Press Release from Generics' 2009 Annual Shareholders' Meeting
May 14, 2009
At today’s annual shareholders’ meeting of GENERIC SWEDEN AB, Hans Nilsson, CEO through the first quarter of 2009, and Peter Jansson, CEO since April 6, presented the key events of 2008 and the first quarter of 2009.
The Annual General Meeting approved the income statement and balance sheet, as well as the consolidated income statement and consolidated balance sheet; and discharged the members of the Board of Directors and the CEO from liability for the 2008 fiscal year.
The Annual General Meeting resolved that no dividend would be paid for 2008.
The Annual General Meeting resolved that the Board of Directors shall consist of 8 regular members.
The Annual General Meeting resolved to elect the following members of the Board: Re-election of Stig-Arne Larsson, Hans Nilsson, Göran Tuvstedt, Peder Swenman, Rickard Asp, and Arne Lindberg, and the election of Marie Reinius and Kenth-Åke Jönsson as new members.
The board remuneration was set at 450,000 SEK, to be distributed such that the board chair receives 150,000 SEK and the other non-employee members receive 75,000 SEK each.
KPMG’s engagement will continue, with three years remaining in its term. Since the term of office for the company’s auditor of the past nine years, Authorized Public Accountant Birgitta Johansson Vognsen, expires in connection with the Annual General Meeting in the spring of 2009 in accordance with applicable rotation rules for auditors, KPMG AB has appointed Authorized Public Accountant Anders Malmeby as the new lead auditor effective 2009. Auditor’s fees shall be paid on a running account basis.
The Annual General Meeting resolved that, prior to the 2009 Annual General Meeting, a Nomination Committee shall be appointed by the four largest shareholders as of August 31, who, if they so desire, shall each appoint a representative during September 2008; these representatives, together with the Chairman of the Board, shall constitute the Nomination Committee. In addition, the Chairman of the Board shall appoint a representative for the smaller shareholders, who shall be given a seat on the Nomination Committee.
The Annual General Meeting resolved to adopt guidelines for executive compensation, stipulating that salaries and compensation terms for senior management shall be in line with market conditions. Variable compensation may not exceed 30% of the fixed salary.
The Annual General Meeting resolved to amend the Articles of Incorporation in accordance with the Board of Directors’ proposal so that notices of meetings shall be published in *Post och Inrikes Tidningar* and on the company’s website. The fact that a notice has been issued shall be announced in *Dagens Industri*. The resolution is contingent upon an amendment to the Swedish Companies Act (2005:551) having entered into force.
At the subsequent inaugural board meeting, Stig-Arne Larsson was elected chairman of the board.
For further information, please contact
Peter Jansson, President and CEO, email: peter.jansson@generic.se
Peter Thysell, CFO, email: peter.thysell@generic.se
Phone: 08-601 38 00
Generic's press releases are available at www.generic.se.