Cavotec SA
Feb 23, 2018

Cavotec SA - Nomination Committee announcement

According to Art.13 of the current Articles of Association, as well as according to Art.3 of the Federal Ordinance on Excessive Compensation, the directors are elected each year to hold office until the following annual shareholders' meeting. Directors may be re-elected. 

It is proposed that the Ordinary General Meeting in Lugano is to be chaired by Stefan Widegren.

Fabio Cannavale, Erik Lautmann, Heléne Mellquist, Helena Thrap-Olsen and Patrik Tigerschiöld will stand for re-election, while Roberto Italia is proposed for election. Ottonel Popesco and Stefan Widegren will not stand for re-election.

The Nomination Committee proposes Fabio Cannavale, Erik Lautmann, Heléne Mellquist, Helena Thrap-Olsen and Patrik Tigerschiöld to be re-elected as Directors for a further one-year term of office expiring at the Ordinary General Meeting to be held in 2019.

The Nomination Committee proposes to elect Roberto Italia to the Board of Directors. 

The Nomination Committee furthermore proposes to nominate Patrik Tigerschiöld 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:

Fabio Cannavale, Roberto Italia, Helena Thrap-Olsen, Heléne Mellquist, Erik Lautmann and Patrik Tigerschiöld are all independent of the company and its executive management. 

Roberto Italia, Helena Thrap-Olsen, Heléne Mellquist and Erik Lautmann 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.

Shareholders representing more than 40 per cent of the votes support the above-mentioned proposals made by the Nomination Committee.

Finally, and in accordance to Art. 7 of the Federal Ordinance on Excessive Compensation and with the Internal Regulations, the Nomination Committee proposes to elect the following Board members to be part of the Remuneration Committee for the year 2018/2019:

Erik Lautmann
Helena Thrap-Olsen
Patrik Tigerschiöld

With respect to the requirements in the Code that all members of the Remuneration Committee, apart from the chairman of the Remuneration Committee, are to be independent of the company and its executive management, the Nomination Committee has come to the conclusion that all candidates proposed by the Board of Directors are independent of the company and its executive management.

Reference is made to the motivated Nomination Committee Statement available on Cavotec's investor relations website http://ir.cavotec.com and attached to this press release.

Cavotec SA Nomination Committee can be contacted via nominations@cavotec.com.

 

ENDS

 

For further details please contact:

 

Kristiina Leppänen

Group Chief Financial Officer & Investor Relations

Telephone: +41 91 911 40 11 — Email: investor@cavotec.com

 

Cavotec is a leading engineering group that designs and manufactures automated connection and electrification systems for ports, airports and industrial applications worldwide. Cavotec innovative technologies ensure safe, efficient and sustainable operations. To find out more about Cavotec, visit our website at cavotec.com.

 

The information in this release is subject to the disclosure requirements of Cavotec SA under the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. This information was publicly communicated on 23 February 2018, 11:10 CET.