31.81% of the share capital was represented at the 90th annual general meeting, in which 713 shareholders participated. The agenda included five points, all of which were approved in accordance with the proposals of the board:
- The annual report, consolidated financial statements, and annual accounts for 2003 were approved by the shareholders.
- The shareholders agreed to the proposal for the appropriation of net profit and approved a dividend of CHF 6 per share. The dividend is generally geared towards the consolidated net profit, of which around one-third is paid out as a dividend. Owing to Sulzer’s high level of net liquidity, this year, a proportionately higher dividend was proposed and approved.
- The shareholders granted a discharge to the board of directors and the corporate executive management with respect to its business activities in the business year 2003.
- The shareholders elected Dr. Luciano Respini to the Sulzer Board of Directors and re-elected Louis Hughes and Dr. Hans Hubert Lienhard, all three for three-year terms of office. Fred Kindle stepped down from the board of directors. As a result, the board continues to comprise seven members.
- The board’s proposal to reelect PricewaterhouseCoopers Ltd as auditors was approved.
Dr. Leonardo Vannotti, chairman of the Sulzer Board of Directors: “Despite difficult economic conditions, Sulzer's core divisions performed well in 2003 and increased operating earnings capacity. In light of the 15% increase in order intake in the first quarter of 2004, compared to the same period for the previous year, we are optimistic that orders will continue to show positive growth. We also expect results to improve further in 2004.” |