Decisions at the Annual General Meeting on April 23, 2008
The Annual General Meeting of Rezidor Hotel Group AB was held today, April 23, 2008 in Stockholm. During the meeting, the following decisions were taken:
Dividend: The dividend will be 0.10 Euro per share. Record day for the dividend will be April 28, 2008; the payment of the dividend will be sent out via VPC on May 6, 2008.
Board of Directors: The following members were re-elected: Urban Jansson (also re-elected as Chairman), Harald Einsmann, Ulla Litzén, Trudy Rautio, Jay S. Witzel, Benny Zakrisson, Barry Wilson and Göte Dahlin. A new member is Hubert Joly.
Hubert Joly (born 1959) is President & CEO of Carlson Companies Inc. since March 1, 2008. He previously served as President & CEO of Carlson Wagonlit Travel since 2004 and as Executive Vice President at Vivendi Universal from 1999 to 2004. He is a member of the supervisory board of the Aspen Institute France and a board member of the American Chamber of Commerce in France.
Share based long term incentive programme: A performance share programme 2008 will be implemented. It will comprise no more than 30 senior executives within Rezidor. The term of the programme will be 3 years, and the programme will in total comprise no more than 1,860,000 shares. The Board of Directors was authorised until the AGM 2009 to decide on acquisitions and transfers of own shares. No more than 1,380,000 shares can be acquired to secure delivery of shares to participants in the programme, and no more than 480,000 shares can be acquired and transferred to cover social security costs. The financial targets, and thus the allotment of Performance Shares, will be based 75 per cent on the company’s TSR relative to a comparator group of 11 publicly traded international hotel companies and 25 per cent on the company’s EPS growth. They also include a minimum level which must be achieved in order for any allotment to occur at all, as well as a maximum level in excess of which no additional allotment will occur. Complete details on the programme can be found at www.rezidor.com.
Share buy back: The Board of Directors was authorised until the AGM 2009 to decide on acquisitions of the company’s shares on the SSE. Shares may be acquired to the extent that the company’s holding of its own shares following the acquisition at the most reaches one-tenth of all shares in the company.
Minutes from the Annual General Meeting will be published on www.rezidor.com where also more detailed information about the contents of the decisions based on the Board’s proposal can be found.