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Telenor ASA — AGM Information 2018
May 2, 2018
3773_rns_2018-05-02_979c7b5f-2864-478f-9bb4-976b387f20e1.pdf
AGM Information
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MINUTES OF THE ANNUAL GENERAL MEETING
OF TELENOR ASA 2 MAY 2018
The Annual General Meeting was held on 2 May 2018 at Telenor's headquarters at Fornebu.
A list of the shareholders who attended in person or by proxy, and the voting results are attached as appendix 1 and 2 to the protocol.
In accordance with section 5-12, first paragraph of the Public Limited Companies Act and the Articles of Association, Article 8, first section, the Annual General Meeting was opened and chaired by the Chairman of the Corporate Assembly, Mr. Anders Skjævestad.
The agenda of the Annual General Meeting:
1. Approval of the notice of the Annual General Meeting and the agenda
The notice and agenda was approved.
- Election of a representative to sign the minutes of the Annual General Meeting together with the Chairperson of the meeting
Thorunn Bakke was elected to sign the minutes together with the Chairman.
3. Report from the CEO
Group CEO Sigve Brekke informed about the Company's business, strategy and priorities.
- Approval of the financial statements and the report from the Board of Directors for the financial year 2017, including the Board of Director's proposal for distribution of dividend
In accordance with the proposal from the Board, the Annual General Meeting adopted the following resolution:
"The General Meeting approves the annual accounts and annual statement for 2017, including the use of profits and a dividend of in total NOK 8.10 per share in two tranches, one of NOK 4.20 and one of NOK 3.90, to be paid to shareholders registered on 2 May and 17 October 2018 respectively."
5. Approval of remuneration to the company's auditor
The Annual General Meeting adopted the following resolution:
"The remuneration in the amount of NOK 4,900,000 to the auditor for the audit of Telenor ASA is approved."
6. Report on Corporate Governance
The Board of Directors' report on corporate governance was considered by the Annual General Meeting. There were no objections to the report.
- Statement regarding the determination of salary and other remuneration to the executive management
The Annual General Meeting adopted the following resolutions in accordance with the board's statement and proposal:
7.1. Advisory vote on the Board of Directors' statement regarding determination of salary and other remuneration to the executive management for the coming financial year:
"The General Meeting endorses the Board of Directors' statement regarding determination of salary and other remuneration to the executive management as described in note 34 to the financial statements."
7.2. Approval of guidelines for share related incentive arrangements for the coming financial year:
"The General Meeting approves the quidelines for share related incentive arrangements as described in note 34 to the financial statements."
8. Capital decrease by cancellation of own shares and redemption of shares held by the Norwegian Government, and decrease of other reserves
In accordance with the proposal from the Board, the Annual General Meeting adopted the following resolution:
"The company's share capital is decreased by NOK 179,999,994 by (i) cancellation of 13,810,438 own shares, and (ii) redemption of 16,189,561 shares owned by the Norwegian Government by the Ministry of Trade and Fisheries against payment of an amount of NOK 2,733,229,401 to the Norwegian Government by the Ministry of Trade and Fisheries.
An amount of NOK 2,553,229,407, which constitutes that share of the paid amount that exceeds the shares' nominal value, is charaed to other reserves (No: 'annen egenkapital').
With effect from the effectuation of the capital decrease, the Articles of Association § 4 are amended to read:
The company's share capital is NOK 8,828,748.186 divided on 1,471,458,031 shares, each with a nominal value of NOK 6."
9. Authorisation to distribute special dividends
In accordance with the proposal from the Board, the Annual General Meeting adopted the following resolution:
"The Board of Directors is authorised, pursuant to the Public Limited Companies Act section 8-2 (2) to decide further distribution of dividends if an agreement for the divestment of Telenor's mobile business in Central Eastern Europe announced 21 March 2018 is completed, limited to a maximum aggregate amount of NOK 7 (seven) billion.
Upon exercise of the authorisation, the Board of Directors shall assure that the decision is in accordance with the company's approved capital strategy and dividends policy, and shall evaluate whether the company, after payment of the dividends, will have adequate equity and liquidity.
The authorisation is valid until the next General Meeting, however not beyond 30 June 2019."
10. Authorisation to repurchase and cancel shares in Telenor ASA
In accordance with the proposal from the Board, the Annual General Meeting adopted the following resolution:
"The Board of Directors is authorised, pursuant to the Public Limited Companies Act section 9-4, to repurchase the company's own shares. The authorisation encompasses until 29,000,000 shares with a combined par value of NOK 174,000,000, which constitutes approximately 2 percent of the company's share capital.
The highest consideration that may be paid for a share is NOK 250 and the lowest consideration is NOK 50.
The Board may resolve how and when shares are repurchased, subject to ordinary principles for equal treatment of shareholders.
Own shares that are acquired shall be cancelled pursuant to the Public Limited Companies Act section $12 - 1$ .
The authorisation is valid from the time of registration of the authorisation in the Company Registry until the next Annual General Meeting, but not beyond 30 June 2019."
11. Supplementary election of shareholder elected members and deputy members to the Corporate Assembly
In accordance with the recommendations by the Nomination Committee, the Annual General Meeting adopted the following resolution:
«The following persons are elected as members of the Corporate Assembly for a period of one year:
Heidi Finskas Lars Tronsgaard.»
12. Determination of remuneration to the members of the Corporate Assembly and the Nomination Committee
The Annual General Meeting adopted the following resolution in accordance with the Nomination Committee's recommendations:
"The remuneration to the members of the Corporate Assembly shall be:
Chairperson: NOK 103,000 per year (changed from NOK 101.000)
Deputy Chairperson: NOK 46,000 per year (changed from NOK 45,000)
Member: NOK 35,800 per year (changed from NOK 35,000)
Deputy member: NOK 7,400 per meeting (changed from NOK 7,200)
The remuneration to the members of the Nomination Committee shall be:
Chairperson: NOK 8,000 per meeting (changed from NOK 6,300)
Member: NOK 6,000 per meeting (changed from NOK 5,400)."
*****
There was no further business and the general meeting was closed.
$(sian.)$
Fornebu, 2 May 2018
Thomen K. Botte Thorunn Bakke (sign.)
Appendixes:
- $\mathbf{1}$ List of the shareholders who attended in person or by proxy
- $\overline{c}$ The voting results
Total Represented
| ISIN: | NO0010063308 TELENOR ASA | |||||
|---|---|---|---|---|---|---|
| General meeting date: 02/05/2018 15.00 | ||||||
| Today: | 02.05.2018 |
Number of persons with voting rights represented/attended: 40
| Number of shares % sc | ||
|---|---|---|
| Total shares | 1,501,458,030 | |
| - own shares of the company | 13,810,438 | |
| Total shares with voting rights | 1,487,647,592 | |
| Represented by own shares | 884,400,385 | 59.45 % |
| Represented by advance vote | 18,428 | 0.00% |
| Sum own shares | 884,418,813 59.45 % | |
| Represented by proxy | 10,585,956 | 0.71% |
| Represented by voting instruction | 174,243,875 11.71 % | |
| Sum proxy shares | 184,829,831 12.42 % | |
| Total represented with voting rights | 1,069,248,644 71.88 % | |
| Total represented by share capital | 1,069,248,644 71.21 % |
Registrar for the company:
Signature company:
TELENOR ASA
NORDEA BANK AB (PUBL), FILIAL NORGE
| Voting instruction |
||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| % represented | 0.00% | 75.78% | 6,93% | 0.00% | 0.00% | 0.00% | 0.00 $\%$ | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| % registered | 0.00% | 75.78% | 6.93% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| % sc | 0.00% | 53.97% | 4.93% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | $0.00\%$ | 0.00% | 0.00% | 0.00% | 0.00% |
| Total | 18.428 | 810,264,928 | 74,062.035 | 10,929 | 9,693 | 7,802 | 6,239 | 5,737 | 4,771 | 4,070 | 2,483 | 2,217 | 2,205 | 2,138 |
| Proxy votes | ۰ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\hbox{ }$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ |
| Proxy | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | o | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | ۰ | $\circ$ | $\circ$ |
| Own | 18,428 | 810,264,928 | 14,062,035 | 10,929 | 9,693 | 7,802 | 6,239 | 5,737 | 4,771 | 4.070 | 2,483 | 2,217 | 2,205 | 2,138 |
| Share | Croineer | Ordinæ | Ordinas | Ordinær | Crdinær | Ordinæl | Ordinær | Ordinær | Ordinaer | Ordinær | Ordinær | Ordinær | Ordinær | Ordinær |
| Participant | Share Holder | Share Holder | Share Holder | Share Holder | Share Holder | Share Holder | Share Holder | Share Holder | Share Holder | Share Holder | Share Holder | Share Holder | Share Holder | |
| Repr. by | Thorum K. Bakke |
Lars Tronsgaard |
||||||||||||
| Company/Last name |
NÆRINGS- OG FISKERIDEP ARTEMENTE T |
FOLKETRYG DFONDET |
BJØRCK | MOEN | MARTINSEN | ELLEFSEN | FREDRIKSEN | NYGAARD | SKJÆRVIK | GABRIELSEN | NESET | AANERØD | HØEGH- LARSEN |
|
| First Name | PER ANDERS | RAGNAR | IVAR | BJØRN | BRIT ØSTBY | ENOK | TROND | ODD ARNE | LEIF ARNE | NILS EDVARD |
STEIN CHRISTIAN RIIS |
|||
| Ref no | ÷, | $\mathbf{g}$ | 12161 | 12880 | 13912 | 15545 | 16246 | 18655 | 20628 | 30403 | 33035 | 33175 | 33944 |
Attendance List Attendance TELENOR ASA 02/05/2018
$\frac{1}{1}$
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00 $%$ | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00 $\%$ | 0.00% | 0.00% | 0.00% | 0.00 $\%$ | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | |
| 1,300 | 1,282 | 1,200 | 1,182 | 1,182 | 1,160 | 898 | 928 | $790$ | 782 | 682 | $\mathbf{S}^2$ | 382 | 464 | 275 | 230 | |
| $\bullet$ | $\bullet$ | $\circ$ | $\circ$ | $\circ$ | $\ddot{\circ}$ | $\circ$ | $\circ$ | $\bullet$ | $\circ$ | $\circ$ | $\circ$ | $\hbox{ }$ | $\circ$ | $\circ$ | $\circ$ | |
| $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | o | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\circ$ | $\,$ |
| 1,300 | 1,282 | 1,200 | 1,182 | 1,182 | 1,160 | 898 | 928 | 798 | 782 | 582 | 682 | 682 | 464 | 275 | 230 | $\ddot{\phantom{0}}$ |
| Ordinas | Ordinær | Ordinær | Ordinær | Ordinær | Ordinær | Ordinær | Ordinær | Ordinær | Ordinær | Ordinær | Ordinær | Ordinær | Ordinær | Ordinær | Ordinær | |
| Share Holder | Share Holder | Share Holder | Share Hotder | Share Holder | Share Holder | Share Holder | Share Holder | Share Holder | Share Holder | Share Holder | Share Holder | Share Holder | Share Holder | Share Holder | Share Holder | |
| Rune Henry Nerien |
||||||||||||||||
| HOLM | TENGESDAL | HOVIND | FLO | ASPELUND | GRØNNING | BRAUTI | LEIN | TRØNNES | BERNHOFT | KAMPLI | BAEKKEN | RØSTE | TØNSETH | MYHRE | TELEKONSU LENTEN ODD NERLIEN AS |
|
| AGE STURTZEL |
THOR OLAF | PETTER GØDE |
HALLVARD | JOHN INGEMAR |
JOHAN BENDIKT |
SVEIN IVAR | LEIF HELGE | TARALD | GEIR STORØ | VIGGO | RAGNHILD ELISABETH |
ANDREAS | JAN HAKON | KNUT CHRISTIAN |
||
| 50278 | 51243 | 54650 | 55269 | 55301 | 55806 | 69690 | 72462 | 75440 | 75929 | 84210 | 85951 | 90068 | 141655 | 211136 | 225722 | |
| Voting instruction |
FFFFFFFFFFF FF FF |
FFFMMFFFFF FF |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| % represented | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 12.33% | 4.15% | 0.00% | 0.00% | 0.82% |
| % registered | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 12.33% | 4.15% | 0.00% | 0.00% | 0.82% |
| % sc | 0.00% | $0.00\%$ | 0.00% | 0.00% | 0.00% | 0.00% | 8.78% | 2.95% | 0.00% | 0.00 % | 0.58% |
| Total | 200 | 132 | 132 | 132 | $\frac{8}{3}$ | ÷, | 131,793,348 | 44,323,288 | ρα | 275 | 8,712,920 |
| Proxy votes | $\circ$ | $\circ$ | $\circ$ | $\bullet$ | $\circ$ | $\circ$ | 129,925,280 | 44,318,595 | ۰ | $\circ$ | $\circ$ |
| Proxy | $\circ$ | $\circ$ | $\circ$ | $\circ$ | o | $\circ$ | 1,868,068 | 4,693 | $\circ$ | 275 | 8,712,920 |
| Š | 200 | 132 | 132 | $\frac{32}{2}$ | $\overline{6}$ | 5 | $\bullet$ | $\circ$ | POZ | $\bullet$ | Q |
| Share | Ordinæ; | Ordinær | Ordinær | Ordinær | Ordinær | Ordinær | Ordinær | Ordinær | Ordinær | Ordinær | Ordinær |
| Participant | Share Holder | Share Holder | Share Holder | Share Holder | Share Holder | Share Holder | Proxy Solicitor | Proxy Solicitor | Share Holder | Proxy Solicitor | Proxy Solicitor |
| Repr. by | |||||||||||
| Company/Last name |
ALVESTAD | LUDVIGSEN | SOLHAUG | WATNE | AHLQUIST | BROUSSE | Styrets Leder | Møteleder | Erlandsen | Hovd | Thoresen |
| First Name | CARMEN | RAYMOND | THOR ARNE | EVY GRETHA | BJØRN | CYRIAQUE GILLES G |
Gunn Wærsted |
Anders Skjævestad |
$\mathop{\rm Hom}\nolimits$ | ₫. | Fredrik |
| Ref ro | 230474 | 293118 | 297341 | 313999 | 326124 | 375873 | 339907 | 399915 | 402859 | 407452 | 414615 |
Protocol for general meeting TELENOR ASA
ISIN: NOOD10063308 TELENOR ASA General meeting date: 02/05/2018 15.00 Today: 02.05.2018
| Shares class | FOR | Against | Abstain | Poll in | Poll not registered Represented shares with voting rights |
|
|---|---|---|---|---|---|---|
| Agenda item 1 Approval of the notice and the agenda | ||||||
| Ordinær | 1,069,110,392 | 0 | 138,252 | 1,069.248,644 | 0 | 1.069,248,644 |
| votes cast in % | 99.99% | 0.00% | 0.01% | |||
| representation of sc in % | 99 99 % | 0.00% | 0.01% | 100.00% | $0.00 \%$ | |
| total sc in % | 71.21 % | $0.00 \%$ | 0.01% | 71.21 % | 0.00 % | |
| Total | 1,069,110,392 | ٥ | 138,252 1,069,248,644 | ٥ | 1,069,248,644 | |
| Agenda item 4 Approval of the financial statements and report from the Board of Directors for the financial year 2017 | ||||||
| Ordinaer | 1,067,034,004 | 2,076,407 | 138,233 | 1,069.248,644 | 0 | 1,069,248,644 |
| votes cast in % | 99.79% | 0.19% | 0.01% | |||
| representation of sc in % | 99.79% | 0.19% | 0.01% | 100.00 % | 0.00 % | |
| total sc in % | 71.07% | 0.14% | 0.01% | 71.21% | $0.00 \%$ | |
| Total | 1,067,034,004 | 2,076,407 | 138,233 1,069,248,644 | o | 1,069,248,644 | |
| Agenda item 5 Approval of the remuneration to the companys auditor | ||||||
| Ordinær | 1,041.478,012 | 27,631,898 | 138,734 | 1,069,248,644 | 0 | 1.069,248,644 |
| votes cast in % | 97.40% | 2.58 % | 0.01% | |||
| representation of sc in % | 97.40% | 2.58 % | 0.01% | 100.00 % | 0.00 % | |
| total sc in % | 69.36% | 1.84 % | 0.01% | 71.21% | 0.00% | |
| Total | 1,041,478,012 | 27,631,898 | 138,734 1,069,248,644 | ٥ | 1,069,248,644 | |
| Agenda item 7.1 Advisory vote on the Board of Directors statement determinating of salary and other remuneration to the executive management for 2018 |
||||||
| Ordinær | 1,028,948,038 | 39,037,421 | 1,263,185 | 1,069,248,644 | 0 | 1,069,248,644 |
| votes cast in % | 96.23% | 3.65% | 0.12% | |||
| 96.23% | 3.65% | |||||
| representation of sc in % total sc in % |
0.12% | 100.00 % | $0.00 \%$ | |||
| Total | 68.53% 1,028,948,038 |
2.60% | $0.08 \%$ | 71.21% | 0.00 % | |
| Agenda item 7.2 Approval of guidelines for share related incentive arrangements for the coming financial year (note 34 to | 39,037,421 | 1,263.185 1,069,248,644 | o | 1,069.248,644 | ||
| the financial statements). | ||||||
| Ordinær | 955,627,447 | 113,482,917 | 138,280 | 1,069,248,644 | 0 | 1.069,248,644 |
| votes cast in % | 89.37% | 10.61% | 0.01% | |||
| representation of sc in % | 39.37 % | 10.61% | 0.01% | 100.00 % | $0.00 \%$ | |
| total sc in % | 63.65% | 7.56% | 0.01% | 71.21% | 0.00 % | |
| Total | 955,627,447 113,482,917 | 138.280 1,069,248.644 | Ð | 1,069.248,644 | ||
| Agenda item 8 Capital decrease by cancellation of own shares and redemption of shares held by the Norwegian | ||||||
| Government, and decrease of other reserves | ||||||
| Ordinær | 1,069.106,938 | 865 | 140,841 | 1,069.248,644 | 0 | 1.069,248,644 |
| votes cast in % | 99.99 % | 0.00 % | 0.01% | |||
| representation of sc in % | 99.99 % | 0.00 % | 0.01% | 100.00% | 0.00% | |
| total sc in % | 71.21% | 0.00 % | 0.01% | 71.21% | 0.00% | |
| Total | 1,069,106.938 | 865 | 140,841 1,069,248,644 | 0 | 1,069,248,644 | |
| Agenda item 9 Authorisation to distribute special dividends | ||||||
| Ordinær | 1,068,827,402 | 282,345 | 138.897 | 1,069.248.644 | o | 1,069,248,644 |
| votes cast in % | 99.96 % | 0.03% | 0.01% | |||
| representation of sc in % | 99.96% | 0.03% | 0.01% | 100.00% | 0.00% | |
| total sc in % | 71.19% | 0.02 % | 0.01% | 71.21% | $0.00 \%$ | |
| Total | 1,068,827,402 | 282,345 | 138,897 1,069,248,644 | 0 | 1,069.248,644 | |
| Agenda item 10 Authorisation to repurchase and cancel shares in Telenor ASA | ||||||
| Ordinær | 1,067,193,408 | 1,867,831 | 187.405 | 1,069,248,644 | 0 | 1.069,248,644 |
| votes cast in % | 99.81% | 0.18 % | 0.02% | |||
| representation of sc in % | 99.81% | 0.18% | 0.02% | 100.00% | 0.00% | |
| 71.08% | 0.12% | 0.01% | 71.21% | $0.00 \%$ | ||
| total sc in % | 187,405 1,069,248,644 | o | 1,069,248,644 | |||
| 1,067,193.408 | 1,867,831 | |||||
| 953, 305, 923 | 32,318,659 | 83,624.062 | 1,069,248,644 | o | 1,069,248,644 | |
| votes cast in % | 89.16% | 3.02% | 7.82% | |||
| 89.16% | 3.02 % | 7.82% | 100.00% | $0.00 \%$ | ||
| Total Agenda item 11 Supplementary election of shareholder elected members and deputy members to the Corporate Assembly as per the Nomination Committees proposal Ordinær representation of sc in % total sc in % |
63.49% | 2.15 % | 5.57% | 71.21% | 0.00% | |
| Total | 953,305,923 | 32,318,659 83,624,062 1,069,248,644 | ٥ | 1,069,248,644 | ||
| Agenda item 11A Heidi Finskas |
| Shares class | FOR | Against | Abstain | Poll in | Poll not registered | Represented shares with voting rights |
|---|---|---|---|---|---|---|
| votes cast in % | 99.99 % | 0.00% | 0.01% | |||
| representation of sc in % | 99.99 % | 0.00% | 0.01% | 100.00 % | 0.00% | |
| total sc in % | 71.21 % | 0.00% | 0.01% | 71.21 % | 0.00% | |
| Total | 1,069,107,717 | 13 | 140,914 | 1,069,248,644 | 0 | 1,069,248,644 |
| Agenda item 11B Lars Tronsgaard | ||||||
| Ordinær | 1,069,090,075 | 16,330 | 142,239 | 1,069,248,644 | 0 | 1,069,248,644 |
| votes cast in % | 99.99 % | 0.00% | 0.01% | |||
| representation of sc in % | 99.99 % | 0.00% | 0.01% | 100.00 % | 0.00% | |
| total sc in % | 71.20% | 0.00% | 0.01% | 71.21 % | 0.00% | |
| Total | 1,069,090.075 | 16,330 | 142,239 | 1,069,248,644 | o | 1,069,248,644 |
| Agenda item 12 Determination of remuneration to the members of the Corporate Assembly and the Nomination Committee in line with the Nomination Committees |
||||||
| Ordinær | 1,068,642,141 | 465,901 | 140,602 | 1,069,248,644 | 0 | 1,069,248,644 |
| votes cast in % | 99.94 % | 0.04% | 0.01% | |||
| representation of sc in % | 99.94 % | 0.04% | 0.01% | 100.00 % | 0.00% | |
| total sc in % | 71.17% | 0.03% | 0.01% | 71.21 % | 0.00% | |
| Total | 1,068,642,141 | 465,901 | 140,602 | 1,069,248,644 | o | 1,069,248,644 |
Registrar for the company:
Signature company:
NORDEA BANK AB (PUBL), FILIAL NORGE TELENOR ASA
Share information
| Name | Total number of shares Nominal value Share capital | Voting rights | |
|---|---|---|---|
| Ordinær | 1,501,458,030 | 6.00 9,008,748,180.00 Yes | |
| Sum: |
§ 5-17 Generally majority requirement
requires majority of the given votes
§ 5-18 Amendment to resolution
Requires two-thirds majority of the given votes
like the issued share capital represented/attended on the general meeting