Entitlement to attend the General Meeting
Shareholders wishing to attend the General Meeting shall, firstly, be entered in the register of shareholders maintained by Euroclear Sweden AB no later than Wednesday, 14 March 2018, and secondly, notify of their intention to participate in the General Meeting by telephone on +46 (0)8 402 90 18, on the company’s website, www.avanza.se/ir or by mail to:
Avanza Bank Holding AB
”Årsstämman”
c/o Euroclear Sweden AB
Box 191
101 23 Stockholm
The company shall receive the said notification no later than Wednesday, 14 March 2018.
The notification shall include details of the applicant’s name, civic ID no. or company registration number (or equivalent), email address or daytime telephone number, the identity of any assistants accompanying the applicant, and, where relevant, details of representatives or proxies.
Shareholders whose shares are nominee-registered through a bank or other nominee must, in order to be entitled to attend the General Meeting, temporarily re-register their shares in their own name with Euroclear Sweden AB. Shareholders wishing to effect such temporary re-registration must notify their nominee of their wish to do so in good time before 14 March 2018, by which time such re-registration shall have been completed.
Power of Attorney form
Any shareholder intending to allow him or herself to be represented by a proxy is requested to submit a power of attorney form and other authorisation documentation to till Avanza Bank Holding AB, ”Årsstämman”, c/o Euroclear Sweden AB, Box 191, 101 23 Stockholm. The power of attorney form is available on the company’s website at www.avanza.se/ir.
Proposal for agenda
Proposals
Election of the Chairman of the Meeting, item 2
The Nomination Committee, comprising the Chairman of the Board, Sven Hagströmer (representing Sven Hagströmer, family and companies), Erik Törnberg (representing Creades AB), Magnus Dybeck (representing the Dybeck family and companies), and Per Colleen (representing the Fourth Swedish National Pension Fund, AP4) , propose that Sven Hagströmer be appointed to chair the General Meeting.
Allocations of the company’s profits, item 10 b
The Board of Directors and the CEO propose the payment to the company’s shareholders of a dividend of ten kronor and fifty öre (SEK 10.50) per share. Thursday, 22 March 2018 is proposed as the record day for payment of the dividend. It is calculated, on the assumption that the General Meeting resolves in accordance with the proposal by the Board of Directors and the CEO, that the dividend will be disbursed on Tuesday, 27 March 2018. It is further proposed that the remainder of the accumulated profit be carried forward. The Board of Directors considers the dividend payment to be justifiable given the requirements imposed by the nature, scope and risks of the operations on the size of the Parent Company’s and Group’s shareholders’ equity, and the Parent Company and Group operations’ consolidation requirements, liquidity, and position in general.
Directors’ fees and Auditors’ fees, points 12 and 13
The Nomination Committee proposes that Directors’ fees of SEK 350,000 be paid both to the Chairman of the Board and to each of the other Members of the Board, corresponding to an increase of seventeen per cent (17%).
It is further proposed that fees of SEK 50,000 be paid to the members of the company’s Credit Committee and of SEK 40,000 to members of the company’s Remuneration Committee. In case that the Board of Directors decides to establish an Audit Committee, the Nomination committee proposes that fees of SEK 160,000 be paid to the Chairman of that committee and SEK 80,000 be paid to members of that committee.
Members of the Board who receive remuneration from the company by reason of being employed by the company shall not, however, receive any fees, either within the Parent Company or within the subsidiary companies.
It is proposed that Auditors’ fees for work carried out be paid on account.
Election of the Board of Directors and the Chairman of the Board, points 14 and 15
The Nomination Committee proposes the re-election of Board Members Sophia Bendz, Jonas Hagströmer, Sven Hagströmer, Birgitta Klasén, Mattias Miksche, Hans Toll and Jacqueline Winberg and new election of Viktor Fritzén. Details of the proposed Board Members can be found on the company’s website at www.avanza.se/ir and in the presentation of the Nomination Committee’s work and proposal.
The Nomination Committee proposes that Sven Hagströmer be elected Chairman of the Board.
The proposed composition of the Board of Directors of the company complies with the provisions of the Swedish Code of Corporate Governance with regard to independence.
Election of auditors, item 16
The Nomination Committee proposes that the Annual General Meeting re-elect Öhrlings PricewaterhouseCoopers AB (PwC) as the company’s Auditors for the period until the conclusion of the 2018 Annual General Meeting. PwC has announced that if elected, it will appoint Helena Kaiser de Carolis as chief auditor. The Nomination Committee’s proposal is consistent with the Board or Directors’ recommendation.
Resolution regarding the issue of warrants for the purposes of an incentive program, item 17
The Board of Directors proposes, with a view to retaining and recruiting skilled, committed personnel, that the Annual General Meeting approve the issue of a maximum total of 450,000 warrants, waiving from shareholders’ preferential rights, each warrant to grant entitlement to subscribe for one (1) ordinary share in the company.
It is proposed that the warrants are issued on, essentially, the following terms:
A maximum of 450,000 warrants shall be issued in the incentive programme.
Avanza Förvaltning AB shall be exclusively entitled to subscribe for the warrants with both the right and the obligation to transfer the warrants at market rates to individuals who are, or will be, employed by Avanza Bank Holding AB or its subsidiaries. The number of warrants that the persons in the respective categories are entitled to acquire is shown in the Board’s full proposal, which is made available as described below under the heading regarding provision of documents. The company’s Board of Directors shall determine the final allocation of warrants within the frameworks specified in the proposal. The warrants shall be acquired for payment of a market premium to be determined by the Board of Directors in accordance with generally accepted valuation models.
The Board proposes in connection herewith that the Annual General Meeting approve the subsidiary company’s transfer of warrants within the framework of the proposed programme.
Every warrant shall grant entitlement to subscribe for one (1) new ordinary share in the company at an issue price corresponding to an amount totalling 120% of the weighted average of completed trades in the company’s shares in the marketplace in which the company has its primary listing (currently NASDAQ Stockholm). The weighted average shall be calculated for all auto-matched trades and all trades in the opening and closing call, regardless of size. The exercise price shall, however, be no less than an amount equal to the nominal value. The exercise price of shares subscribed shall be calculated on the basis of the prices on 30 August 2018.
Subscription for shares in accordance with the terms is possible from 27 August 2021 to 2 September 2021.
Upon full exercise of all of the warrants issued, the company’s share capital will increase by a maximum of SEK 1,125,000 distributed among 450,000 equities, corresponding to a dilution effect of approximately one and a half (1.5) percent.
Resolution regarding the authorisation of the Board to acquire the company’s own shares, item 18
The Board of Directors and the CEO propose, in order to increase the efficiency of the company’s capital usage, that the Meeting authorises the Board of Directors to effect the acquisition of the company’s own shares in the following manner:
Determination of the nomination procedure, item 19
The Nomination Committee proposes a nomination procedure in accordance with the same principles as those previously employed. It is proposed that these principles apply until further notice. The principles entail the following:
a) the Chairman of the Meeting,
b) the Board of Directors,
c) the Chairman of the Board,
d) Directors’ fees and their allocation between the Chairman and other Members of the Board, together with any remuneration for Committee work,
e) Auditors (with regard to the Board of Directors’ recommendation),
f) fees payable to the company’s Auditors, and
g) any proposals regarding changes to the procedure for appointing the Nomination Committee.
4. The company shall defray reasonable expenses deemed necessary by the Nomination Committee in enabling the Nomination Committee to fulfil its mandate.
Resolution regarding guidelines for remuneration payable to the company management, item 20
The term, Group management, refers to the CEO and a further seven persons who hold senior executive positions within the Group. The Board’s proposal, which primarily corresponds to the remuneration principles applied in previous years, entails the Group management’s salary comprising both a fixed basic salary and a variable performance-based payment.
The variable remuneration shall be based on a qualitative evaluation of individual performances in relation to individual goals set and the company’s results. There shall be an appropriate balance between the fixed and variable remuneration and it shall be possible to set the variable remuneration at SEK 0.
The variable remuneration paid to members of the Group management shall never exceed 100% of the fixed remuneration for the same financial year.
Remuneration paid to members of the Group management shall reflect the person’s experience, expertise and performance.
Members of the Group management have acquired share warrants on market terms in accordance with the stock option programme approved at the Extraordinary General Meeting held on 5 July 2017.
Provision of documents
Annual accounts documents, statements by auditors pursuant to Chapter 8, § 54 of the Swedish Companies Act, the full proposals by the Board of Directors in accordance with the above, and the Board of Directors’ statement by reason of the dividend proposed will be made available from the company’s offices no later than Tuesday, 27 February 2018 and will be sent to those shareholders who have expressed a desire to receive such information from the company. All documents will also be available, as of the same date, on the company’s website at, www.avanza.se/ir.
Details of the number of shares and votes and of holdings of the company’s own shares held
The total number of shares and votes in the company on the date of issue of this convening notice was 29,996,222. All shares issued are ordinary shares. The company owns none of its own shares.
Shareholders’ entitlement to request information
The Board of Directors and the CEO shall, if so requested by a shareholder and, in the opinion of the Board, it can be effected without material harm being caused to the company, disclose information at the General Meeting with regard to circumstances that can influence the assessment of an item on the agenda and to circumstances that can influence the assessment of the bank’s financial position. The duty to disclose also refers to the company’s relationship with other Group companies and the consolidated accounts and to circumstances described in the first sentence as they apply to subsidiary companies.
Stockholm, February 2018
The Board of Directors of Avanza Bank Holding AB (publ.)
”This information is such that Avanza Bank Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact person set out below, at 08:15 CET on 12 February 2018.”
