STOCKHOLM (dpa-AFX) - Electrolux said its board has decided to withdraw its dividend proposal to the Annual General Meeting 2020, citing uncertainty relating to the medium-term effects from the spread of the coronavirus.
The Board has also withdrawn its proposal for resolution by the AGM 2020 on the implementation of a performance based long-term share program for 2020.
In addition, Electrolux Nomination Committee has decided to withdraw its proposal for increased board fees and has instead proposed that the AGM resolves that the current board fees remain unchanged this year.
Electrolux Annual General Meeting 2020 is scheduled to be held on March 31, 2020.
Electrolux expects a material financial impact in 2020, starting in the first quarter. It is not at this point possible to quantify or predict the full impact and Electrolux is now implementing aggressive mitigation actions to reduce the risk to earnings and cash flow.
The company noted that it is continuously adjusting production across all regions to be in line with expected sales volumes and will temporarily close impacted factories as necessary or mandated.
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