ABB Ltd Holds First Annual General Meeting

ABB Ltd. holds its first Annual General Meeting in both Switzerland and Sweden

Zurich, Switzerland, March 16, 2000 – ABB, the global technology company, today held its first annual general meeting of shareholders since the creation of the single-class ABB Ltd share.

The meeting was held at two locations in Wettingen, Switzerland, and one in Västerås, Sweden. Shareholders in the three locations were linked via satellite television and an electronic voting system. It was the world’s first cross-border shareholders meeting using a real-time wireless electronic voting system. All shareholders in each location were equipped with personalized palm-sized handsets that allowed them to transmit their votes—reflecting the actual number of shares they hold—into a central display.

The meeting was also broadcast live on the Internet. Multimedia presentations were delivered in German in Switzerland, and simultanesously translated into Swedish for shareholders in Sweden, and into English for the global Internet audience.

A record total of almost 3,300 participants, some 2,000 in Switzerland and about 1,300 in Sweden, took part in the meeting. The shareholder present represented 53.2 percent of the total share capital entitled to vote.

Shareholders approved the proposal of the Board of Directors to increase the dividend per share to Sfr. 3.00 from Sfr. 2.47 the year before, payable as of March 23, 2000. Re-elected to the Board were Percy Barnevik, Gerhard Cromme, Jürgen Dormann, Martin Ebner, Robert Jeker, Göran Lindahl, Agostino Rocca, Donald Rumsfeld, Edwin Somm, Peter Sutherland and Jacob Wallenberg. The Board intends to re-elect Barnevik as Chairman and Jeker as Vice Chairman.

Yotaro Kobayashi, Chairman of Fuji Xerox and an ABB Board Member since 1996, did not stand for re-election.

In his presentation to shareholders, ABB President and CEO Göran Lindahl reiterated the company’s plans, first announced in February, to apply for a U.S. stock listing.

In 1999, ABB shareholders agreed to replace the previous four-class system of shares in ABB AG and ABB AB—the former Swiss and Swedish parent companies, respectively, of the ABB Group—with a single-class share in ABB Ltd. Today’s meeting was ABB Ltd’s first annual general meeting of shareholders.

ABB Ltd is the holding company for the ABB Group, serving customers in power transmission and distribution; automation; oil, gas, and petrochemicals; building technologies; and in financial services. Power generation customers are served by ABB ALSTOM POWER. The ABB Group employs about 165,000 people in more than 100 countries. (End)

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    Contact us

    Page information:
    • John Fox
      ABB Corporate Communications, Zurich
      Tel: +41 1 317 7354
      Fax: +41 1 317 7454
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