At SEB's Annual General Meeting this Tuesday the board members Annika Falkengren, Penny Hughes, Urban Jansson, Tuve Johannesson, Hans-Joachim Körber, Jesper Ovesen, Carl Wilhelm Ros, Jacob Wallenberg, Marcus Wallenberg and Gösta Wiking were re-elected. The AGM also re-elected Marcus Wallenberg as the Chairman of the Board.
Employee representatives on the Board are Ulf Jensen and Göran Lilja with Göran Arrius and Magdalena Olofsson as deputies.
Directors' remuneration was determined to SEK 8.07m (6.05) to be distributed by SEK 2.6m (1.3) to the Chairman of the Board, SEK 3.67m (2.95) to the other Directors not employed by the Bank and elected by the AGM, and SEK 1.8m for committee work.
At the statutory Board Meeting following the AGM, the Board adopted a policy for the Board members' share ownership in the Bank. According to the policy the Board members are recommended to, as long as they are Board members and regardless if they are already shareholders of the Bank, use 25 per cent of their Board remuneration after tax (excluding remuneration for committee work) each year to acquire shares in the Bank. The intention is that shares so acquired are to be retained as long as a Board member remains on the Board.
At the statutory Board meeting Jacob Wallenberg and Gösta Wiking were elected Deputy Chairman.
The dividend was approved at SEK 4.75 per share (4.35), with a record date of 7 April, 2006.
The AGM approved the Board's proposal for principles for remuneration to the President and the other members of the Group Executive Committee as well as a new long term incentive programme for 2006. The programme, which is based on performance shares, has the same structure and conditions as the 2005 programme.
The AGM further decided on the proposed amendments to the Bank's Articles of Association in accordance with the new Swedish Companies Act and the Swedish Code of Corporate Governance.
The AGM also decided on the acquisition and sale of own shares in accordance with the Board's proposal. The decisions can be read in full at www.sebgroup.com.
Since the Bank opened in 1856, generations of customers and employees have made SEB what it is today. This year the Group is celebrating 150 years of looking forward.
The SEB Group is a North European financial group for 400,000 corporate customers and institutions, and 5 million private customers. SEB has local presence in the Nordic and Baltic countries, Germany, Poland and the Ukraine. Approximately half of SEB's customers use the internet for their banking transactions. On 31 December 2005, the Group's total assets amounted to SEK 1,890bn while its assets under management totalled SEK 1,118bn. The Group is represented in some 20 countries around the world and has a staff of about 20,000. Read more about SEB at www.sebgroup.com.