The 864 shareholders present at the General Assembly 2002 represented 32,2 percent of share capital. Main items on the agenda were the almost complete renewal of the Board of Directors, and the abolition of voting rights restrictions. Shareholders also approved the Board proposal not to pay out a dividend for 2001 in view of net profit totalling CHF 2 million.

The following new members were elected to the Sulzer Board of Directors: Mario Fontana (Swiss, aged 56), Thor Håkstad (Norwegian, 56), Hans Hubert Lienhard (German, 51) and Daniel Sauter (Swiss, 45). The current Board Chairman Leonardo Vannotti (Swiss, 63) was re-elected for a further term of office. Including Louis Hughes (American, 53), who was newly elected at the AGM 2001, the new Sulzer Board of Directors thus comprises six members. As previously announced, Georges Blum, Reto Domeniconi and Jan Kleinewefers retired from the Board after many years of valuable services. 

Following the approval of amendments of the articles of incorporation as proposed by the Board, Sulzer now upholds the latest principles of good corporate governance. Thanks to the abolition of voting rights restrictions, Sulzer shareholders now benefit from the “one share, one vote” principle. Furthermore, shareholders representing 2 percent or more of the share capital can in future propose items for inclusion on the agenda. The maximum number of Board members has now been limited to nine (previously 15). 

Sulzer Board Chairman Leonardo Vannotti commented: “By approving these amendments of the articles of incorporation, shareholders have greatly improved their participation rights in accordance with modern shareholding principles. With these institutional changes and the strategic realignment now completed, Sulzer embarks upon a promising future.”