{"id":464347,"date":"2021-03-24T10:26:43","date_gmt":"2021-03-24T14:26:43","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=464347"},"modified":"2021-03-24T10:26:43","modified_gmt":"2021-03-24T14:26:43","slug":"notice-of-annual-general-meeting-in-assa-abloy-ab","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/notice-of-annual-general-meeting-in-assa-abloy-ab\/","title":{"rendered":"Notice of Annual General Meeting in ASSA ABLOY AB"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">STOCKHOLM<\/span>, <span class=\"xn-chron\">March 24, 2021<\/span> \/PRNewswire\/ &#8212; The shareholders of ASSA ABLOY AB (Reg. No. 556059-3575) are hereby invited to participate in the Annual General Meeting to be held on Wednesday <span class=\"xn-chron\">28 April 2021<\/span>. <\/p>\n<p>Due to the Covid-19 pandemic, the Board of Directors has decided that the Annual General Meeting is to be held only through advance voting (postal voting) in accordance with temporary legislation. This means that the Meeting will be conducted without the physical presence of shareholders, representatives or external parties and that shareholders will only be able to exercise their voting rights by postal voting in advance of the Meeting in the manner described below.<\/p>\n<p>A speech by the CEO is expected to be available at the company&#8217;s website <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3107553-1&amp;h=2855358805&amp;u=http%3A%2F%2Fwww.assaabloy.com%2F&amp;a=www.assaabloy.com\" rel=\"nofollow noopener noreferrer\">www.assaabloy.com<\/a>, no later than Friday <span class=\"xn-chron\">23 April 2021<\/span>. Further, a speech by the auditor will be available at the company&#8217;s website.<\/p>\n<p>\n        <b>Notice of participation<\/b>\n      <\/p>\n<p>Shareholders who wish to participate at the Annual General Meeting by advance voting must:<\/p>\n<ul type=\"disc\">\n<li>be recorded in the shareholders&#8217; register kept by Euroclear Sweden AB on Tuesday <span class=\"xn-chron\">20 April 2021<\/span>, and <\/li>\n<li>give notice of intent to participate to ASSA ABLOY AB no later than Tuesday <span class=\"xn-chron\">27 April 2021<\/span>, by submitting their advance votes in accordance with the instructions under the heading &#8220;Advance voting&#8221; below, so that the advance vote is received by Euroclear Sweden AB no later than that day.<\/li>\n<\/ul>\n<p>\n        <b>Nominee registered shares<\/b>\n      <\/p>\n<p>Shareholders whose shares are nominee registered through a bank or other nominee must, in addition to giving notice of participation by submitting an advance vote, request that their shares be temporarily registered in their own name in the share register kept by Euroclear Sweden AB (so called voting right registration) in order to be entitled to participate at the Annual General Meeting. The shareholders&#8217; register for the General Meeting as of the record date Tuesday <span class=\"xn-chron\">20 April 2021<\/span> will take into account voting right registrations completed no later than Thursday <span class=\"xn-chron\">22 April 2021<\/span>. Shareholders concerned must, in accordance with each nominee&#8217;s routines, request that the nominee makes such voting right registration well in advance of that date. <\/p>\n<p>\n        <b>Advance voting<\/b>\n      <\/p>\n<p>The shareholders may exercise their voting rights at the Meeting only by voting in advance, so called postal voting in accordance with Section 22 of the Swedish Act (2020:198) on temporary exceptions to facilitate the execution of general meetings in companies and other associations. <\/p>\n<p>A special form shall be used for advance voting. The form is available on the company&#8217;s\u00a0website <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3107553-1&amp;h=2855358805&amp;u=http%3A%2F%2Fwww.assaabloy.com%2F&amp;a=www.assaabloy.com\" rel=\"nofollow noopener noreferrer\">www.assaabloy.com<\/a>. The advance voting form is considered as the notification of participation at the Meeting.<\/p>\n<p>The completed and signed voting form must be received by Euroclear Sweden AB no later than Tuesday <span class=\"xn-chron\">27 April 2021<\/span>. The completed and signed form shall be sent to ASSA ABLOY AB (publ), &#8220;Annual General Meeting 2021&#8221;,\u00a0c\/o Euroclear Sweden AB, P.O. Box 191, SE-101 23 <span class=\"xn-location\">Stockholm, Sweden<\/span>. The completed and signed form may alternatively be submitted electronically and is then to be sent to <a target=\"_blank\" href=\"mailto:GeneralMeetingService@euroclear.com\" rel=\"nofollow noopener noreferrer\">GeneralMeetingService@euroclear.com<\/a>. Shareholders who are natural persons can also submit their advance votes electronically by verifying with BankID via Euroclear Sweden AB&#8217;s website <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3107553-1&amp;h=2391156794&amp;u=https%3A%2F%2Fanmalan.vpc.se%2FEuroclearProxy%2F&amp;a=https%3A%2F%2Fanmalan.vpc.se%2FEuroclearProxy%2F\" rel=\"nofollow noopener noreferrer\">https:\/\/anmalan.vpc.se\/EuroclearProxy\/<\/a><u>.<\/u>\u00a0<\/p>\n<p>The shareholder may not provide special instructions or conditions in the voting form. If so, the vote (in its entirety) is invalid. Further instructions and conditions are included in the form for advance voting.<\/p>\n<p>For questions about the advance voting, please contact Euroclear Sweden AB, telephone +46 8 506 485 14 (Monday-Friday <span class=\"xn-chron\">9.00 am &#8211; 4.00 pm (CET)<\/span>).<\/p>\n<p>\n        <b>Proxy <\/b>\n      <\/p>\n<p>If the shareholder votes in advance by proxy, a power of attorney shall be enclosed with the advance voting form. Proxy form is available upon request and on the company&#8217;s website <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3107553-1&amp;h=2855358805&amp;u=http%3A%2F%2Fwww.assaabloy.com%2F&amp;a=www.assaabloy.com\" rel=\"nofollow noopener noreferrer\">www.assaabloy.com<\/a><i>.<\/i>\u00a0If the shareholder is a legal entity, a certificate of incorporation or other authorization document shall be enclosed with the advance voting form.<\/p>\n<p>\n        <b>Shareholders&#8217; right to request information<\/b>\n      <\/p>\n<p>The Board of Directors and the CEO shall, if any shareholder so requests and the Board of Directors believes that it can be done without material harm to the company, provide information regarding circumstances that may affect the assessment of an item on the agenda and circumstances that can affect the assessment of the company&#8217;s or its subsidiaries&#8217; financial situation and the company&#8217;s relation to other companies within the Group. Requests for such information shall be made in writing to ASSA ABLOY AB, &#8220;Annual General Meeting 2021&#8221;, P.O. Box 70340, SE-107 23 <span class=\"xn-location\">Stockholm, Sweden<\/span>, or by e-mail to <a target=\"_blank\" href=\"mailto:info@assaabloy.com\" rel=\"nofollow noopener noreferrer\">info@assaabloy.com<\/a>, no later than Sunday <span class=\"xn-chron\">18 April 2021<\/span>. The information will be disclosed by being held available at ASSA ABLOY AB, Klarabergsviadukten 90, SE-111 64 <span class=\"xn-location\">Stockholm, Sweden<\/span>, and on the company&#8217;s website <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3107553-1&amp;h=2855358805&amp;u=http%3A%2F%2Fwww.assaabloy.com%2F&amp;a=www.assaabloy.com\" rel=\"nofollow noopener noreferrer\">www.assaabloy.com<\/a>, no later than Friday <span class=\"xn-chron\">23 April 2021<\/span>. The information will also be distributed to the shareholder who so requests and states its postal address or email address. <\/p>\n<p>\n        <b>Agenda<\/b>\n      <\/p>\n<ol type=\"1\">\n<li>Election of Chairman of the Annual General Meeting. <\/li>\n<li>Election of two persons to check the Annual General Meeting minutes. <\/li>\n<li>Preparation and approval of the voting list. <\/li>\n<li>Approval of the agenda. <\/li>\n<li>Determination of whether the Annual General Meeting has been duly convened. <\/li>\n<li>Presentation of:<br \/>a)\u00a0the Annual Report and the Audit Report as well as the Consolidated Accounts and the Audit Report for the Group, and<br \/>b)\u00a0the Auditor&#8217;s statement regarding whether the guidelines for remuneration to senior executives adopted on the previous Annual General\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br \/>Meeting have been complied with. <\/li>\n<li>Resolutions regarding:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <br \/>a)\u00a0adoption of the Statement of Income and the Balance Sheet as well as the Consolidated Statement of Income and the Consolidated Balance Sheet,\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br \/>b)\u00a0dispositions of the company&#8217;s profit according to the adopted Balance Sheet, and\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <br \/>c)\u00a0discharge from liability of the members of the Board of Directors and the CEO. <\/li>\n<li>Determination of the number of members of the Board of Directors. <\/li>\n<li>Determination of:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br \/>a) fees to the Board of Directors|<br \/>b) fees to the Auditor. <\/li>\n<li>Election of the Board of Directors, Chairman of the Board of Directors and Vice Chairman of the Board of Directors. <\/li>\n<li>Election of Auditor. <\/li>\n<li>Resolution on approval of remuneration report. <\/li>\n<li>Resolution regarding authorization to repurchase and transfer Series B shares in the company. <\/li>\n<li>Resolution regarding long-term incentive program.<\/li>\n<\/ol>\n<p>\n        <b>Item 1 &#8211; Election of Chairman of the Annual General Meeting<\/b>\n      <\/p>\n<p>The Nomination Committee, appointed in accordance with the instructions for the Nomination Committee adopted by the Annual General Meeting 2018 and\u00a0consisting of Chairman <span class=\"xn-person\">Carl Douglas<\/span> (Investment AB Latour), <span class=\"xn-person\">Mikael Ekdahl<\/span> (Melker Sch\u00f6rling AB), <span class=\"xn-person\">Liselott Ledin<\/span> (Alecta), <span class=\"xn-person\">Marianne Nilsson<\/span> (Swedbank Robur fonder) and Yvonne S\u00f6rberg (Handelsbanken Fonder) proposes that Lars Renstr\u00f6m is elected Chairman of the Annual General Meeting, or in the event he is prevented from attending, the person designated by the Board of Directors.<\/p>\n<p>\n        <b>Item 2 &#8211; Election of two persons to check the Annual General Meeting minutes<\/b>\n      <\/p>\n<p>The Board of Directors proposes that Johan Hjertonsson (Investment AB Latour)\u00a0and <span class=\"xn-person\">Liselott Ledin<\/span> (Alecta), or if one or both of them are prevented from attending, the person or persons instead designated by the Board of Directors, are assigned to check the minutes of the Meeting together with the Chairman. The assignment to check the minutes also includes verifying the voting list and that the advance votes received are correctly stated in the minutes of the Meeting.<\/p>\n<p>\n        <b>Item 3 &#8211; Preparation and approval of the voting list<\/b>\n      <\/p>\n<p>The voting list proposed to be approved under item 3 on the agenda is the voting list prepared by Euroclear Sweden AB on behalf of the company, based on the shareholders&#8217; register for the General Meeting and the advance votes received, as verified and recommended by the persons elected to check the minutes.<\/p>\n<p>\n        <b>Item <span class=\"xn-money\">7 b<\/span>) &#8211; Disposition of the company&#8217;s profit according to the adopted Balance Sheet<\/b>\n      <\/p>\n<p>The Board of Directors proposes a dividend of <span class=\"xn-money\">SEK 3.90<\/span> per share.\u00a0In order to facilitate a more efficient cash management, the dividend is proposed to be paid in two equal installments, the first with the record date Friday <span class=\"xn-chron\">30 April 2021<\/span> and the second with the record date Tuesday <span class=\"xn-chron\">23 November 2021<\/span>. If the proposal is adopted by the Annual General Meeting, the first installment is estimated to be paid on Wednesday <span class=\"xn-chron\">5 May 2021<\/span> and the second installment on Friday <span class=\"xn-chron\">26 November 2021<\/span>.<\/p>\n<p>The Board of Directors has presented a motivated statement pursuant to Chapter 18, Section 4 of the Swedish Companies Act, the statement is available at the company and on the company&#8217;s website <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3107553-1&amp;h=2855358805&amp;u=http%3A%2F%2Fwww.assaabloy.com%2F&amp;a=www.assaabloy.com\" rel=\"nofollow noopener noreferrer\">www.assaabloy.com<\/a>.<\/p>\n<p>\n        <b>Items 8-11 &#8211; Determination of the number of members of the Board of Directors, determination of fees to the Board of Directors and the Auditor as well as election of the Board of Directors, Chairman of the Board of Directors, Vice Chairman of the Board of Directors and Auditor<\/b>\n      <\/p>\n<p>The Nomination Committee proposes that the Annual General Meeting resolves as follows.<\/p>\n<ul type=\"disc\">\n<li>The number of members of the Board of Directors shall be eight. <\/li>\n<li>The fees to the Board of Directors have been unchanged since 2019. The Nomination Committee has in its work compared the fees to the Board of Directors with Board fees among comparable companies in <span class=\"xn-location\">Sweden<\/span> and internationally. Based on this, a raise of the fees to the Board of Directors is proposed as an adjustment to market practice, meaning that the fees shall amount to a total of <span class=\"xn-money\">SEK 8,500,000<\/span> (remuneration for committee work not included) which shall be distributed among the members of the Board of Directors as follows; <span class=\"xn-money\">SEK 2,700,000<\/span> to the Chairman, <span class=\"xn-money\">SEK 1,000,000<\/span> to the Vice Chairman and <span class=\"xn-money\">SEK 800,000<\/span> to each of the other members of the Board of Directors elected by the Annual General Meeting. As remuneration for the committee work, the Chairman of the Audit Committee is to receive <span class=\"xn-money\">SEK 325,000<\/span>, the Chairman of the Remuneration Committee <span class=\"xn-money\">SEK 150,000<\/span>, members of the Audit Committee (the Chairman excluded) <span class=\"xn-money\">SEK 225,000<\/span> each, and member of the Remuneration Committee (the Chairman excluded) <span class=\"xn-money\">SEK 75,000<\/span>. <\/li>\n<li>Fees to the Auditor according to contract. <\/li>\n<li>Re-election of Lars Renstr\u00f6m, <span class=\"xn-person\">Carl Douglas<\/span>, <span class=\"xn-person\">Eva Karlsson<\/span>, <span class=\"xn-person\">Lena Olving<\/span>, Sofia Sch\u00f6rling H\u00f6gberg and Joakim Weidemanis as members of the Board of Directors. Birgitta Klas\u00e9n and <span class=\"xn-person\">Jan Svensson<\/span> have declined re-election. <\/li>\n<li>Election of Johan Hjertonsson and Susanne Pahl\u00e9n \u00c5klundh as new members of the Board of Directors. <\/li>\n<li>Re-election of Lars Renstr\u00f6m as Chairman of the Board of Directors and <span class=\"xn-person\">Carl Douglas<\/span> as Vice Chairman. <\/li>\n<li>Re-election of the registered audit firm Ernst &amp; Young AB as Auditor for the time period until the end of the Annual General Meeting 2022, in accordance with the Audit Committee&#8217;s recommendation. Ernst &amp; Young AB has notified that, provided that the Nomination Committee&#8217;s proposal is adopted by the Annual General Meeting, authorized public accountant <span class=\"xn-person\">Hamish Mabon<\/span> will remain appointed as auditor in charge. <\/li>\n<\/ul>\n<p>\n        <i>Johan Hjertonsson <\/i>is born 1968 and holds a Master of Science in Business and Economics. Since 2019, Johan is President and CEO\u00a0of Investment AB Latour. Previously he was President and CEO of AB Fagerhult and Lammhults Design Group AB and has held numerous management positions within the Electrolux Group. Johan is also Chairman of Nederman Holding AB, Swegon Group AB, Hultafors Group AB, Nord-Lock International AB, Caljan AS, Alimak Group AB and Latour Industries AB as well as board member of Sweco AB and Investment AB Latour.<\/p>\n<p>\n        <i>Susanne Pahl\u00e9n \u00c5klundh <\/i>is born 1960 and holds a Master of Science in Engineering. Since 2017, Susanne is President of the Energy Division at Alfa Laval AB. She has held numerous management positions within the Alfa Laval Group since 2009, which include President of the Equipment Division, Head of Mid Europe and Nordic, and Head of the Process Industry segment. <\/p>\n<p>More detailed information regarding the proposed members of the Board of Directors can be found in the Nomination Committee&#8217;s proposal which is available at the company&#8217;s website <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3107553-1&amp;h=2855358805&amp;u=http%3A%2F%2Fwww.assaabloy.com%2F&amp;a=www.assaabloy.com\" rel=\"nofollow noopener noreferrer\">www.assaabloy.com<\/a><i>.<\/i><\/p>\n<p>\n        <b>Item 12 &#8211; Resolution on approval of remuneration report<\/b>\n      <\/p>\n<p>The Board of Directors proposes that the Annual General Meeting resolves to approve the Board of Directors&#8217; report on remuneration pursuant to Chapter 8, Section 53 a of the Swedish Companies Act.<\/p>\n<p>\n        <b>Item 13 &#8211; Resolution regarding authorization to repurchase and transfer Series B shares in the company<\/b>\n      <\/p>\n<p>The Board of Directors proposes that the Annual General Meeting authorizes the Board of Directors to pass a resolution, on one or more occasions for the period up until the next Annual General Meeting, on repurchasing Series B shares in the company in accordance with the following.<\/p>\n<ul type=\"disc\">\n<li>The repurchase may as a maximum comprise so many Series B shares that the company after each repurchase holds a maximum of 10 percent of the total number of shares in the company. <\/li>\n<li>The repurchase of Series B shares shall take place on Nasdaq Stockholm. <\/li>\n<li>The repurchase of Series B shares on Nasdaq Stockholm may only occur at a price within the share price interval registered at that time, where share price interval means the difference between the highest buying price and the lowest selling price. <\/li>\n<li>Payment of the Series B shares shall be made in cash.<\/li>\n<\/ul>\n<p>Furthermore, the Board of Directors proposes that the Annual General Meeting authorizes the Board of Directors to pass a resolution, on one or more occasions for the period up until the next Annual General Meeting, on transferring Series B shares in the company in accordance with the following.<\/p>\n<ul type=\"disc\">\n<li>The maximum number of Series B shares to be transferred may not exceed the number of shares held by the company at the time of the Board of Directors resolution. <\/li>\n<li>Transfers of Series B shares shall take place:<br \/>(i) on Nasdaq Stockholm, or<br \/>(ii) in connection with acquisition of companies or businesses, on market terms. <\/li>\n<li>Transfers of Series B shares on Nasdaq Stockholm may only occur at a price within the share price interval registered at that time, where share price interval means the difference between the highest buying price and the lowest selling price. <\/li>\n<li>The authorization includes the right to resolve on deviation of the preferential rights of shareholders and that payment may be made in other forms than cash.<\/li>\n<\/ul>\n<p>The purpose of the authorizations is to make possible the ability for the Board of Directors to continuously adapt the company&#8217;s capital structure and thereby contribute to increased shareholder value, to be able to exploit attractive acquisition opportunities by fully or partly financing future acquisitions with the company&#8217;s own shares, and to ensure the company&#8217;s undertakings, including social security costs, in accordance with the Board of Directors&#8217; proposal for a long-term incentive program under Item 14.<\/p>\n<p>The Board of Directors has presented a motivated statement pursuant to Chapter 19, Section 22 of the Swedish Companies Act, the statement is available at the company and on the company&#8217;s website <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3107553-1&amp;h=2855358805&amp;u=http%3A%2F%2Fwww.assaabloy.com%2F&amp;a=www.assaabloy.com\" rel=\"nofollow noopener noreferrer\">www.assaabloy.com<\/a>.<\/p>\n<p>The proposal in this Item 13 requires an approval of shareholders representing at least two-thirds of both the votes cast and the shares represented at the Annual General Meeting to be valid.<\/p>\n<p>\n        <b>Item 14 &#8211; Resolution regarding long-term incentive program<\/b>\n      <\/p>\n<p>\n        <b>Summary of the program<\/b>\n      <\/p>\n<p>The Board of Directors proposes that the Annual General Meeting resolves to implement a new long-term incentive program for senior executives and key employees within the ASSA ABLOY Group (LTI 2021). LTI 2021 is based on the same principles as LTI 2018, LTI 2019 and LTI 2020.<\/p>\n<p>LTI 2021 is proposed to include a maximum of 115 senior executives and key employees within the ASSA ABLOY Group. In order to participate in LTI 2021 the participants will have to invest in Series B shares in ASSA ABLOY at market price. For every Series B share purchased within the scope of LTI 2021, the company will grant so called performance awards free of charge in accordance with the terms stipulated below.<\/p>\n<p>\n        <b>The rationale for the proposal<\/b>\n      <\/p>\n<p>The purpose of LTI 2021 is to strengthen the ASSA ABLOY Group&#8217;s ability to retain and recruit competent employees, to contribute to ASSA ABLOY providing a total remuneration that is on market conditions and competitive, and to align the interests of the shareholders with the interests of the employees concerned. Through a share-based long-term incentive program, the employees&#8217; remuneration is tied to ASSA ABLOY&#8217;s future earnings and value growth. In light of the above, the Board of Directors believes that the implementation of LTI 2021 will have a positive effect on the long-term value growth of the Group, including its sustainability, and consequently that LTI 2021 is beneficial to both the shareholders and the company.<\/p>\n<p>\n        <b>Personal investment<\/b>\n      <\/p>\n<p>In order to participate in LTI 2021, the participants will have to invest in Series B shares in ASSA ABLOY at market price. The personal investment shall amount to a value corresponding to a minimum of 5 percent (all participants) and a maximum of 15 percent (CEO and other senior executives) or 10 percent (other participants), respectively, of the participant&#8217;s fixed base salary. If the participant has access to inside information and is therefore prevented from making the personal investment in connection with the application to participate in LTI 2021, the personal investment shall be made as soon as possible, but no later than before the next Annual General Meeting.<\/p>\n<p>For employees who ave not participated in previous LTI programs, the participation in LTI\u00a02021 is in addition subject to renunciation of customary salary review for the year 2021.<\/p>\n<p>\n        <b>Participants in LTI 2021 and allocation<\/b>\n      <\/p>\n<p>LTI 2021 is proposed to include a maximum of 115 senior executives and key employees within the ASSA ABLOY Group, divided in three categories. For each Series B share the CEO of the Group purchases under LTI 2021, the company will grant six performance awards. For each Series B share that other senior executives (currently nine individuals) purchase under LTI 2021, each such individual will be awarded five performance awards. For each Series B share that other participants (approximately 105 individuals) purchase under LTI 2021, each such individual will be awarded four performance awards. <\/p>\n<p>\n        <b>Performance condition<\/b>\n      <\/p>\n<p>The number of performance awards that gives right to receive Series B shares in the company depends on the annual development of ASSA ABLOY&#8217;s earnings per share<sup>1<\/sup>\u00a0based on the target levels, as defined by the Board of Directors, during the measurement period <span class=\"xn-chron\">1 January 2021<\/span> &#8211; <span class=\"xn-chron\">31 December 2023<\/span>, where each year during the measurement period is compared to the previous year. The outcome is calculated yearly, whereby one third of the performance awards is measured against the outcome for 2021, one third is measured against the outcome for 2022 and one third is measured against the outcome for 2023.<\/p>\n<p>The outcome for each year is measured linearly. Unless the minimum level is achieved for the year, none of the relevant performance awards will give right to Series B shares, and if the maximum level is achieved each performance award linked to the relevant year will give right to one Series B share. The Board of Directors intends to present the fulfilment of the performance based condition in the Annual Report for the financial year 2023.<\/p>\n<p>\n        <b>Other conditions<\/b>\n      <\/p>\n<p>In addition to the above conditions, the following shall apply for the performance awards.<\/p>\n<ul type=\"disc\">\n<li>The performance awards shall be granted free of charge after the Annual General Meeting 2021. <\/li>\n<li>Each performance award entitles the holder to receive one Series B share free of charge three years after allotment of the award (vesting period), provided that the holder, with some exceptions, at the time of the release of the interim report for the first quarter 2024 still is employed by the ASSA ABLOY Group and has maintained the personal investment purchased under LTI 2021. <\/li>\n<li>To make the participants&#8217; interest equal with the shareholders&#8217; the company will compensate the participants for distributed dividend during the vesting period by increasing the number of Series B shares that each performance award gives right to after the vesting period. <\/li>\n<li>The performance awards are non-transferable and may not be pledged. <\/li>\n<li>The performance awards can be granted by the company or by any other company within the Group.<\/li>\n<\/ul>\n<p>\n        <b>Preparation and administration<\/b>\n      <\/p>\n<p>The Board of Directors shall be responsible for preparing the detailed terms and conditions of LTI 2021, in accordance with the mentioned terms and guidelines. To this end, the Board of Directors shall be entitled to make adjustments to meet foreign regulations or market conditions. The Board of Directors may also make other adjustments if significant changes in the ASSA ABLOY Group, or its operating environment, would result in a situation where the decided terms and conditions for LTI 2021 no longer are appropriate.<\/p>\n<p>In the event that the Board of Directors considers that the delivery of Series B shares under LTI\u00a02021 cannot be achieved at reasonable cost, with reasonable administrative efforts or due to specific market conditions, participants may instead be offered a cash settlement. <\/p>\n<p>\n        <b>Scope and cost of the program<\/b>\n      <\/p>\n<p>LTI 2021 may, if the share price for the company&#8217;s Series B share remains the same during the program&#8217;s term, result in a maximum amount corresponding to 90 percent (CEO), 75 percent (other senior executives) or 40 percent (other participants), respectively, of the participants annual base salary (excluding social security costs). Such outcome is subject to a maximum personal investment, meaning that the participant must purchase Series B shares in the company for an amount corresponding to 15 percent (CEO and other senior executives) or 10 percent (other participants), respectively, of the participants annual base salary, maintain the initially purchased shares, that the performance based condition has been fully achieved and that the participant, with some exceptions, still is employed during the vesting period.<\/p>\n<p>The total amount of Series B shares, which corresponds to the participant&#8217;s total maximum personal investment, and thus the total amount of performance awards being allotted, depends on the share price for the company&#8217;s Series B share at the time of allotment of performance awards under LTI 2021. The total number of outstanding shares in the company amounts to 1,112,576,334 shares. <\/p>\n<p>Provided that the share price for the company&#8217;s Series B share is traded at around <span class=\"xn-money\">SEK 234<\/span> at the time of allotment of performance awards under LTI 2021, LTI 2021 will, in accordance with the principles and assumptions set out above, comprise a maximum of 600,000\u00a0Series B shares in total, which corresponds to approximately 0.1\u00a0percent of the total outstanding shares and votes in the company.<\/p>\n<p>LTI 2021 shall be expensed as personnel costs over the vesting period. Provided that the performance based condition is fully achieved, the cost for LTI 2021 before tax is, in accordance with the principles and assumptions set out above, estimated to approximately <span class=\"xn-money\">SEK 130 million<\/span>, allocated over the vesting period. Estimated social security costs and financing cost are included in such amount.<\/p>\n<p>The costs are expected to have marginal effect on key ratios of the ASSA ABLOY Group. <\/p>\n<p>The Board of Directors deems that the positive effects on earnings that are expected to result from increased share ownership among senior executives and persons in senior managerial positions, which may be further increased through LTI 2021, outweighs the costs related to LTI 2021. <\/p>\n<p>\n        <b>Delivery of shares under LTI 2021<\/b>\n      <\/p>\n<p>To ensure the delivery of Series B shares under LTI 2021, the company intends to enter into an agreement with a third party, under which the third party shall, in its own name, buy and transfer Series B shares in the company to the participants in accordance with LTI\u00a02021.<\/p>\n<p>\n        <b>Preparation of the proposal<\/b>\n      <\/p>\n<p>LTI 2021 has been initiated by the Board of Directors of ASSA ABLOY, and has been structured in consultation with external advisers based on an evaluation of previous incentive programs. LTI 2021 has been prepared by the Remuneration Committee and reviewed at meetings of the Board of Directors.<\/p>\n<p>\n        <b>Previous incentive programs<\/b>\n      <\/p>\n<p>The company&#8217;s other share-based incentive programs, LTI 2018, LTI\u00a02019 and LTI 2020 are based on the same principles as LTI 2021. For a description of LTI 2018, LTI\u00a02019 and LTI 2020, reference is made to the Annual Report 2020, Note 34, and the company&#8217;s website <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3107553-1&amp;h=2855358805&amp;u=http%3A%2F%2Fwww.assaabloy.com%2F&amp;a=www.assaabloy.com\" rel=\"nofollow noopener noreferrer\">www.assaabloy.com<\/a>.<\/p>\n<p>\n        <b>Shares and votes<\/b>\n      <\/p>\n<p>The total number of shares in the company at the time for the notice to the Annual General Meeting amount to 1,112,576,334 shares, of which 57,525,969 are Series A shares and 1,055,050,365 Series B shares, which is equivalent to a total of 1,630,310,055 votes. ASSA ABLOY AB is holding at the time of the notice to the Annual General Meeting, 1,800,000 own Series B shares, corresponding to 1,800,000 votes that may not be represented at the Annual General Meeting.<\/p>\n<p>\n        <b>Documentation and additional information<\/b>\u00a0<\/p>\n<p>The complete proposals of the Nomination Committee with respect to items 8-11 above, including the Nomination Committee&#8217;s motivated statement, are available at the company&#8217;s website <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3107553-1&amp;h=2855358805&amp;u=http%3A%2F%2Fwww.assaabloy.com%2F&amp;a=www.assaabloy.com\" rel=\"nofollow noopener noreferrer\">www.assaabloy.com<\/a>. The financial statements, the auditor&#8217;s report, the Board of Directors&#8217; complete proposals including the Board of Directors&#8217; statements pursuant to Chapter 18, Section 4 and Chapter 19, Section 22 of the Swedish Companies Act, the Board of Directors&#8217; report on remuneration pursuant to Chapter 8, Section 53 a of the Swedish Companies Act, and the auditor&#8217;s statement pursuant to Chapter 8, Section 54 of the Swedish Companies Act regarding guidelines for remuneration to senior executives, are presented by being available at the company and on the company&#8217;s website <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3107553-1&amp;h=2855358805&amp;u=http%3A%2F%2Fwww.assaabloy.com%2F&amp;a=www.assaabloy.com\" rel=\"nofollow noopener noreferrer\">www.assaabloy.com<\/a> no later than Wednesday <span class=\"xn-chron\">7 April 2021<\/span>. Copies of the documents will be sent free of charge to shareholders who so request and state their address to the company. The shareholders&#8217; register for the General Meeting will be available at ASSA ABLOY AB, Klarabergsviadukten 90, SE-111 64 Stockholm, Sweden.\u00a0<\/p>\n<p>\n        <b>Processing of personal data<\/b>\n      <\/p>\n<p>For information on how your personal data is processed, see:<\/p>\n<p>\n        <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3107553-1&amp;h=388365256&amp;u=https%3A%2F%2Fwww.euroclear.com%2Fdam%2FESw%2FLegal%2FPrivacy-notice-bolagsstammor-engelska.pdf&amp;a=https%3A%2F%2Fwww.euroclear.com%2Fdam%2FESw%2FLegal%2FPrivacy-notice-bolagsstammor-engelska.pdf\" rel=\"nofollow noopener noreferrer\">https:\/\/www.euroclear.com\/dam\/ESw\/Legal\/Privacy-notice-bolagsstammor-engelska.pdf<\/a>\n      <\/p>\n<p>\n        <span class=\"xn-location\">Stockholm<\/span> in <span class=\"xn-chron\">March 2021<\/span><\/p>\n<p>The Board of Directors<\/p>\n<p>ASSA ABLOY AB (publ)<\/p>\n<p>For more information, please contact:<\/p>\n<p>\n        <span class=\"xn-person\">Nico Delvaux<\/span>, President and CEO, tel.\u00a0no:\u00a0+46\u00a08\u00a0506\u00a0485\u00a082<\/p>\n<p>Erik Pieder, CFO and Executive Vice President, tel. no: +46 8 506 485 72\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/p>\n<p>Bj\u00f6rn Tibell, Head of Investor Relations, tel.\u00a0no:\u00a0+46 70\u00a0275 67 68<\/p>\n<p>\n        <b>About ASSA ABLOY<\/b>\n      <\/p>\n<p>\n        <i>The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 48,000 employees and sales of <span class=\"xn-money\">SEK 88 billion<\/span>. The Group has leading positions in areas such as efficient door openings, trusted identities and entrance automation. ASSA ABLOY&#8217;s innovations enable safe, secure and convenient access to physical and digital places. Every day, we help billions of people experience a more open world. <\/i>\n      <\/p>\n<p>\n        <sup>[1]<\/sup>\u00a0\u00a0Earnings per share is defined as the company&#8217;s earnings per share after tax and dilution, excluding items affecting comparability and currency effects.<\/p>\n<p>This information was brought to you by Cision <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3107553-1&amp;h=1468073142&amp;u=http%3A%2F%2Fnews.cision.com%2F&amp;a=http%3A%2F%2Fnews.cision.com\" rel=\"nofollow noopener noreferrer\">http:\/\/news.cision.com<\/a><\/p>\n<p>\n        <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3107553-1&amp;h=634576387&amp;u=https%3A%2F%2Fnews.cision.com%2Fassa-abloy%2Fr%2Fnotice-of-annual-general-meeting-in-assa-abloy-ab%2Cc3313235&amp;a=https%3A%2F%2Fnews.cision.com%2Fassa-abloy%2Fr%2Fnotice-of-annual-general-meeting-in-assa-abloy-ab%2Cc3313235\" rel=\"nofollow noopener noreferrer\">https:\/\/news.cision.com\/assa-abloy\/r\/notice-of-annual-general-meeting-in-assa-abloy-ab,c3313235<\/a>\n      <\/p>\n<p>The following files are available for download:<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prnsbt1 prnsbr1 prnsbb1 prnsbl1\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3107553-1&amp;h=1963560598&amp;u=https%3A%2F%2Fmb.cision.com%2FMain%2F7333%2F3313235%2F1391945.pdf&amp;a=https%3A%2F%2Fmb.cision.com%2FMain%2F7333%2F3313235%2F1391945.pdf\" class=\"prnews_a\" rel=\"nofollow noopener noreferrer\">https:\/\/mb.cision.com\/Main\/7333\/3313235\/1391945.pdf<\/a><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Press release (PDF)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=IO20470&amp;sd=2021-03-24\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/notice-of-annual-general-meeting-in-assa-abloy-ab-301255030.html\">http:\/\/www.prnewswire.com\/news-releases\/notice-of-annual-general-meeting-in-assa-abloy-ab-301255030.html<\/a><\/p>\n<p>SOURCE  ASSA ABLOY<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=IO20470&amp;Transmission_Id=202103241023PR_NEWS_USPR_____IO20470&amp;DateId=20210324\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire STOCKHOLM, March 24, 2021 \/PRNewswire\/ &#8212; The shareholders of ASSA ABLOY AB (Reg. No. 556059-3575) are hereby invited to participate in the Annual General Meeting to be held on Wednesday 28 April 2021. Due to the Covid-19 pandemic, the Board of Directors has decided that the Annual General Meeting is to be held only through advance voting (postal voting) in accordance with temporary legislation. This means that the Meeting will be conducted without the physical presence of shareholders, representatives or external parties and that shareholders will only be able to exercise their voting rights by postal voting in advance of the Meeting in the manner described below. A speech by the CEO is expected to be available at &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/notice-of-annual-general-meeting-in-assa-abloy-ab\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Notice of Annual General Meeting in ASSA ABLOY AB&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-464347","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Notice of Annual General Meeting in ASSA ABLOY AB - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/notice-of-annual-general-meeting-in-assa-abloy-ab\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Notice of Annual General Meeting in ASSA ABLOY AB - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire STOCKHOLM, March 24, 2021 \/PRNewswire\/ &#8212; The shareholders of ASSA ABLOY AB (Reg. 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No. 556059-3575) are hereby invited to participate in the Annual General Meeting to be held on Wednesday 28 April 2021. Due to the Covid-19 pandemic, the Board of Directors has decided that the Annual General Meeting is to be held only through advance voting (postal voting) in accordance with temporary legislation. This means that the Meeting will be conducted without the physical presence of shareholders, representatives or external parties and that shareholders will only be able to exercise their voting rights by postal voting in advance of the Meeting in the manner described below. A speech by the CEO is expected to be available at &hellip; Continue reading \"Notice of Annual General Meeting in ASSA ABLOY AB\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/notice-of-annual-general-meeting-in-assa-abloy-ab\/","og_site_name":"Market Newsdesk","article_published_time":"2021-03-24T14:26:43+00:00","og_image":[{"url":"https:\/\/c212.net\/c\/img\/favicon.png?sn=IO20470&amp;sd=2021-03-24","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"21 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/notice-of-annual-general-meeting-in-assa-abloy-ab\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/notice-of-annual-general-meeting-in-assa-abloy-ab\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Notice of Annual General Meeting in ASSA ABLOY AB","datePublished":"2021-03-24T14:26:43+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/notice-of-annual-general-meeting-in-assa-abloy-ab\/"},"wordCount":4280,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/notice-of-annual-general-meeting-in-assa-abloy-ab\/#primaryimage"},"thumbnailUrl":"https:\/\/c212.net\/c\/img\/favicon.png?sn=IO20470&amp;sd=2021-03-24","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/notice-of-annual-general-meeting-in-assa-abloy-ab\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/notice-of-annual-general-meeting-in-assa-abloy-ab\/","name":"Notice of Annual General Meeting in ASSA ABLOY AB - 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