KappAhl: Annual General Meeting Statement

KappAhl Holding AB (publ) held its Annual General Meeting at 2 p.m. on 17 December 2008 in Mölndal, Gothenburg.

  • Dividend SEK 4.50 per share
  • Re-election of all Board members
  • Re-election of audit firm
  • Instructions for Nomination Committee
  • Remuneration policy for company management

The income statement and balance sheet and consolidated income statement and balance sheet were adopted and the meeting discharged the Board of Directors and Chief Executive Officer from liability for the financial year. The Meeting declared dividend of SEK 4.50 per share. The record date is Monday, 22 december 2008. The expected date of payment of dividends is Tuesday, 30 December 2008.

The Board were re-elected in accordance with the recommendation of the Nomination Committee. Finn Johnsson was elected chairman of the Board. The members of the Board elected by the general meeting were Amelia Adamo, Paul Frankenius, Jan Samuelson and Pernilla Ström.

The Meeting resolved that the fee to the Board of Directors shall be SEK 1,495,000 (previously SEK 1,420,000) in accordance with the Nomination Committee's proposal. The fee will be divided as follows: SEK 495,000 to the chairman and SEK 180,000 to each of the members elected by the meeting. SEK 145,000 to the chairman of the Audit Committee and SEK 95,000 to a further member of the Committee. SEK 30,000 to the chairman of the Remuneration Committee and SEK 10,000 to a further member of the Committee.

The Nominations Committee's proposed instructions and rules of procedure for the Nominations Committee were adopted. The Nominations Committee will consist of three members who will represent the three largest shareholders of the company as of April 30. The chairman of the Board of Directors will then contact the three largest shareholders and himself or herself be co-opted to the Committee.

The meeting also resolved to re-elect the audit firm PricewaterhouseCoopers AB as audit firm for the next four years.

Finally, the Meeting adopted the Board's proposed remuneration policy for the management team. The remuneration policy is the same as that adopted by the previous Annual General Meeting. The policy implies that a bonus of a maximum of 50 per cent of fixed salary is payable, and that there is no severance pay other than salary during a period of notice.

All the resolutions of the Annual General Meeting were passed with the required majority.

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

For further information, please contact:
Håkan Westin, Chief Financial Officer, telephone +46 704 71 56 64
Ola Thorén, Public Relations Manager, telephone +46 704 71 56 31

KappAhl is a leading fashion chain with more than 300 stores and 4,500 employees in Sweden, Norway, Finland and Poland. KappAhl sells value-for-money fashion with a wide appeal - to women, men and children - and focuses in particular on women aged 30-50. All clothes are from our own designers. In the twelve-month period ending 31 August 2008 KappAhl's net sales were SEK 4.6 billion and operating profit was SEK 651 million. KappAhl is a listed company. In 1999 KappAhl was the first fashion chain to be environmentally certified. Further information is available at www.kappahl.com/ir .

Download file: 081217_kappahl_annual_general_meeting_statement.pdf