BASEL (dpa-AFX) - Novartis AG (NVS) said that its shareholders approved all resolutions proposed by the Board of Directors at the Annual General Meeting.
The shareholders approved the 24th consecutive dividend increase since the creation of the company in 1996, with an increase of 1.7% to 3.00 Swiss francs per share. The company will pay the 2020 dividend as of March 8, 2021.
The shareholders re-elected Joerg Reinhardt as Chairman of the Board of Directors, and all members of the Board who stood for re-election, for one year.
The Board plans to designate Simon Moroney as Chairman of the Compensation Committee.
The shareholders authorized the board to repurchase shares as deemed appropriate from time to time up to a maximum of 10 billion francs between the AGM 2021 and the AGM 2024.
The shareholders approved the total maximum aggregate amount of compensation for the Board of Directors, covering the period from the 2021 AGM to the 2022 AGM, and the total maximum aggregate amount of compensation for the Executive Committee for the financial year 2022.
The shareholders approved an amendment to the Articles of Incorporation that, for future re-elections, replaces the current age limit with a term limit, according to which a member shall not serve on the Board for more than 12 years.
Copyright RTT News/dpa-AFX
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