News release from the Annual Meeting of shareholders of G & L Beijer AB


News release from the Annual Meeting of shareholders of G & L Beijer AB

Today, 5 May 2011, G & L Beijer AB (publ) held its Annual Meeting of
shareholders for the 2010 financial year. The Annual Meeting adopted the
profit and loss account and balance sheet for the parent company and the
Group.

The Board Members and the Managing Director were discharged from
liability.  

The Annual Meeting endorsed the Board of Directors' proposal for a
dividend of SEK 8.00 per share and 10 May 2011 as the record day. The
dividend is expected to be remitted by Euroclear Sweden AB on 13 May
2011.

In his speech at the Annual Meeting, The Managing Director of G & L
Beijer, Joen Magnusson, gave an account of the company's operations
during 2010 and for the first quarter of 2011. He stated that the first
quarter had been strong with improved sales and results.

In addition, the Annual Meeting of shareholders passed the following
resolutions:

• that the lawyer Johan Sigeman is appointed Chairman of the Annual
Meeting. 
• that the Board Members will be seven and that no Deputy Board Members
will be elected.
• that the Directors' fees will be SEK 1,100,000. The Chairman will
receive SEK 380,000 and the Board Members who are not employed in the
company or within the Carrier Group will receive SEK 240,000 each.
• that the remuneration of the Auditors will be paid in accordance with
the submitted quotation.
• that Peter Jessen Jürgensen, Anne-Marie Pålsson, Bernt Ingman, Joen
Magnusson, Philippe Delpech,

Harald Link and William Striebe are re-elected as Board Members. The
Annual Meeting also resolved Peter

Jessen Jürgensen is appointed Chairman of the Board.

• that the company shall have an Election Committee consisting of one
representative of each of the company's four largest shareholders
together with the Chairman of the Board. When the composition of the
Election Committee is decided, the conditions on the last banking date
in August 2011 shall determine who are the largest owners by number of
votes. If any of the four largest shareholders refrains from appointing
a Member, the right shall be passed on to the owner who is next in size.
The names of the Members, including the Chairman and the shareholders
who have appointed them, shall be announced as soon as possible and not
later than six months prior to the 2012 Annual Meeting of shareholders,
when the following shall apply:

  - The Members of the Election Committee shall appoint the Chairman of
the Election Committee who must not be a Board Member. 
  - No special remuneration shall be paid for the work in the Election
Committee. 
  - A shareholder who has appointed a Member of the Election Committee
may remove the Member and appoint a new Member and, when required,
replace a Member who has left the Election Committee before the work has
been completed. If a Member no longer represents one of the four largest
owners, such a Member can resign, if the Election Committee finds it
appropriate, and a replacement can be appointed by the owner who has by
then become the fourth largest owner.
  - Changes in the composition of the Election Committee, if any, shall
be announced as soon as they have been made.  
  - The Election Committee shall work out proposals to be placed before
the 2012 Annual Meeting of share­holders for resolutions on the
following matters: (a) Chairman of the Annual Meeting of shareholders,
(b) Board of Directors, (c) Chairman of the Board, (d) Directors' fees,
(e) remuneration of the company´s Auditors, (f) Auditors and (g) rules
for the appointment of the Election Committee ahead of the 2013 Annual
Meeting of shareholders.

• that the guidelines for the remuneration and other terms of employment
for senior executives are adopted as follows: By senior executive is
meant the Managing Director, the Chief Financial Officer and the
Managing Director of Beijer Ref AB. The remuneration shall consist of a
fixed salary, a variable salary, a pension and other remuneration such
as a company car. The total remuneration shall be on market terms and
support the interest of the shareholders by enabling the company to
attract and retain senior executives. The fixed salary is renegotiated
annually and takes into account the area of responsibility, competence,
performance and experience of the individual. The variable part of the
salary is based on the outcome in relation to set financial targets. The
individual will receive a maximum amount equivalent to six months'
salary. On the maximum outcome, the total cost for the variable portion
of the salary is estimated to amount to SEK 5.7M in total. The Executive
Management's pension scheme is contribution-based. An amount equivalent
to 26 per cent of the gross salary, including variable salary, is
appropriated annually for the Managing Director, and to an amount of up
to 24 per cent of the gross salary, including variable salary, for the
other Members of the Executive Management. Severance pay of not more
than 24 months' salary will be paid to the Managing Director. Severance
pay to the other Members of the Executive Management varies and amounts
to not more than 24 months' salary including salary at notice. The
Executive Management can give six months' notice of termination. Notice
of termination by the Managing Director or other senior executives does
not trigger any severance pay. The Board of Directors prepares matters
of remuneration and other terms of employment for the Executive
Management and the Board of Directors as a whole constitutes the
Remuneration Committee. The Managing Director does not participate in
the work. The Board of Directors may abandon these guidelines if there
are specific reasons for it in an individual case.

Malmö, 5 May 2011
G & L Beijer AB (publ)
Board of Directors

For further information, please contact:
Joen Magnusson, CEO
G & L Beijer AB
Telephone +46 40-35 89 00
Mobile +46 709-26 50 91

or
Jonas Lindqvist, CFO
Telephone +46 40-35 89 00
Mobile +46 705-90 89 04

Attachments

05052388.pdf