ABB AB annual shareholders meeting (U.S. version)

This press release was issued by ABB AB, Västerås, Sweden, following their Annual General Meeting for fiscal 1998.

On Thursday, March 18, 1999, the Annual General Meeting of shareholders of ABB AB for fiscal year 1998 was held in Västerås, Sweden. More than 900 shareholders, representing 43.11 per cent of the share capital and 46.38 per cent of the voting rights, participated in the meeting.

The Annual General Meeting approved the proposed cash dividend of SEK 2.18 per share (1997: SEK 2.10). The record date for payment of the dividend is Thursday, April 1, 1999 and the dividend will be distributed from VPC (The Swedish Securities Register Center) on Monday, April 12, 1999.

Percy Barnevik, Sweden, Donald H. Rumsfeld, U.S.A. and Peter D. Sutherland, Ireland, were re-elected as members of the Board of Directors. Björn Svedberg decided not to stand for re-election. Mr. Jacob Wallenberg, Sweden, was elected as a member of the Board. At the statutory meeting of the Board after the Annual General Meeting, Percy Barnevik was elected as Chairman.

Shareholders approved the proposal that the above-mentioned Board Members of ABB AB be elected to the Board of Directors of ABB Asea Brown Boveri Ltd along with the proposed members of the Board of Directors of ABB AG, namely Dr. Gerhard Cromme, Jürgen Dormann, Robert A. Jeker, and Edwin Somm as well as Yotaro Kobayashi, Agostino Rocca, Martin Ebner and Göran Lindahl.

Mr. Gunnar Widhagen and Mr. Carl-Gustaf Gutberg, both Authorized Public Accountants, were re-elected as Auditors and Mr. Torbjörn Hanson and Mr. Jan Birgersson, both Authorized Public Accountants, were re-elected as Deputy Auditors.

A complete report from ABB AB's Annual General Meeting will be available from the beginning of May 1999. The interim report of ABB AB for the first quarter of 1999 will be issued on Wednesday, April 21, 1999.

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    Contact us

    • Pia Irell
      ABB Investor Relations, Sweden
      Tel: + 46 21 325 928
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