Baar-Zug, 6 May 2010
The annual general meeting of shareholders was held today in Baar-Zug, at which the shareholders approved all proposals of the board of directors almost unanimously:
- Approval annual report 2009
The shareholders approved the annual report, the consolidated financial statements and the statutory financial statements for the financial year 2009.
- Use and allocation of earnings
The shareholders approved the payment of a dividend of CHF 4.50 per share on 14 May 2010. The shares will be traded ex dividend as of 10 May 2010.
- Management compensation report
The shareholders elected to vote on the compensation report in aggregate and approved the compensation paid to the members of the board of directors and the executive board for the financial year 2009 in an advisory vote.
- Share buyback and capital reduction
At last year's annual general meeting the shareholders authorized the board of directors to repurchase shares in a public share buyback program via a second trading line at the SIX Swiss Exchange within a period of one year. After this authorization the board of directors implemented the share buyback program but did not repurchase any shares via this second trading line due to the recovery of the share price. The share buyback program ended today.
The shareholders have now again authorized the board of directors to repurchase shares of the company in an amount of up to 10% of the share and voting capital within a period of three years. This authorization will be a tool for efficient capital management of the firm going forward. In particular, it will give the board of directors the opportunity to launch a public share buyback program in case of an unexpected substantial drop of the share price and thus make more significant purchases of own shares to improve earnings per share for shareholders.
- Amendment of the articles of association (Federal Intermediated Securities Act)
The shareholders approved the necessary changes to the articles of association resulting from the implementation of the new Federal Intermediated Securities Act (Bucheffektengesetz) which came into effect on 1 January 2010.
- Discharge of the board of directors and the executive board
The shareholders granted discharge to the members of the board of directors and the executive board for their activities during the financial year 2009.
- Elections to the board of directors
Alfred Gantner and Dr. Peter Wuffli were re-elected to the board of directors for terms of three years each.
- Election of the group and statutory auditors
The shareholders confirmed KPMG AG as group and statutory auditors for a further term of one year.