The Annual General Meeting of Ericsson today elected Peter L. Bonfield, Lena Torell and Michael Treschow as new Directors of the Board. The new Board of Directors elected Michael Treschow as chairman. Tom Hedelius and Marcus Wallenberg were re-elected vice chairmen. Lars Ramqvist has been appointed Honorary Chairman of the Board.
The Meeting also resolved that the Board of Directors' fee shall amount to maximum eight million SEK.
Elected members of the Nomination Committee until the end of the Annual General Meeting in 2003 were Claes Dahlbäck, Investor, Anders Ek, Robur, Anders Nyrén, Industrivärden, Lars Otterbeck, Alecta, and Michael Treschow, Chairman of the committee. The Meeting also resolved that no fee should be paid to the Nomination Committee.
The Meeting resolved that no dividend should be paid for year 2001.
The CEO and President Kurt Hellström's speech will be found at http://www.ericsson.com/press
Further, the Meeting decided among other, in accordance with the Board of Directors' proposal
1.to amend the Articles of Association to the effect that the Company is authorized to appoint special auditors, others than the auditors appointed by the General Meeting, to audit the Board of Directors' statement in relation to i.a. an issue for non-cash consideration or a merger plan;
to authorize the President to make any minor adjustments of the proposal for amendment of the Articles of Association as may be necessary in conjunction with the filing at the Swedish Company
2.to authorize Telefonaktiebolaget LM Ericsson to transfer, prior to the Annual General Meeting 2003, a maximum of 31,000,000 shares of Class B, out of the total number of the Company's holding of 156,804,000 shares of Class B, for the purpose of covering certain costs, mainly social security charges that may occur in relation to the Company's Global Incentive Program. Any such transfer of shares shall be effected at the Stockholm Exchange at a price at each time within the registered price interval for the share.
Based on the market value quotation and the Company's financial statement by December 31, 2001, a transfer of 31,000,000 shares would add SEK 1,767 million to the liquidity and increase the equity ratio by 0,5 percentage points. The proposal for transfer of shares would not affect the Company's result, as the consideration would be reported directly as an increase in equity. On December 31, 2001, 31,000,000 shares corresponded to 0,38 percent of the outstanding shares. Dilution of earnings per share calculated according to the so-called "Treasury Stock" method is dependent on the development of the stock price and would become 0,04 per cent at an increase of the stock price by 10 per cent and 0,39 per cent at an increase by 100 per cent, respectively. The 31,000,000 shares have been considered when calculating the diluted earnings per share in the financial statements 2001.
The Meeting resolved not to grant A and B shares equal voting right.
The Company's and the Group's income statements and balance sheets were adopted and the Board of Directors and the President were discharged from liability for the fiscal year 2001.
Ericsson is shaping the future of Mobile and Broadband Internet communications through its continuous technology leadership. Providing innovative solutions in more than 140 countries, Ericsson is helping to create the most powerful communication companies in the world.
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