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ASSA ABLOY AB Announces Shareholders Assembly for Strategic Growth and Innovation

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Michael Chen

March 20, 2024 - 13:57 pm

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ASSA ABLOY AB Welcomes Shareholders to 2024 Annual General Meeting

STOCKHOLM, March 20, 2024 /PRNewswire/ -- ASSA ABLOY AB, the trailblazing global leader in access solutions, has announced the convocation of its forthcoming Annual General Meeting (AGM) slated for Wednesday, April 24, 2024, at 3:30 p.m. The highly-anticipated conclave will unfold at the prestigious 7A Posthuset, nestled in the heart of Stockholm at Vasagatan 28, 111 20, Sweden. The registration proceedings are scheduled to commence an hour earlier, at 2:30 p.m.

Eligibility and Registration

Shareholders eyeing participation in the AGM are required to fulfil certain preconditions by Tuesday, April 16, 2024. These include a requisite registration in the shareholder ledger maintained by Euroclear Sweden AB along with a submission of attendance notice to ASSA ABLOY AB no later than Thursday, April 18, 2024. Notifications of participation can be conveniently made on ASSA ABLOY's website at assaabloy.com/general-meeting, by reaching out over the phone at +46 8-402 90 71 or through written correspondence by regular mail addressing ASSA ABLOY AB, '2024 Annual General Meeting', via Euroclear Sweden AB, P.O. Box 191, SE-101 23 Stockholm, Sweden. The notification must encompass identifiable particulars such as name, personal or corporate identification number, contact address, phone number, and details of any attendants that may accompany the shareholder.

Representation and Proxy Delegation

In instances where a shareholder prefers representation by proxy, it is imperative that the notice of participation be accompanied by a written and dated power of attorney, duly signed by the shareholder, and presented in its original form at the AGM at the latest. For convenience, proxy forms are proffered upon request and can also be downloaded from ASSA ABLOY's website at assaabloy.com/general-meeting. Legal entities must additionally enclose documentation verifying authorized signatory power, such as a certificate of incorporation.

Nominee Registered Shares

To exercise the right of participation for shareholders with nominee registered shares, it is essential to commission a temporary registration of such shares in their name within the shareholders' register kept by Euroclear Sweden AB. This process, known as voting right registration, must be completed no later than Thursday, April 18, 2024. Engaging with their respective nominee to facilitate this registration is a requisite step that shareholders must undertake well in advance of the aforementioned date.

A Glimpse Into The Agenda

The AGM's itinerary encompasses integral elements such as the formal launch of the meeting, the appointment of the Chairman, the confirmation of the voting register, and an in-depth presentation by ASSA ABLOY's President and CEO, Mr. Nico Delvaux. Further segments include a thorough review of the annual report, auditor's report, and a detailed discussion on key financial propositions. These discussions are crucial as they pave the path for resolutions on profit disposition based on the adopted balance sheet and grant the Board of Directors and CEO discharge from liability.

Highlights of the Proposed Resolutions

Prominent in the discussion items is the proposal for a dividend payout of SEK 5.40 per share, which is to be distributed in two equal instalments. Subject to the AGM's approval, the first instalment with the record date of Friday, April 26, 2024, is anticipated to be paid by Thursday, May 2, 2024, followed by the second instalment with a record date of Monday, November 11, 2024, expected to be paid on Thursday, November 14, 2024.

ASSA ABLOY’s board has also dutifully provided a motivated statement as mandated by Chapter 18, Section 4 of the Swedish Companies Act, found on the company’s website at assaabloy.com/general-meeting.

The Nomination Committee’s insights are particularly noteworthy. Johan Menckel leads the Committee members, consisting of luminaries from influential investment groups and fund managers. Their consolidated proposal points to Johan Hjertonsson as the favored Chairman for the AGM. Their resolutions encompass board structure, remuneration, and re-elections, revealing a strategic continuity in leadership dynamics. The full overview of their proposal can be explored at assaabloy.com/general-meeting.

Strengthening Shareholder Value

In parallel, the Board suggests authorizations on repurchase and transfer of Series B shares, pivotal for executing board resolutions until the subsequent AGM. Defined parameters for repurchasing, including constraints to uphold a threshold not exceeding 10% of the total company shares, are delineated; along with methods, prices, and payment modulations for transfer on Nasdaq Stockholm. The company’s ambition to enhance shareholder value and navigate acquisitions promptly underpins these proposals.

Further, the Board contends maneuvers to facilitate participation in the AGM and outlines specifics for submitting questions to the Board of Directors or CEO. Conditions for obtaining proxy forms and the detailed guidelines for nominations have been meticulously crafted to ensure transparency and compliance.

The Board unrolls an intricate long-term incentive program (LTI 2024) for its senior executives and key employees, marking an augmentation from predecessors LTI 2021, LTI 2022, and LTI 2023. Through meticulous strategic planning, the proposed LTI 2024 aims to fortify talent retention, align shareholder and employee interests, and bolster market-competitive remuneration. This plan envisages the issuance of performance awards in correspondence with owned saving shares, contingent upon marked progression in the company’s earnings per share between January 1, 2024, and December 31, 2026.

Commitment to Sustained Growth and Governance

These provisions exemplify ASSA ABLOY's commitment to fostering a work environment where employees are stakeholders in the organization's outcomes, potentially propelling enhancement in long-term sustainable value for shareholders. The meticulously calculated costs and robust control measures of the LTI 2024 imply an anticipated marginal effect on the group's pivotal financial indicators. Detailed expositions of program contours, mechanics, and qualifying directives are accessible, presenting shareholders with the full scope to assess the potential impact on their investments.

Transparent Shareholder Communication

ASSA ABLOY AB staunchly advocates for optimal transparency and due diligence. Shareholders possess the right to request information, allowing them to delve into intricate details concerning agenda items and financial assessments of the company and its affiliates. The Board of Directors and the CEO are poised to provide such disclosures during the AGM, subject to proprietary constraints.

Comprehensive preparatory procedural documentation is seamlessly accessible to shareholders on the company's website, assaabloy.com/general-meeting, fortifying the ethos of transparency and preparedness that underscores the governance of ASSA ABLOY AB.

Protecting Personal Data

ASSA ABLOY AB diligently manages stakeholders’ data, adhering to the highest data protection standards. Detailed privacy notices outlining the methodologies for processing personal data are available for review at https://www.euroclear.com.

Final Preparations and Availability of Documents

All relevant materials, including the nomination committee's proposals, statements, financial literature, and auditor's findings, reside at the company's headquarters and on their website, for perusal no later than three weeks before the AGM. Shareholders can also request postal copies, reaffirming the company’s commitment to complete shareholder inclusivity.

Invitation and Company Profile

The Board of Directors of ASSA ABLOY AB cordially extends an invitation to its shareholders to partake in the Annual General Meeting. Echoing through the halls of Stockholm in March 2024, this assembly promises to unfold against the backdrop of ASSA ABLOY’s impressive stature: a global colossus with a workforce of 61,000 and sales totaling SEK 141 billion. Positioned at the zenith of efficient door solutions, trusted identities, and advanced entrance automation, ASSA ABLOY is synonymous with spearheading secure, open access in both the physical and digital realms. The company continually nurtures billions of people's experiences in an ever-evolving world.

For insights or additional details, high-ranking officials including President and CEO Nico Delvaux, CFO and EVP Erik Pieder, and Head of Investor Relations Björn Tibell remain at your disposal.

About ASSA ABLOY

With an unyielding drive for innovation and security, ASSA ABLOY stands as a beacon of progress in the global access solutions sector, ensuring billions enjoy the liberty of a more accessible world each day. Their story and heritage, detailed in this press release and signified by the endorsement of long-term incentive programs like LTI 2024, illuminate a path of sustained prosperity and meticulous stewardship.

For more comprehensive coverage of ASSA ABLOY AB's announcement, Cision News serves as a source of trustworthy dissemination, reachable at http://news.cision.com and more specifically, for this announcement, at https://news.cision.com/assa-abloy/r/notice-of-annual-general-meeting-in-assa-abloy-ab,c3948713. Additionally, a downloadable press release in PDF format is available at https://mb.cision.com/Main/7333/3948713/2682632.pdf.

The calling of the 2024 Annual General Meeting is a testament to ASSA ABLOY AB's firm commitment to corporate governance, shareholder engagement, and strategic fiscal management. Stakeholders are intently watching as the corporation continues to solidify its position as a pioneer in the access solutions arena.