11/06/2020 | 17:45 CEST | Company announcement
Stäfa (Switzerland), June 11, 2020 – At the 35th Annual General Meeting of Sonova Holding AG in Stäfa, all of the proposals submitted by the Board of Directors were approved.
As a result of the exceptional circumstances due to COVID-19 pandemic, it was not possible for shareholders to attend the Annual General Shareholders’ Meeting in person. Instead, the shareholders could cast their vote exclusively through the independent proxy.
The shareholders approved the Annual Report, the Annual Consolidated Financial Statements of the Group and the Annual Financial Statements of Sonova Holding AG for the 2019/20 financial year and authorized the proposed appropriation of retained earnings and the distribution of a stock dividend. Each shareholder will be entitled to receive one Sonova share for 150 existing Sonova shares. In case of fractional entitlements, the number of shares will be rounded down so that each shareholder will receive an integer number of Sonova shares, and the fraction will be paid out in cash. The delivery of Sonova shares and payment in lieu of fractional entitlements is expected to occur as from June 18, 2020. Sonova will pay the 35% Swiss withholding tax on the grossed up nominal value per distributed Sonova share and the Swiss securities transfer tax incurred in connection with the sale of the Sonova shares to satisfy the fractional entitlements.
The shareholders formally approved the actions of the members of the Board of Directors for their activities during the 2019/20 financial year. All members of the Board of Directors stood for re-election for a further term of office and were re-elected individually. Chairman of the Board of Directors Robert F. Spoerry was also confirmed in office. Furthermore, Adrian Widmer (born in 1968, Swiss citizen) was newly elected to the Board of Directors. Re-elected to the Nomination & Compensation Committee were Robert F. Spoerry (Chairman), Beat Hess and Stacy Enxing Seng.
The compensation report for the 2019/20 financial year was accepted by shareholders in a non-binding advisory vote. Shareholders also approved in two separate binding votes the maximum aggregate amount of compensation of the Board of Directors covering the period from the AGM 2020 to the AGM 2021 and the maximum aggregate amount of compensation of the Management Board for the 2021/22 financial year. Furthermore, the creation of authorized share capital and the respective amendment to the Articles of Association was approved.
Ernst & Young AG, Zurich, was newly elected as auditors for a period of one year. The Law Office Keller Partnership, Zurich, was re-elected as the Independent Proxy.
The next AGM will be convened on June 15, 2021.
The minutes (in German) of the AGM 2020 will soon be available on our website at www.sonova.com/en/AGM
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