Rezidor Hotel Group (SE) - Decisions at the Annual General Meeting on April 16, 2010
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Rezidor Hotel Group (SE) - Decisions at the Annual General Meeting on April 16, 2010
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Category: Worldwide - Industry economy -
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This is a press release selected by our editorial committee and published online for free on 2010-04-19
The Annual General Meeting of Rezidor Hotel Group AB was held today, April 16, 2010 in Stockholm. During the meeting, the following decisions were taken:
Dividend: It was decided that no dividend will be paid for the year 2009 and that the distributable funds are brought forward.
Board of Directors: The following members were re-elected: Urban Jansson (also re-elected as Chairman), Hubert Joly, Göte Dahlin, Trudy Rautio, Barry Wilson and Benny Zakrisson. Wendy Nelson was elected to the Board of Directors.
Share based long term incentive programme: A partly revised long-term, performance-based incentive programme for 2010 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 1,490,000 shares. The financial targets, and thus the allotment of Performance Shares, will be based 75% on the company's TSR out of which 75% is relative to a comparator group of 11 publicly traded international hotel companies and 25% is related to OMX 30 Index. 25% of the financial targets is based on the company's cumulative EPS during 2010 to 2012. 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 2011 to decide on acquisitions of the company's shares on Nasdaq OMX Stockholm. 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.
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