Swedish Government Offices and that fees to the auditor will be paid on approved account. 

The complete minutes of the meeting will be available at PostNord’s website www.postnord.com.