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Pressrelease | 2013-04-18

Decisions made by SBAB’s 2013 Annual General Meeting

At the Annual General Meeting (AGM) of SBAB Bank AB (publ) this Thursday, Board Members Per Anders Fasth, Jakob Grinbaum, Ebba Lindsö, Karin Moberg and Christer Åberg were re-elected. The AGM elected Bo Magnusson, Kristina Ekengren and Jane Lundgren-Ericsson as new Board Members. Bo Magnusson was elected Chairman of the Board and Jakob Grinbaum was elected Deputy Chairman of the Board.

The AGM elected KPMG AB as auditor until the end of the 2014 AGM. The auditing firm has appointed Authorized Public Accountant Hans Åkervall as the auditor principally responsible.

Decisions on changed financial targets
The AGM adopted new financial targets for SBAB.

Capital structure: The Core Tier I capital ratio shall amount to 18-20%. The Core Tier I Capital Ratio is calculated in accordance with the applicable regulations and the definitions applicable to Pillar 1, without transitional rules.

Profitability: Return on equity (ROE) shall amount to at least 10%. ROE is calculated as profit for the year after tax divided by average equity.

Dividend policy: Ordinary dividends shall amount to at least 40% of net profit for the year, taking the Group’s capital structure into consideration.

Apart from the target levels, the Core Tier I Ratio and dividend decisions shall take into consideration the implementation of the Group’s strategy and its investment needs. The financial targets are long-term and will be evaluated over a business cycle.

Other decisions

  • The AGM resolved that the funds at its disposal according to the adopted balance sheet are to be carried forward and that no dividend will be paid for the financial year.

  • The AGM resolved to adopt the Board’s proposal for guidelines on remunerations to the Executive Management.

  • The AGM resolved to set the fee paid to Board members until the end of the next AGM at SEK 350,000 for the Chairman and SEK 175,000 for the other Board Members. The AGM also resolved that a fee of SEK 3,500 per meeting will be paid for work within the committees established by the Board.

For further information, please contact:

Bernd Schmitz, Chief Press Officer, SBAB Bank
Telephone: +46 8 614 43 94, Mobile: +46 727 44 43 94, bernd.schmitz@sbab.se