427 shareholders attended the 104th Annual General Meeting, representing 80.2% of the share capital.
Peter Löscher, Chairman of the Board of Directors, said: “At this point last year, I told you that we had laid the foundations for profitable growth at Sulzer. Despite continued difficult conditions in the oil and gas markets, Sulzer in 2017 was indeed able to rebound. The company grew profitably and delivered on all its objectives.”
CEO Greg Poux-Guillaume added: “Our 2018 guidance reflects the continuation of the commercial momentum we experienced in 2017. Organic sales should rebound, and the cost savings we achieved over the last two years will create an operational leverage leading to higher margins.”
The shareholders approved the Sulzer Annual Report 2017, including the Annual Accounts and Consolidated Financial Statements as well as the appropriation of net profits. In addition, the shareholders approved Sulzer’s Compensation Report in a consultative vote.
An ordinary dividend of CHF 3.50 per share will be paid out. The ex-dividend date will be April 6, 2018. Discharge was granted to all members of the Board of Directors and the Executive Committee. KPMG was reelected for a one-year term as auditors. Proxy Voting Services was elected for a one-year term as the independent proxy.
Peter Löscher was reelected as member and Chairman of the Board of Directors for a one-year term. The shareholders reelected Matthias Bichsel, Axel C. Heitmann, Mikhail Lifshitz, Marco Musetti and Gerhard Roiss as members of the Board of Directors for another one-year term of office. Thomas Glanzmann and Jill Lee did not stand for reelection. The Board of Directors thanked both of them for their great contribution and commitment that they have dedicated to Sulzer over the years. As previously announced, Jill Lee will take over as CFO of Sulzer on April 5, 2018.
Hanne Birgitte Breinbjerg Sørensen, Danish national born in 1965, and Dr. Lukas Braunschweiler, Swiss national born in 1956, were elected as new members of the Board of Directors for a one-year term of office. Both have broad experience in operational leadership and as board members in an international environment.
The shareholders elected Marco Musetti, Hanne Birgitte Breinbjerg Sørensen and Gerhard Roiss as members of the Nomination and Remuneration Committee, all for a one-year term of office.
After the Annual General Meeting, the Board of Directors elected Matthias Bichsel as its Vice Chairman and defined the new composition of all committees:
- Nomination and Remuneration Committee: Gerhard Roiss (Chairman), Marco Musetti, Hanne Birgitte Breinbjerg Sørensen
- Strategy Committee: Peter Löscher (Chairman), Matthias Bichsel, Mikhail Lifshitz, Lukas Braunschweiler
- Audit Committee: Hanne Birgitte Breinbjerg Sørensen (Chairwoman), Axel C. Heitmann, Gerhard Roiss
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Sulzer Management Ltd
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Sulzer Management Ltd