According to Art. 13 of the Articles of Association the directors are elected each year to hold office until the following annual shareholders’ meeting. Directors may be reelected.
It is proposed the Annual General Meeting to be chaired by Stefan Widegren, while the President of the Annual General Meeting will be Fabio Cannavale, who will be present in Lugano.
Fabio Cannavale, Leena Essén, Nicola Gerber, Christer Granskog, Lakshmi C. Khanna, Erik Lautmann, Ottonel Popesco and Stefan Widegren will stand for re-election. Joe Pope does not stand for re-election.
The Nomination Committee proposes to reduce the number of board members to eight and that Fabio Cannavale, Leena Essén, Nicola Gerber, Christer Granskog, Lakshmi C. Khanna, Erik Lautmann, Ottonel Popesco and Stefan Widegren be re-elected as Directors for a further one-year term of office expiring at the annual general meeting to be held in 2014.
The Nomination Committee furthermore proposes to nominate Stefan Widegren as Chairman of the Board of Directors.
With respect to the requirements in the Swedish Corporate Governance Code (the Code) that a majority of the directors elected by the shareholders’ meeting are to be independent of the company and its executive management and that at least two of this majority also are to be independent in relation to the company’s major shareholders, the Nomination Committee has carried out the following assessment:
Christer Granskog, Lakshmi Khanna, Erik Lautmann, Nicola Gerber and Fabio Cannavale are all independent of the company and its executive management.
Christer Granskog, Lakshmi Khanna, Erik Lautmann and Nicola Gerber are all also independent in relation to the company’s major shareholders.
The Nomination Committee therefore concludes that all requirements of director independence as set out in the Code are met.
Finally, the Nomination Committee proposes that PricewaterhouseCoopers SA, Lugano, Switzerland be re-elected as Cavotec’s independent auditor for business year 2013.
Shareholders representing more than 50% of the votes support the nomination of the Nomination Committee. Reference is made to the motivated Nomination Statement available on www.cavotec.com.
ENDS
For more information, please contact nominations@cavotec.com
