415 shareholders attended the 103rd Annual General Meeting, representing 80.2% of the share capital.
Peter Löscher, Chairman of the Board of Directors, who led the Annual General Meeting, emphasized in his speech to the shareholders, "In 2016, we laid the foundations for Sulzer to reach profitable growth this year. Sulzer had to contend with a difficult market environment in 2016. However, under these circumstances, we performed well against our competitors. We were able to partially offset the decline in business with acquisitions and further accelerate the Sulzer Full Potential program, thereby mitigating the negative impact on our operating profitability."
CEO Greg Poux-Guillaume added in this speech, "There is still a lot to do, but we are heading in the right direction. For 2017, we expect growing order intake and sales, based on the acquisitions we announced. Our operational profitability should also start to pick up, if only slightly at this point."
The shareholders approved the Sulzer Annual Report 2016, including the Annual Accounts and Consolidated Financial Statements as well as the appropriation of net profits. Sulzer’s Board of Directors held a non-binding advisory vote on the Compensation Report, which was also approved by the shareholders.
An ordinary dividend of CHF 3.50 per share will be paid out. The ex-dividend date will be April 10, 2017. Discharge was granted to all members of the Board of Directors and the Executive Management. 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. Matthias Bichsel, Thomas Glanzmann, Axel C. Heitmann, Jill Lee, Mikhail Lifshitz, Marco Musetti, and Gerhard Roiss were reelected as members of the Board of Directors for another one-year term of office.
The shareholders reelected Thomas Glanzmann, Jill Lee, and Marco Musetti 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 composition of all committees:
- Audit Committee: Jill Lee (Chairwoman), Thomas Glanzmann, Axel C. Heitmann.
- Strategy Committee: Peter Löscher (Chairman), Matthias Bichsel, Mikhail Lifshitz, Gerhard Roiss.
- Nomination and Remuneration Committee: Thomas Glanzmann (Chairman), Jill Lee, Marco Musetti.