Business

Sandvik Aktiebolag Announces Upcoming Annual General Meeting with Key Proposals and Incentive Programs

STOCKHOLM, March 20, 2024 - Sandvik Aktiebolag, a high-technology engineering group, has officially summoned its shareholders to mark their calendars for the forthcoming Annual General Meeting (AGM). The assembly is slated for Monday, April 29, 2024, at 4:00 p.m., poised at the Göransson Arena in Sandviken, Sweden, as the company primes itself for pivotal discussions and decisions that could shape its operational direction.

Annual General Meeting Details and Preliminary Schedule

Shareholders are advised to arrive early for registration which initiates at 2:30 p.m. Preceding the formal proceedings, attendees will witness the presentation of the prestigious Wilhelm Haglund medal and the Sandvik Sustainability Award in Memory of Sigrid Göransson at approximately 3:30 p.m, complete with served refreshments of coffee and tea.

Guidelines for AGM Participation

In-Person or Proxy Attendance

To participate in the AGM, shareholders have two avenues: either attending in person/proxy or partaking remotely via postal voting. Attendees must be recorded in Euroclear Sweden AB's share register by Friday, April 19, 2024. They should also indicate their intent to participate no later than Tuesday, April 23, 2024. Notifications for attendance are to be submitted either via the company's website home.sandvik, by phone, or through post directly to Computershare AB in Stockholm, Sweden. Participants need to disclose personal details and are allowed a maximum of two assistants.

Postal Voting Provisions

For postal voting enthusiasts, pertinent forms can be accessed on the company's website. Completed and signed postal votes need to be e-mailed to [email protected] or mailed to Computershare AB by the set deadline. Electronic submission is also accepted with verification through BankID. Significantly, shareholders opting for postal voting must still issue notice of participation according to the regulations that manage in-person or proxy attendance.

Requirements for Shares Registered Under a Nominee

For those with shares registered under a nominee's name, the re-registration process in their own name is a prerequisite for meeting entry, whether in person, proxy, or for postal voting. The shareholders are thus advised to initiate this process well in advance of the Tuesday, April 23, 2024, cut-off for share register inclusion.

Comprehensive Review of the Agenda

The AGM agenda is structured with meticulous attention to corporate governance. After the formal Meeting's inauguration and the appointment of a Chairman, it will progress to the confirmation of the voting list and the election of individuals tasked with verifying the minutes. Approval of the agenda and affirmation of the Meeting's appropriate convocation will follow suit.

A detailed examination of annual financial reports together with the auditor's reports for both Sandvik and the group remains scheduled. Furthermore, a speech by the Group President and CEO will prelude deliberations over the adoption of financial statements and resolutions concerning the board and the President's discharge from liability.

Subsequent to discussions over profit allocation and record date for dividend recompense, the assembly will engage in the necessary determination of the number of board members and company auditors, alongside stipulations of fees. The agenda further incorporates the election of board members, Chairman, Auditor, and the sanctioning of the Board’s remuneration report.

Reflecting Sandvik's commitment to long-term incentive structures and prudent financial management, resolutions on executive recompense guidelines and a new incentive program (LTI 2024) are set for addressal. The AGM will liaise over a proposed share acquisition authorization, drawing the series of resolutions to a close just before the Meeting's adjournment.

Crucial Resolutions and Proposal Highlights

Dividends and Financial Directives

The Board floats a shareholder windfall, advocating a dividend of SEK 5.50 per share, with a proposed record date of Thursday, May 2, 2024. Approval promising a payout by Euroclear Sweden on Tuesday, May 7, 2024.

Composition and Remuneration of the Board

Proposals extend to the board's composition, endorsing eight stalwarts, including Susanna Schneeberger for a new activation into the Board's architecture. The committee urges re-elections for Claes Boustedt, Marika Fredriksson, Johan Molin, and others, while Jennifer Allerton respectfully declines re-election. Remuneration for board roles is proposed, ranging from SEK 132,000 for committee members to SEK 3,000,000 for the Chairman.

Executive Compensation and Performance

An extensive resolution touches upon senior executive remuneration guidelines, focusing on the potential alignment with company strategy and sustainability. These guidelines encapsulate a varied remuneration encompassing fixed salary, potential variable pay, and assorted benefits.

The program encapsulates innovative mechanisms for variable remuneration, including vested programs tied to performance. The guidelines guide the structure of payout, pension benefits, severance pay, and regulate any potential alignment of interests among stakeholders, drawing attention to the company's posture on market alignment and competitiveness.

The Long-Term Incentive Program (LTI 2024)

A new incentive scheme, dubbed LTI 2024, solicits shareholder backing, expected to cover around 350 key employees. Involving grants of Sandvik shares based on targeted performance metrics over a three-year vesting period, this program aims to harbor the company’s long-standing goals and enhance shareholder value.

Procedural Announcements and Data Regulations

Procedures for the AGM include the processing of personal data as required by regulatory compliance. For detailed insights into the processing of such data, please refer to Euroclear's privacy notice available at https://www.euroclear.com/dam/ESw/Legal/Privacy-notice-bolagsstammor-engelska.pdf.

Complete documentation including proposals, statements, and accounting papers are up for scrutiny on the company's website or at Sandvik AB in Stockholm. The AGM facilitates an open channel for shareholders' inquiries into company undertakings pertinent to agenda items or financial well-being.

Further Inquiry and Professional Commentary

For additional clarity and professional commentary, stakeholders have the liberty to contact Louise Tjeder, VP of Investor Relations, or Johannes Hellström, Press and Media Relations Manager. Their insights promise to provide deeper understanding and anticipation ahead of the assembly.

This information disseminated promises to foster a transparent and structured agenda for the shareholders, assembled bodies, and the Board of Directors of Sandvik Aktiebolag. Onlookers and participants may anticipate a thorough deliberation of the company's strides, challenges, and envisioned blueprint during what promises to be a thoroughly strategic AGM for 2024.

As a part of the commitment to accessibility and extended reach, additional downloads related to the AGM documentation can be found provided by Cision with direct links here, offering a comprehensive review in a dynamic format.

SANDVIK AKTIEBOLAG (PUBL)

The Board of Directors

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Sandvik remains unwavering in its dedication to driving pioneering engineering solutions, acknowledging the pivotal significance of stakeholder engagement and transparent corporate governance as cornerstones for lasting growth and sustainable prosperity.

Source: Sandvik

For a full briefing on the event and strategic resolutions under consideration, the stakeholders and the interested public can access the official statement released by Sandvik about the upcoming Annual General Meeting at: https://news.cision.com/sandvik/r/annual-general-meeting-of-sandvik-aktiebolag,c3948650.

Conclusion

With these details efficaciously laid bare, the shareholders are poised for a session steeped in strategic depth as the AGM unfurls. The Sandvik administration beckons its shareholders to anticipate and prepare for a significant confluence of ideas, strategies, and resolutions which shall shape the corporate narrative of Sandvik Aktiebolag in the times ahead.

This announcement solidifies Sandvik Aktiebolag’s resilience and determination to negotiate the challenges of global markets by bolstering their corporate governance, ensuring strategic development, and fortifying stakeholder relations, solidifying their place at the pinnacle of engineering innovation.

The AGM indulges not only in conducting mandatory corporate formalities but fosters a broader dialogue encompassing sustainability, corporate responsibility, and long-term structural incentives aimed to propel Sandvik along a trajectory of sustainable growth and robust competitiveness.

Ultimately, the upcoming Sandvik Aktiebolag AGM embodies the company's strategic acumen and preparedness in navigating the competitive landscape. With careful articulation and transparent proposals, Sandvik continues to strive for excellence, align with its business ethos, and drive shareholder value.