Shareholders of the automaker Volvo Cars are invited to the Annual General Meeting on March 31 in Göteborg. Shareholders also have the option to vote by mail in advance.
The Board of Directors proposes that no dividend be distributed.
The Board's proposal has been published in a separate press release in conjunction with the meeting notice.
The Nominating Committee proposes that Natalie Knight and Markus Schäfer be elected to the Board at the Annual General Meeting. At the same time, Anna Mossberg and Caroline Grégoire Sainte Marie have declined re-election.
Natalie Knight serves on the Supervisory Board of Deutsche Telekom and has previously been CFO at, among others, Stellantis, Ahold Delhaize, and Arla Foods. Markus Schäfer has held executive roles at Mercedes-Benz, including Chief Technology Officer and member of the management board, and is a co-founder of Russel AI Labs.
Re-election is proposed for Chairman Eric Li (Li Shufu) as well as board members Daniel Li (Li Donghui),
Diarmuid O'Connell, Håkan Samuelsson, Jonas Samuelson, Lila Tretikov, Ruby Lu (Rong Lu), and
Pieter Nota.
The meeting is also proposed to decide on an incentive program targeting group management, senior executives, and key personnel, totaling approximately 220 employees, for a maximum of 20.48 million B-shares.
The Board seeks authorization from the meeting to decide on new issues of shares, warrants, and convertibles, corresponding to an increase in the number of shares by up to 10 percent.
Volvo Car AB is a Sweden-based automotive brand. Volvo Car Group is focused on the design, engineering, manufacturing, distribution and sale of passenger cars, with particular focus on sustainability, fully electric cars and direct consumer relations, including subscription and other new mobility services. Volvo Car Group’s addressable market is the global premium passenger car market. Moreover, the Company’s intention is to be a pure electric car company and as a result it is undergoing a shift in its business model to a direct sales model in most of its markets. Volvo Cars’ commitment to electrification also results in the launch of Polestar, a progressive stand-alone electric performance car brand, in which Volvo Cars owns shares. Volvo Cars also holds shares in the automotive brand LYNK&CO, which focuses on young open-minded urban people through a flexible customer offering.
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