General Meeting of Emmi AG
All proposals approved – CHF 3.80 dividend confirmed
Lucerne, 24 April 2014 – At today’s General Meeting in Lucerne, the shareholders of Emmi AG approved all the proposals put forward by the Board of Directors. The meeting was attended by 1222 shareholders, representing 4'254'052 of registered shares or 79.52 % of the share capital.
Various changes resulted at the General Meeting of Emmi AG following the entry into force of the “Ordinance against Excessive Remuneration in Listed Companies” on 1 January 2014. Among others, these included elections as the members and Chairman of the Board of Directors will now be elected annually. The General Meeting also elected the members of the Personnel and Compensation Committee and the independent proxy. In accordance with the ordinance, further changes will be implemented next year (remuneration report, vote on the total amount of the remuneration, revision of the articles of incorporation, possibility of issuing instructions to the independent proxy electronically).
Konrad Graber, Chairman of the Board of Directors of Emmi AG, chaired the General Meeting at which all proposals of the Board of Directors were approved. The Annual Report, the Consolidated Financial Statements and the 2013 Financial Statements of Emmi AG were approved and the members of the Board of Directors discharged (agenda items 1 and 2).
The shareholders also approved the distribution of a dividend (exempt from withholding tax) of CHF 3.80 per registered share (previous year: CHF 3.60) from the capital contribution reserves (agenda item 3). This will be distributed on 2 May 2014.
The shareholders approved the proposals of the Board of Directors regarding all items concerning election to the Board of Directors (agenda item 4). All members of the Board of Directors were individually re-elected. Konrad Graber was also confirmed as the Chairman of the Board of Directors. The shareholders also approved the individual election of Konrad Graber, Stephan Baer and Thomas Oehen-Bühlmann to the Personnel and Compensation Committee.
The General Meeting voted on the appointment of the statutory auditor (now KPMG AG, Lucerne) under agenda item 5 and of the independent proxy (as previously: Pascal Engelberger, lawyer, Burger & Müller, Lucerne) under agenda item 6. These were also in line with the proposals of the Board of Directors.
Confirmation of outlook for 2014
Konrad Graber, Chairman of Emmi’s Board of Directors, confirmed the outlook for 2014 first published in March: “2014 has got off to a successful start. I anticipate that as announced, Emmi will increase Group sales by between 3 and 4 % in what continues to be a challenging environment. International growth of between 6 and 8 % is realistic, while the Swiss business is likely to increase slightly by up to 1 %. We expect to generate a net profit margin of around 3 % again in 2014.”