Schneider Electric Annual Shareholders’ Meeting on April 21, 2015
April 22 2015 - 12:42PM
Business Wire
The shareholders of Schneider Electric SE met in the combined
ordinary and extraordinary Annual Meeting, chaired by Jean-Pascal
Tricoire, Chairman and CEO, on April 21, 2015 to listen to the
reports of the Board of Directors and statutory auditors and to
approve the 2014 financial statements, to approve regulated
agreements and commitments following the decision of the board to
remove the top-hat pension plan for executive officers, to give
their opinion on executive directors’ compensation and to renew all
the expiring financial authorizations given to the Board of
Directors.
I. Strategy of the Group, Performance in 2014
During the meeting, Jean-Pascal Tricoire, Chairman and
CEO, presented Schneider Electric’s 2014 highlights and
achievements : the smooth integration of Invensys, the strong
performance of Services, the sustained high level of industrial
productivity, Schneider Electric’s contribution to the Smart Grid
and the company’s strong commitment to innovation and sustainable
development, which is recognized through numerous awards. To
illustrate the strong focus on digitization, Jean-Pascal Tricoire
demonstrated a new smart phone app to enhance the comfort of
building occupants.
Regulatory News:
As 2014 marked the end of the Connect company program,
Jean-Pascal Tricoire also detailed the five priorities of the
2015-2020 company program, “Schneider is On”: Do More, Simplify,
Digitize, Innovate and Step Up. In the context of this last
initiative, he highlighted several employer awards received by
Schneider Electric, such as the United Nations recognition for
gender equality. Lastly he presented the strong total shareholder
return achieved over the past 5 years and the company’s commitment
to continue to offer an attractive shareholder return.
Emmanuel Babeau, Deputy CEO in charge of Finance and
Legal Affairs presented the 2014 financial results and commented on
the Group’s performance for the first quarter of 2015. Based on the
trends seen in the first quarter, the Group confirms its 2015
targets:
- Low single-digit organic growth in
revenues1
- Adjusted EBITA margin at 14-14.5%
assuming no negative FX impact on margin
Emmanuel Babeau reaffirmed the Group’s objective to generate
strong Earnings Per Share growth over the coming years. In addition
to operational performance targets, Schneider Electric is committed
to buy-back €1.0 to 1.5 billion in shares over a period of 2 years.
The Group introduced a progressive dividend policy, with no year on
year decline, reflecting its confidence in terms of growth
perspective. The Group maintains its dividend pay-out ratio at
about 50% of net income.
Leo Apotheker, Vice-chairman Independent Lead Director,
reminded the set-up of governance introduced in 2013 and
consolidated in 2014. He shared the results of the board’s
self-evaluation, highlighted that governance was smoothly run and
directors strongly committed.
He also presented the board of directors’ decision to remove the
top-hat pension plan for executive officers, the resulting
consequences for M. Babeau and M. Tricoire as well as the savings
for the company. Finally, he presented the 2014 compensation of
executive officers, subject to shareholder consultative vote (Say
on Pay).
II. Key results of the vote at the Annual
Shareholders’ Meeting:
The quorum of the assembly reached 63.93%. Shareholders approved
all of the resolutions on the agenda. They have thus:
- approved the 2014 financial statements
and the payment of a dividend of €1.92 per share payable on May 5,
2015;
- approved, in the framework of regulated
agreements, the removal of top-hat pension plans and benefits for
executive officers;
- given a favorable opinion on the
elements of executive officers’ 2014 compensation;
- approved proposed changes relating to
the composition of the Board of Directors, with notably the
appointment of a new director, Gregory Spierkel, and the renewal of
3 mandates;
- renewed the financial authorizations
relating to share buy-back and cancellations, within the limits of
10% of the number of shares forming the share capital of the
company (at a maximum price of 90 euros per share), relating to the
issue of new shares with or without preferential subscription
rights and capital increase in favor of employees.
The full results of the vote are posted on the Group
websitewww.schneider-electric.com/finance
*******************
The presentation and the replay of the webcast of the Annual
Shareholders’ Meeting are available on our website at
www.schneider-electric.com/finance
Half-year financial results and second quarter sales will be
released on July 29, 2015.
About Schneider Electric
As a global specialist in energy management with operations in
more than 100 countries, Schneider Electric offers integrated
solutions across multiple market segments, including leadership
positions in energy and infrastructure, industrial processes,
building automation, and data centres/networks, as well as a broad
presence in residential applications. Focused on making energy
safe, reliable, efficient, productive and green, the company's
170,000 employees achieved sales of 25 billion euros in 2014,
through an active commitment to help individuals and organizations
“Make the most of their energy.”
www.schneider-electric.com
1 Based on current rates, the positive FX impact on 2015
revenues is estimated to be c. €2bn. In this volatile FX
environment, the Group continues to expect a limited impact on the
2015 adjusted EBITA margin.
Investor Relations :Schneider ElectricAnthony
SongPhone : +33 (0) 1 41 29 83 29Fax : +33 (0) 1 41 29 71
42www.schneider-electric.comISIN : FR0000121972orPress Contact
:Schneider ElectricVéronique Roquet-MontégonPhone
: +33 (0)1 41 29 70 76Fax : +33 (0)1 41 29 71 95orPress Contact
:DGMMichel CalzaroniOlivier LabessePhone :
+33 (0)1 40 70 11 89Fax : +33 (0)1 40 70 90 46
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