Business News
ABB shareholders approve all Board proposals
Friday 09. May 2008 - Shareholders of ABB, the leading power and automation technology group, approved all proposals submitted by the Board of Directors to the companys annual general meeting in Zurich today.
All eight members of the Board were re-elected for another term of office. Hubertus von Grünberg, Chairman of the Board, said his priorities for the company include seizing the opportunities offered by the growing market for technology to combat climate change.
“We are not talking about a short-term trend, but an extremely rapidly growing market that presents our company with enormous opportunities,” von Grünberg said in his speech to shareholders.
Shareholders voted for a payout of 0.48 Swiss francs per share for 2007, to be paid in the form of a reduction in the nominal value of the shares. They agreed to reclassify legal reserves to increase ABBs share capital flexibility, and created contingent capital, a measure that allows the company to issue as many as 200 million shares for certain company purposes.
A total of 1450 shareholders attended the annual general meeting and 50,6 percent of the total share capital was represented. They also approved the annual report, the consolidated financial statements and the annual financial statements for 2007. ABB achieved record profitability last year.
Chief Executive Officer Michel Demaré said market and technology leadership, together with performance improvements, are helping ABB to benefit from vibrant demand to expand and strengthen power grids, increase industrial productivity and improve energy efficiency.
“The long-term market factors driving our growth remain unchanged and continue to offer tremendous opportunities for organic growth,” Demaré said.