KappAhl: Annual General Meeting Statement

KappAhl Holding AB (publ) held its Annual General Meeting at 10 a.m. on 25 November 2009 in Mölndal, Sweden.

  • Re-election of all five Board members
  • Instructions for Nomination Committee
  • Renumeration policy for the management team

The income statement and balance sheet and consolidated income statement and balance sheet were adopted and the meeting discharged Board members and the CEO from liability for the financial year.

All five Board members were re-elected in accordance with the recommendation of the Nomination Committee. Finn Johansson was elected chairman of the Board. The meeting elected the following as Board members: Finn Johnsson, Amelia Adamo, Paul Frankenius, Jan Samuelson and Pernilla Ström.

The meeting agreed to the Nomination Committee's proposal that the fee to Board members and its committees shall be unchanged and accordingly amount to SEK 1,495,000. This fee shall be divided as follows: SEK 495,000 to the chairman and SEK 180,000 to the other members elected by the meeting. The chairman of the Audit Committee shall receive SEK 145,000 and the other member of the Audit Committee shall receive SEK 95,000. The chairman of the Salary Committee shall receive SEK 30,000 and the other member of the Salary Committee shall receive SEK 10,000.

The Nomination Committee's proposal for instruction and working procedure for the Nomination Committee was accepted. The Nomination Committee shall comprise three ordinary members who will represent the three largest shareholders as of 30 April. If any of the three largest shareholders waives the right to appoint a representative, the Chairman shall invite the next shareholder in order of size to designate a representative until the Nominations Committee consists of three members. In case of significant changes in ownership taking place earlier than six weeks before the Annual General Meeting, the Chairman of the Board will contact that of the three largest shareholders who do not have a representative. The term "three largest shareholders" refers here to shareholders registered with Euroclear and grouped by ownership which have notified the company of the size of their holding and their interest in participating in the Nominations Committee.

The meeting agreed to that a cash dividend of SEK 1.25 per share will be distributed according to the proposal made by the Board.

The meeting agreed to that the articles of association (Section 1 Business Name) will be amended so that the parent company's business name is KappAhl AB (publ) instead of KappAhl Holding AB (publ).

Finally, the meeting adopted the Board's proposal for a remuneration policy for the management team. This policy includes, among other matters, that the bonus shall be a maximum of 50 percent of fixed salary, and that there shall be no severance pay on top of normal salary during the notice period. This remuneration policy is the same as the one adopted at the previous Annual General Meeting.

All decisions made by the meeting were supported by the required voting 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, VP Finance, Tel. +46 704 71 56 64
Annette Björklund, Head Public Relations, Tel. +46 704 71 56 31

KappAhl is a leading fashion chain with more than 300 stores and 4 300 employees in Sweden, Norway, Finland, Poland and the Czech Republic. 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 2009 KappAhl's net sales were approximately SEK 5 billion and operating profit was SEK 526 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 and financial information at www.kappahl.com/ir.

Download file: 091125_kappahl_annual_general_meeting_statement.pdf