KappAhl: Bulletin from the 2010 Annual General Meeting

KappAhl AB (publ) held its Annual General Meeting on Tuesday 23 November 2010 in Mölndal.

The following resolutions were passed at the Meeting:

  • Dividend of SEK 3.25 per share
  • Re-election of four Board members and election of one Board member, Lena Apler
  • Instructions for Nominations Committee
  • Remuneration policy for company management

A summary is given below of the resolutions passed, which are all in line with the main resolution proposals presented in the notice to attend the meeting and the complete proposals made available to the shareholders before the Annual General Meeting.

Resolution on adoption of the accounts and discharge from liability
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.

Resolution on dividend
The Annual General Meeting resolved on a dividend of SEK 3.25 per share in accordance with the Board's proposal. The record day resolved for the dividend was Friday, 26 November 2010. Payment is expected to be made through Euroclear Sweden AB on Wednesday, 1 December 2010.

Re-election and election of the Board of Directors
Four ordinary members of the Board were re-elected in accordance with the recommendation of the Nominations Committee. The Annual General Meeting elected Lena Apler as new ordinary member of the Board.  Consequently, the members of the Board elected by the Annual General Meeting are Finn Johnsson, Amelia Adamo, Lena Apler, Paul Frankenius and Jan Samuelson. Finn Johnsson was re-elected chairman of the Board. Pernilla Ström, who declined re-election, was thanked for her contribution to the work of the Board.

The meeting resolved that the fee to the Board of Directors and its committees shall be SEK 1,570,000 in accordance with the Nominations Committee's proposal. The fee will be divided as follows: The chairman of the Board is to receive SEK 520 000 and other members elected by the Annual General Meeting are to receive SEK 190 000 per person. SEK 150,000 is to be payable to the chairman of the Audit Committee and SEK 10,000 to a further member of that Committee. SEK 30,000 is to be payable to the chairman of the Remuneration Committee and SEK 10,000 to a further member of that Committee.

Instructions for the Nominations Committee
The Nominations Committee's proposed instructions and rules of procedure for the Nominations Committee were adopted.

The Nominations Committee is to consist of three ordinary members, who are to be representatives of the three largest shareholders as at 30 April 2011. The chairman of the Board is to contact the three largest shareholders, and be co- opted to the Committee. 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. The largest shareholders are defined here as the shareholders registered by Euroclear and grouped by ownership. In the event of a later material change in ownership among the largest shareholders taking place earlier than six weeks prior to the Annual General Meeting, and if one shareholder, having become one of the three largest shareholders after this material change in ownership requests to be included in the Nominations Committee, the Nominations Committee shall offer this shareholder a place on the Nominations Committee either by deciding that this shareholder is to replace the smallest shareholder after the change or by deciding to increase the Nominations Committee to include one more member.

Remuneration policy for company management
Finally, the meeting adopted the Board's proposed remuneration policy for the management team. 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. The remuneration policy is the same as that adopted by the previous Annual General Meeting.

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

KappAhl AB (publ) discloses the information provided here pursuant to the Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for publication on 23 November 2010 at 11.20.

For further information, please contact:
Håkan Westin, CFO, Phone +46 704 71 56 64. Email hakan.westin@kappahl.com.
Charlotte Högberg, Head of Public Relations. Phone +46 704 71 56 31. Email charlotte.hogberg@kappahl.com.

KappAhl is a leading fashion chain with 360 stores and 4 800 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 with families. All clothes are from our own designers. In 1999 KappAhl was the first fashion chain to be environmentally certified. In the 2009/2010 financial year KappAhl's net sales were about SEK 5.1 billion and operating profit SEK 551 million. KappAhl is listed on Nasdaq OMX Stockholm. More information is available at www.kappahl.com.

Download file: 101123 KappAhl - Bulletin from the 2010 Annual General Meeting.pdf