Swiss nutrition, health and wellness giant Nestle SA (NSRGY, NSTR.L) said that all proposals of the Board of Directors were approved with strong majorities at the Annual General Meeting.
1988 shareholders attended the Annual General Meeting today in Lausanne. They represented 54.6 percent of the capital and 78.2 percent of the shares entitled to vote. The annual review and the accounts were approved. The shareholders further approved the proposed dividend of CHF 2.35 per share and the proposed capital reduction.
Nestle Chief Executive Officer Mark Schneider said, "Nestle keeps innovating and developing its product portfolio to meet changing consumer demands and lifestyles. We are acting with a great sense of urgency, but also with prudence and always in line with our nutrition, health and wellness strategy. With this approach we target faster growth and greater profitability, in line with our 2020 objectives."
The shareholders elected Pablo Isla, Chief Executive Officer of Inditex; Kasper Rorsted, Chief Executive Officer of adidas; and Kimberly A. Ross, former Chief Financial Officer of Baker Hughes, as new members of the Board. Three directors, Andreas Koopmann, Steven G. Hoch, and Na?na Lal Kidwai, did not stand for re-election as they have reached the term limit.
The shareholders elected the Chairman and all other members of the Board of Directors individually for a term of office until the end of the next Annual General Meeting. Henri de Castries, lead independent director, was appointed as Vice-Chairman of the Board.
The shareholders approved prospectively the total compensation of the Board of Directors and the Executive Board. They also accepted the Nestle Compensation Report 2017 in an advisory vote. (dpa)