Electrolux Committee Accepting Board Member Proposals
Sep 23, 2005
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The annual general meeting of European appliance maker Electrolux will be held on April 24, 2006 in Stockholm, Sweden. The company says it is currently accepting nomination proposals for board members and the next nomination committee.
In accordance with the decision by the annual general meeting in April 2005, Electrolux will have a nomination committee consisting of representatives of each of the four largest shareholders in terms of voting rights, and the chairman of the Electrolux Board.
Jacob Wallenberg, Chairman of AB Investor, is the chairman of the nomination committee. The other members are Carl Rosen, Second Swedish National Pension Fund; Ramsay J. Brufer, Alecta Mutual Pension Insurance; Kjell Norling, Handelsbanken/SPP Funds; and Michael Treschow, chairman of Electrolux.
As of August 31, 2005, Investor's shareholding in Electrolux corresponded to 24.7 percent of the voting rights in the company, the Second Swedish National Pension Fund's to 2.8 percent, Alecta's to 2.6 percent, and Handelsbanken/SPP's to 1.9 percent. According to a disclosure notice on Sept. 15, 2005, Investor increased its holding in Electrolux by 5,231,300 B-shares, and thus has 26.0 percent of the voting rights.
The nomination committee will prepare proposals for the annual general meeting in 2006, including board members and fees, auditors and fees, and the nomination committee for the annual meeting in 2007.
As part of the process of spinning-off the group's operation in Outdoor Products to the Electrolux shareholders, the committee will also provide recommendations to the Electrolux management, including the composition of the board of this operation.
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