At the annual general meeting held on Friday, May 3, H & M Hennes & Mauritz AB, under the chairmanship of lawyer Andreas Steen, saw several significant decisions and approvals.
The AGM endorsed the board’s proposal for a dividend payout of SEK 6.50 per share, to be disbursed in two installments throughout the year, with the first payment of SEK 3.25 per share slated for May 7, 2024. Euroclear Sweden AB is expected to facilitate this dividend payout on May 13, 2024. The second dividend payment, also at SEK 3.25 per share, will have a record date of November 8, 2024, with a corresponding payment date of November 13, 2024.
Additionally, the AGM ratified the income statement and balance sheet for both the parent company and the group, while absolving the board members and the chief executive officer of liability for the 2022/2023 financial period.
Existing board members Karl-Johan Persson, Stina Bergfors, Anders Dahlvig, Danica Kragic Jensfelt, Lena Patriksson Keller, Christian Sievert, and Christina Synnergren were re-elected, with Helena Saxon elected as a new member. Karl-Johan Persson retained his position as the board’s chair.
Regarding board remuneration, the AGM approved a structure where the chair of the board receives SEK 1,900,000, and members receive SEK 825,000. Furthermore, the fees for audit committee work were set at SEK 315,000 for the chair and SEK 210,000 for other members.
Deloitte AB was appointed as auditor until the conclusion of the 2025 AGM, with auditor fees to be paid based on approved invoices.
The AGM also sanctioned the board’s remuneration report and authorized the decrease of share capital by canceling 19,144,612 class B treasury shares. This decrease amounted to SEK 2,430,352.764. Simultaneously, the AGM approved the restoration of share capital through a bonus issue without issuing new shares, with the decrease amount to be transferred from non-restricted equity.
Further, the AGM granted the board authorization to repurchase the company’s Series B shares on Nasdaq Stockholm, with the stipulation that the company’s holding not exceed 10 percent of all shares. This authorization aims to provide flexibility in managing the company’s capital structure and utilizing surplus liquidity.
Should the authorization be exercised, the board proposed that the annual general meeting resolve to cancel the repurchased shares.
