NOTICE OF ANNUAL GENERAL MEETING IN GENOVIS AB
4:30 p.m. – 4:50 p.m. Registration
5:00 pm Annual General Meeting convened
Right to participate. Registration
Shareholders who are registered in the register of shareholders maintained by Euroclear Sweden AB on May 11, 2018 and who have notified the company of their intention to attend the Annual General Meeting by no later than May 11, 2018, preferably before 3:00 p.m., have the right to attend the Annual General Meeting. Notification may be made by mail at Genovis AB (publ), Box 790, S-220 07 Lund, Sweden, by phone +46 (0)46-10 12 30, by fax +46 (0)46-12 80 20 or by email: info@genovis.com. Upon notification, shareholders must provide their name/company name, personal identity number/corporate identity number, address and phone number. Information about the number of assistants (maximum two) that the shareholder intends to bring to the meeting should also be included.
Shareholders who are represented by proxy shall issue a written, signed and dated power of attorney for the proxy. Shareholders should submit the power of attorney together with the notification of their intention to participate at the AGM. The expiry date of the proxy document may be no more than five years from its issue. Proxy forms are available on the company’s website, www.genovis.com. Representatives of legal entities must present a copy of the certificate of registration or equivalent authorization documents showing the authorized signatory.
Shareholders whose shares are registered in the name of a nominee must, in order to be entitled to attend the meeting, request that their nominee re-register their shares in their own name, so that the shareholder is registered in the shareholder register on May 11, 2018. Such registration may be temporary.
Proposed Agenda
1. Opening of the Meeting.
2. Election of Chairman of the Meeting.
3. Preparation and approval of voting list.
4. Approval of the agenda
5. Election of individuals to verify the minutes.
6. Consideration of whether the meeting had been duly convened.
7. Presentation of the annual report and audit report, as well as the consolidated accounts and audit report for the Group.
8. Speech by the Chief Executive Officer, after which shareholders will have the opportunity to ask questions of the CEO, the Chairman of the Board and the auditor.
9. Resolutions on:
a) adoption of the Income Statement and the Balance Sheet, as well as the Consolidated Income Statement and the Consolidated Balance Sheet,
b) allocation of the Company’s result in accordance with the adopted balance sheet,
c) discharge from liability to the company of the Directors and the Chief Executive Officer.
10. Resolution regarding number members of the Board and deputy members.
11. Resolution regarding from directors’ fees.
12. Election of Directors and Chairman of the Board.
13. Resolution on fees to auditors.
14. Appointment of members to the Nomination Committee and adoption of guidelines for the Nomination Committee
15. Resolution on the Board of Directors’ proposal for remuneration guidelines for senior executives
16. Resolution authorizing the Board of Directors to decide on the issuance of shares.
17. Authorization of the Chief Executive Officer to make such formal adjustments to the resolutions as may be necessary in conjunction with registration and implementation thereof.
18. Adjournment.
Item 15 The Board of Directors’ proposal for a motion regarding remuneration guidelines for senior executives
The Board of Directors proposes that the AGM adopts the following guidelines for remuneration to senior executives. These guidelines are valid for employment agreements entered into after the guidelines are approved by the AGM, and for amendments made afterward to existing employment agreements. The basic principle is that remuneration and other terms of employment for the management and CEO will be competitive to ensure that Genovis AB can attract and retain senior executives.
Fixed remuneration policy
The fixed remuneration to the management and the Chief Executive Officer should be competitive and be based on the individual areas of responsibility and performance.
Variable remuneration policy
Incentive-based remuneration will be limited and linked to predetermined measurable criteria designed to promote long-term value creation for the Company. Variable compensation may not exceed a maximum of 25% percent of the fixed salary and will be set per fiscal year.
The Board will consider on a yearly basis whether or not to propose a share-related or market value-related incentive program to the Annual General Meeting. The Annual General Meeting makes the decisions regarding such incentive programs.
Conditions for non-monetary benefits, pensions, termination, and severance pay
Pensions
Management and the CEO are entitled to a defined-contribution pension.
Termination and severance pay
For the CEO the notice period is 6 months for the company and 6 months for the individual. For management personnel the notice period is 6 months for the Company and 3 months for the individual. Moreover, assuming that the Company gave notice of termination, in certain cases the CEO may be offered 12 months of severance pay.
The Company’s undertaking in relation to senior executives and the chief executive may amount to a maximum of SEK 2.573.861.
The Board of Directors may depart from these guidelines if there are particular reasons in an individual case.
Item 16 The Board’s proposal authorizing the Board of Directors to decide on the issuance of shares.
The Board proposes that the Meeting authorize the Board, on one or more occasions until the next annual meeting, with or without preferential rights for shareholders, to issue new shares, convertible bonds or warrants. New shares may be paid for in cash and/or in kind or set-off or on other terms. This decision would mean that the share capital is increased up to a maximum total of SEK 1,625,000 through the issuance of a maximum total of 6,500,000 shares at full subscription. When deciding on issuances without preferential rights for shareholders, the subscription shall be market-based at the time of the issue resolution.
The reason for the possible deviation from shareholders’ preferential rights is to broaden the ownership group, acquire, or facilitate the raising of capital, increase the liquidity of shares, carry out acquisitions, or procure or permit the raising of capital for acquisitions.
For a valid resolution under this item, the Meeting’s resolution must be supported by shareholders representing at least two thirds of both the voting rights and the shares represented at the Meeting.
Documents
The annual report, audit report, articles of association, proxy forms, and other proposals will be available at the Company’s office at Scheelevägen 2, Box 790, S-220 07 Lund, Sweden, and on the Company’s website www.genovis.com as of April 26, 2018, and will be sent, upon request, to shareholders who provide their mailing address.
Number of shares and votes
At the time of issuance of this notice, the total number of shares and votes in the company is 60.294.162.
Information at the Annual General Meeting
Shareholders are reminded of their right to request information from the Board of Directors and the Chief Executive Officer pursuant to Chapter 7, sections 32 and 57 of the Swedish Companies Act.
Lund, April 2018
Genovis AB (publ.)
Board of Directors
Year-end Report January – December 2017
Genovis has continued to expand in Asia and signed another distribution agreement for the Chinese market with Shanghai Titan Scientific Ltd., as well as a distribution agreement with Allianz Bioinnovation for the Indian market. As a result of these agreements Genovis has expanded its presence in one of the world’s largest and most exciting markets, Asia. Both the Chinese and Indian markets for the biopharmaceuticals are undergoing strong growth.
· Net sales rose by about 26 percent to SEK 6,974k (5,551k).
· Gross profit improved by SEK 1,418k and totaled SEK 6,943k (5,525k).
· Gross margin* was 93 (93) percent.
· Operating result before depreciation and amortization totaled SEK -574k (-1,973k).
· Operating result improved by SEK 1,154k and totaled -1,144k (-2,298k).
· Comprehensive income for the period improved by SEK 1,126k to a loss of SEK 1,257k (loss: 2,383k).
· Comprehensive income per share, basic and diluted, totaled SEK -0.02 (-0.04).
· Cash flow from operating activities was a loss of SEK1,114, (loss: 2,074k).
January–December in brief
· Net sales rose by about 23 percent to SEK 22,867k (18,542k).
· Gross profit totaled SEK 21,841k (23,281k).
· Gross margin* was 90 (92) percent.
· Operating result before depreciation and amortization totaled SEK -6,226k (-13,475k).
· Operating result improved by SEK 6,934k and totaled -7,835k (-14,769k).
· Comprehensive income for the period improved by SEK 6,906 to a loss of 8,112k (loss: 15,018k).
· Comprehensive income per share, basic and diluted, improved by SEK -0.18 to SEK -0.14 (-0.32).
· Cash flow from operating activities was a loss of SEK8,034k, (loss: 16,075k).
*Excl. other revenue and “Change in inventory, finished goods”
Comments from Fredrik Olsson, CEO
More products and larger geographic presence provide strong position for future growth
I’m pleased to report that 2017 was yet another successful year for Genovis. We ended the year with our strongest quarter ever, in terms of both sales and earnings before depreciation and amortization. We have thereby demonstrated high and stable organic growth for 13 consecutive quarters.
Fourth quarter sales totaled almost SEK 7 million, representing organic growth of about 26 percent compared with the corresponding period the previous year. Our operating result before depreciation and amortization is the best in a single quarter in the history of the company and it is particularly satisfying that we retained a gross margin of over 90 percent despite our sales growth and the addition of new products. This achievement clearly confirms that our business model is scalable and can be used to leverage continued growth.
Net sales for the full year ended at SEK 22.9 million, an increase of 23 percent compared with the previous year. New customers and a higher rate of repurchases, especially during the second half, have provided a clear boost to sales. The result for the full year has also shown a clear improvement.
We continue to maintain a high pace in our marketing campaigns through efforts such as participation in several conferences and customer encounters. We have received further confirmation from our customers that the new glycan analysis products perform better than other established products. As a result of our technical support and our strong customer relationships, sales are also taking off faster than previously. This trend is especially clear for the recently launched products that are initially used in the discovery and preclinical phase. But we have also noted during the year that customers are starting to use our established protein analysis products in early clinical phase.
Significant growth in the product portfolio characterized 2017 and we have positioned ourselves as the leading innovator in enzymes for protein analysis. We note a clear difference in how customers and competitors perceive Genovis, which opens new opportunities for growth, partnerships and continued strong product development.
Our operational objectives for 2017 were to expand the product portfolio with at least three new product launches and to establish a geographic presence in strategically important markets. We can now check off these goals. We have launched an impressive five new products this year and have strategic partnership agreements in both China and India.
As I look forward to 2018, I continue to see ample opportunity for growth and expansion. There is an underlying growth in the market, which means new opportunities for Genovis. Our customer base has shown strong growth in 2017 and these customer relationships have given clear indications of needs that we will be able to capitalize on moving forward.
Sales at the beginning of 2018 are at a higher level than at the same time in 2017, which means that we still have a positive fundamental outlook for full year 2018. As previously, we also expect seasonal variations in sales to lead to some displacements of revenue between individual quarters, but underlying growth will continue to be strong.
We will need to recruit several highly educated employees to our growing organization, especially to the marketing organizations in the US and Europe. Our aspiration is to continue to maintain a high launch rate with the goal of three new products per year. Another objective is to establish partnerships in a few more Asian markets. Genovis is currently a global business based on solid revenue streams and our successes in 2017 has thereby built a solid platform for 2018 and the future.
I would like to thank our employees, the Board of Directors and our shareholders for their dedication this past year and look forward with confidence to a new exciting year at Genovis.
Genovis AB (publ) postpone publication of the Year-end Report 2017
The Year-end Report, which was to be announced on February 26, 2018, will be postponed. The new publication date for the report is February 28, 2018.
Genovis signs distribution agreement in India
The Indian market has grown substantially in recent years and the total biotech market in India is estimated at USD 11 billion, 64 percent of which is focused on biologics. Growth in the market is driven by the strong development of vaccines and biopharmaceuticals.
“The Indian market is characterized by strong growth in biopharmaceuticals, especially the segment of generic biologics, known as biosimilars. This is one market segment in which our products offer distinct advantages for effective quality control during both drug development and production. The Indian market poses challenges when dealing with direct sales, so we look forward to continuing to develop Genovis’ products with a quality supplier like Allianz Bioinnovation,” says Fredrik Olsson, CEO.
Allianz Bioinnovation has established a strong position as supplier of products to the biopharma industry in India, and 70 percent of their customers are pharmaceutical companies that work with biologics, which is where Genovis has the majority of its customers.
“The Indian market is constantly evolving and the agreement with Genovis combined with our products ensures that Allianz Bioinnovation can meet the growing needs of the industry. We are extremely optimistic about partnering with Genovis and will continue to grow along with Genovis and our expanded product portfolio,” says Sanjay Solanki, co-founder and head of Allianz Bioinnovation.
Interim Report January – September 2017
· Genovis signed a distribution agreement with the Chinese company Beijing Zhongyuan Ltd. for sales in the Chinese market. The agreement covers all Genovis products.
This agreement will enable Genovis, with its growing product portfolio, to establish a foothold in one of the world’s largest and most exciting markets. Over the last five years the Chinese market for biopharmaceuticals has grown by more than 40% annually. The market includes both large Chinese companies and a number of global pharma giants that have chosen to locate both their research and development and their manufacturing in China.
· Net sales rose by about 14 percent to SEK 5,286k (4,627k).
· Gross profit totaled SEK 4,882k (4,953k).
· Gross margin* was 90 (92) percent.
· Operating result totaled SEK -1,654k (-1,070k).
· Net loss for the period was SEK 1,641k (loss: 1,059k).
· Comprehensive income per share, basic and diluted, totaled SEK -0.03 (-0.02).
· Cash flow from operating activities was a loss of SEK1,474k (loss: 3,003k).
*Excl. other revenue and “Change in inventory, finished goods”
January – September in brief
· Net sales rose by about 22 percent to SEK 15,893k (13,030k).
· Gross profit totaled SEK 14,899k (17,755k).
· Gross margin* was 88 (92) percent.
· Operating loss improved to SEK 6,690k (loss: 12,472k).
· Comprehensive income for the period improved by SEK 5,778k to a loss of SEK 6,856k (loss: 12,634k).
· Comprehensive income per share, basic and diluted, improved by SEK -0.17 to SEK -0.12 (-0.29).
· Cash flow from operating activities was a loss of SEK6,919k (loss: 14,001k).
*Excl. other revenue and “Change in inventory, finished goods”
Events after the end of the period
Genovis has continued to expand in China and signed another distribution agreement with Shanghai Titan Scientific Ltd.
Comments from Fredrik Olsson, CEO
A quarter with intensive marketing efforts and new opportunities in China
Genovis continues its positive sales trend in the third quarter. Sales increased by 14 percent to SEK 5.3 million (4.6), bringing organic growth for the third quarter of the year to 22 percent with sales of SEK 15.9 million (13.0). Sales growth in the third quarter was relatively weak compared with the previous year due to temporary differences between the quarters, though this trend is expected to have limited impact on sales for the full year. We also see a certain negative impact from currency effects that mainly relate to the US market. I am pleased to report that sales have grown for an impressive 12 consecutive quarters and that the margins continue to remain at a high and satisfactory level.
We have launched an impressive five new products this year. Our product portfolio is now significantly broader and consists of a total of 15 product series. The third quarter was characterized by intensive marketing efforts to introduce the new products to customers. We have dedicated our efforts to the roll-out of our new technology for labeling antibodies, GlyCLICK™, and the products for glycan analysis. Genovis has participated in no fewer than five conferences during the quarter and carried out several customer visits. The conferences are well-established and excellent meeting places for us where we receive confirmation of the commercial and scientific strength and viability of our products. While these initiatives have raised our costs for the quarter, we believe they are essential to reach the market. I expect to see the effects of these initiatives already in the fourth quarter, but especially over the coming year as these products enter a more mature phase and volumes increase.
During the third quarter we signed an agreement distribution and sales of our product portfolio in China. Our objective during the year has been to acquire a partner or distributor on location in one of the growing Asian markets. The Chinese biopharmaceuticals market alone has grown by more than 40 percent annually over the past five years. Our Beijing-based partner Beijing Zhongyuan Ltd has resources, expertise, a strong product portfolio and the connections that we need. In addition, we entered into an additional distribution agreement in China after the end of the period. Our latest distributor, Titan Scientific, is based in Shanghai and works with well-known international brands in well-established channels. With this new agreement, another puzzle piece in our Asian venture is now in place. Building relationships with well-established partners is a cornerstone for Genovis to be able to achieve a good foothold and growth in Asia. These agreements also serve as an acknowledgment that our offering holds its own in relation to others and that our products strengthen the portfolios of our respective partners. We can conclude that our sales in Asia have doubled during the year, albeit from a very low level. With two new partners, we hope to accelerate sales further at a rapid pace.
As we now approach the end of 2017 I can see that Genovis is much stronger than last year. Our portfolio is broader and we have strengthened our position as an innovative knowledge partner on the global biologicals market. We will continue our goal-oriented work with customers and partners so that even more people see Genovis as its natural partner in the development of tomorrow’s medications.
Genovis signs distribution agreement with Shanghai Titan Scientific Ltd.
A growing number of companies in China are focusing on biopharmaceuticals, at the same time that global pharmaceutical companies are locating their process development and production in the area. Consequently there is a strong need for Genovis’ products for fast and effective quality control of biological drugs.
“The Chinese market is large, though many companies have chosen to locate their facilities in the Shanghai area. Consequently it is important for Genovis to partner with a company headquartered in Shanghai such as Titan Scientific, which currently has around 400 employees and sales of approximately RMB 600 million. In recent years the company has grown by 50 percent by adding new products to an already existing and growing customer base. With this in mind, Genovis has chosen to initiate collaboration with Titan Scientific,” says Genovis’ CEO, Fredrik Olsson.
“Genovis’ highly innovative enzymes have great potential on the Chinese market and are an outstanding complement to Titan Scientific’s product portfolio. We look forward to our joint effort, collaborating and working on the Chinese market,” says Christian Zhou, VP Titan Scientific.
Genovis signs distribution agreement with Chinese Beijing Zhongyuan Ltd.
This agreement will enable Genovis, with its growing product portfolio, to establish a foothold in one of the world’s largest and most exciting markets. Over the last five years the Chinese market for biopharmaceuticals has grown by more than 40% annually. The market includes both large Chinese companies and a number of global pharma giants that have chosen to locate both their research and development and their manufacturing in China.
“Our goal is to connect with strong new partners in the Asian market and the agreement gives us access to one of the most important Asian markets, China. Beijing Zhongyuan Ltd. is a partner that can provide expertise, a strong existing product portfolio and direct contact with customers who demand our products. This also means that Genovis has taken the first step regarding one of the operational objectives, to establish sales in the Asian markets,” says Fredrik Olsson, CEO of Genovis.
Beijing Zhongyuan has extensive experience collaborating with foreign partners for importing and distributing life science-products. It has an extensive network of biopharmaceutical customers and a sales force with substantial knowledge of both proteins and biologicals. The company, which is headquartered in Beijing, has around 200 employees. Sales totaled RMB 1.1 billion in 2016.
“The global biopharmaceuticals market is undergoing rapid development, and the Chinese market has rapidly mushroomed. By the end of 2016 the China Food and Drug Administration (CFDA) had officially approved more than 280 antibody drugs. Founded in 2000, Beijing Zhongyuan provides high-quality services to Chinese biologists. In cooperation with Genovis, we hope to promote better products and better technology to China’s antibody drug development and production team,” says Jinghua Li, General Manager, Beijing Zhongyuan Ltd.
Half-Yearly Report January – June 2017
· Genovis added five new products to the product portfolio:
FabALACTICA™: a unique enzyme for antibody analysis. The enzyme is of particular interest to pharmaceutical companies that develop biological drugs in the growing immunotherapy segment.
Three unique enzymes for glycan analysis: OpeRATOR™: a completely unique protease that cleaves proteins at the exact site of a certain type of glycan. OglyZOR™ and SialEXO™: both products have improved performance compared with other similar enzymes on the market and together with OpeRATOR offer a unique and cutting edge option in the field of glycan analysis.
GlyCLICK™: a product for specific labeling of antibodies for purposes such as development of biopharmaceuticals.
· Genovis carried out a directed share issue that raised SEK 11.5 million for the company.
· Net sales rose by about 26 percent to SEK 5,812k (4,595k).
· Gross profit totaled SEK 5,887k (4,036k).
· Gross margin was 86 (92) percent.
· Operating loss improved to SEK 1,978k (loss: 7,953k).
· Comprehensive income for the period improved by SEK 5,976k to a loss of SEK 2,145k (loss: 8,121k).
· Comprehensive income per share, basic and diluted, improved by SEK 0.17 to SEK -0.04 (-0.21).
· Cash flow from operating activities was a loss of SEK 3,662k (loss: 8,499k).
Half year in brief
· Net sales rose by about 26 percent to SEK 10,607k (8,403k).
· Gross profit totaled SEK 10,017k (12,802k).
· Gross margin was 87 (91) percent.
· Operating loss improved to SEK 5,037k (loss: 11,402k).
· Comprehensive income for the period improved by SEK 6,359k to a loss of SEK 5,215k (loss: 11,574k).
· Comprehensive income per share, basic and diluted, improved by SEK 0.22 to SEK -0.09 (-0.31).
· Cash flow from operating activities was a loss of SEK 5,445k (loss: 10,997k).
Comments from Fredrik Olsson, Chief Executive Officer
Five product launches in H1
Genovis has continued to have strong organic sales growth in 2017. Sales in the second quarter increased by 26 percent to SEK 5.8 million, while sales for the first half of the year totaled SEK 10.6 million, corresponding to a 26 percent increase. This means that sales have surged for an impressive 11 consecutive quarters and the margins continue to remain at a high and satisfactory level.
The quarter was primarily characterized by intensive product development and an extremely high rate of new product launches. We launched no fewer than five unique products in the second quarter and have exceeded our goal of launching three new products annually by a wide margin. In April we launched FabALACTICA™, a new addition to our enzyme family with a focus on antibody analysis. We also launched GlyCLICK™, a new antibody labeling technology that was developed in collaboration with Life Technologies. In addition, we developed a new enzyme family with three products aimed at glycan analysis, especially for pharmaceutical companies and researchers who develop biologicals within the growing field of glycomics.
Sales of these new products have developed very positive over the short-term, confirming both that there is a need on the market and that Genovis is able to meet that need. This excellent start to the year bodes well and I expect the contribution from the new products to be another important puzzle piece for our continued growth moving forward.
The new products definitely contribute to strengthening our brand and position in the market. The positive feedback we have received from our customers underscores our capacity, knowledge and ability to produce the right products. For example, this autumn one industrial customer will publish a scientific article based on FabALACTICA™. In addition, GlyCLICK™ is a finalist for the “2017 Innovation of the Year” award at the World Molecular Imaging Congress (WMIC), the largest imaging conference in the world. It is particularly empowering when a world-leading scientific organization like the World Molecular Imaging Society (WMIS) confirms that GlyCLICK is an important addition to the market. The new enzymes for the field of glycomics have also generated extremely positive feedback from customers who have already purchased and tested the products in an initial evaluation step.
The launches in the second quarter have affected our costs during the quarter, primarily due to increased costs for new patents, marketing and production – a natural consequence of a high launch rate. We are convinced that these costs are wise investments for the future.
Efforts to identify partners or distributors in the key Asian markets remain a priority and are progressing according to plan. We continue to aim to have a partner in place before the end of the year.
As I look forward, I see that the contribution from our new products will be an important cornerstone along with our already established products for continued strong sales growth. Our success is largely due to our organization in combination with our close customer relationships. With five new products in our product portfolio, I am convinced that we have further strengthened our position as an innovative knowledge partner in the global biologicals market.
Genovis expands its product portfolio and launches three products for glycan analysis
Development of new biological drugs and research for better treatments for severe diseases require new tools. Through close contact with customers, Genovis came to understand that the field of O-glycan analysis poses major challenges. Glycans are a type of sugar molecule often found on proteins such as antibodies and Genovis’ new enzymes for O-glycan analysis are primarily of interest for pharmaceutical companies that are developing biopharmaceuticals and researchers in the field of glycomics.
“For some time we have understood that O-glycan analysis is particularly challenging for researchers who work with new types of biopharmaceuticals and that existing tools on the market pose a limiting factor for those who work in this field. We have therefore worked intensively to develop tools that can help researchers and the pharmaceutical industry to understand O-glycans and provide quality control using a better, more convenient method,” says Fredrik Olsson, CEO of Genovis.
The launch of the O-glycan portfolio is Genovis’ third product launch this spring and a total of five products have been launched to date this year. The products for O-glycan analysis will be presented at the international ASMS conference in Indianapolis, Indiana, which will be held June 4-8. The company launched GlyCLICK™, a new technology for labeling antibodies, in April, and FabALACTICA for analysis of antibody-based drugs was launched in May. With the launch of OpeRATOR, OglyZOR and SialEXO, Genovis will now have twelve unique enzymes for protein and antibody analysis in the product portfolio, as well as one product for labeling antibodies.
MORE ABOUT O-GLYCANS
There are two main types of glycans (sugar chains) that sit on proteins: N-glycans and O-glycans. O-glycans are more difficult to analyze since their attachment to protein sites is less predictable, while at the same time no tools, such as those used for N-glycans, are available to analyze them. Many human proteins contain O-glycans and research suggests that they are of great importance to biological processes.
For more information about o-glycans: http://www.genovis.com/products/enzymes-for-o-glycans/
Communiqué from Genovis AB (publ) Annual General Meeting May 11, 2017
The Annual General Meeting adopted the following resolutions:
- The balance sheet and income statement were adopted.
- The Board and the Chief Executive Officer were discharged from liability.
- The Board shall consist until the next AGM of five ordinary members without deputies.
- Ordinary members Kenth Petersson, Jacob Engellau, Mikael Lönn, Lena Mårtensson Wernrud and Mårten Winge were re-elected. Mårten Winge was elected Chairperson of the Board.
- Remuneration will be paid to the Board of Directors in the amount of SEK 75,000 to Board members and SEK 150,000 to the Chairperson of the Board.
- Remuneration to the auditors will be paid on account.
- A Nomination Committee will be formed with representatives of the four largest shareholders at September 30, 2017.
- Guidelines for remuneration to the Chief Executive Officer and other senior executives were adopted in accordance with the Board’s proposal.
- The AGM resolved on the authorization to issue shares with or without preferential rights for existing shareholders. As a result of this resolution, share capital could increase by a maximum of SEK 2,750,000 through the issuance of a maximum of 11,000,000 shares.
