VERNIER (dpa-AFX) - Givaudan (GVDBF.PK), a Swiss manufacturer of fragrance and flavor products, said that the Annual General Meeting approved the 2016 Annual Report, the annual financial statements and the consolidated financial statement with 98.91% of votes and discharged the members of the Board of Directors with 97.89% of votes.
With 79.59% of votes, it also approved the Company's compensation report on a consultative basis.
The Annual General Meeting approved a distribution to the shareholders of CHF 56.00 per share. This is the sixteenth consecutive dividend increase following Givaudan's listing at the Swiss stock exchange in 2000. The amount will be paid out of available earnings as an ordinary dividend, taxable in Switzerland.
After serving on the Board for over 18 years, first as CEO and then as Chairman for 12 years, Dr Jürg Witmer retired as Chairman and member of the Board. Calvin Grieder, newly elected Chairman, thanked Dr Witmer for his exemplary guidance and oversight as CEO and as Chairman, which created an environment for continued company growth and significant value creation for shareholders.
All other current members of the Board of Directors were re-elected, each for a term of one year until the next Annual General Meeting in 2018, in accordance with the legal requirements and Givaudan's Articles of Incorporation.
Manuel Isler, attorney-at-law, was re-elected as independent shareholder representative until the next Annual General Meeting in 2018 and Deloitte SA was re-elected as auditors for the financial year 2017 with Ms. Karine Szegedi Pingoud as lead auditor, partner.
The Annual General Meeting approved the remuneration for the Board of Directors and the Executive Committee. In particular, it approved maximum aggregate amount of compensation of the Board of Directors for the term until the 2018 Annual General Meeting of CHF 2.95 million, by 95.20% of the votes; aggregate amount of short term variable compensation of the Executive Committee for the fiscal year 2016 of CHF 3.29 million by 96.68% of the votes and maximum aggregate amount of fixed and long-term variable compensation of the Executive Committee for the fiscal year 2017 of CHF 19.80 million, by 91.35% of the votes.
Copyright RTT News/dpa-AFX