The AGM is LKAB's supreme governing body and the forum at which the shareholder formally exercises its influence.
LKAB is wholly owned by the Swedish Government, represented in the government by the Ministry of Enterprise and Innovation. By law, LKAB's AGM must be held annually within six months of the end of the financial year, and at the latest by 30 April according to the state's ownership policy.
The owner makes the following decisions at the meeting:
- Appoints a Board of Directors, Board Chairman and auditors
- Adopts the income statement and balance sheet for the Group
- Decides on the allocation of the company's profit
- Decides on remuneration to Board members and auditors
- Decides on guidelines for remuneration to senior executives
- Decides on discharge from liability for the Board and the CEO
Members of the Riksdag are entitled to attend LKAB'S AGM. LKAB's AGMs are also open to the public.
Most recent AGM
LKAB's most recent Annual General Meeting took place on 27 April 2017 at Vetenskapens Hus in Luleå. The meeting was open to the public, who were given the opportunity to ask questions of the Board and management.
The owner was represented by Anna Magnusson, Ministry of Enterprise and Innovation. The meeting was chaired by Board Chairman Sten Jakobsson.
The following decisions were made at the meeting:
- Adoption of the income statement and balance sheet for 2016.
- No dividend for the 2016 financial year.
- Re-election of the Board members Leif Darner, Eva Hamilton, Bjarne Moltke Hansen, Hanna Lagercrantz and Ola Salmén. Election of Board members Göran Persson, Gunnar Axheim and Gunilla Saltin. Sten Jakobsson, Lars-Åke Helgesson and Maija-Liisa Friman left the Board.
- Discharge from liability for the Board and the CEO.
- Re-selection of Deloitte AB as auditor for a period of one year.
- Remuneration to the Board Chairman of SEK 615,000 and to other AGM-elected members of SEK 270,000. Remuneration is not paid to Board members who are employees of the Swedish Government Office, nor to employee representatives.
- Guidelines for remuneration and other employment terms for senior executives.
- New financial goals for the company.