At its Annual General Meeting (AGM), The Board of Directors of LafargeHolcim is to propose to its shareholders to approve the appointment of three new members of the board, following the acknowledgement of the leave of two current board members. The board will also provide further details on its dividend proposal for 2018.
The board of directors will nominate Colin Hall, Naina Lal Kidwai, and Claudia Sender Ramirez for election as the new board members at the group’s upcoming AGM on 15 May 2019. Nassef Sawiris and Gérard Lamarche have decided not to stand for re-election to the board.
As the Head of Investments of Groupe Bruxelles Lambert, a major shareholder of LafargeHolcim, Colin Hall will add extensive experience in international finance to the board. As one of India’s most successful businesswomen, Naina Lal Kidwai has held a number of senior leadership positions at ANZ Grindleys Bank and HSBC in India and Asia Pacific. She has a particular interest in environmental topics. Claudia Sender Ramirez will bring to the board her wide-ranging market experience from leadership positions at LATAM Airlines Group and Whirlpool in Latin America.
All other current members of the board of directors will be proposed for re-election at the AGM: Beat Hess (Chairman), Oscar Fanjul (Vice Chairman), Paul Desmarais Jr, Patrick Kron, Adrian Loader, Jürg Oleas, Hanne Birgitte, Breinbjerg Sørensen, and Dieter Spälti.
“On behalf of the entire board, I would like to thank Nassef Sawiris and Gérard Lamarche for their important contribution to the success of our company over the past years,” said Hess. “I am delighted that we are proposing three new members, whose unique experience will complement the expertise of our existing board members. It is a particular pleasure for me that with the new nominees we will be able to further increase the geographical and gender diversity in our board.”
The board of directors is proposing a dividend for 2018 from the capital contribution reserves in the amount of CHF2.00/registered share. Subject to approval by the AGM of the creation of authorised capital, shareholders will be given the choice of having the dividend paid out in cash, in new LafargeHolcim shares issued at a discount to the market price, or as a combination of cash and shares.
The issue price of the new LafargeHolcim share will be set at a discount of 8% to the reference share price that will be fixed based on the daily volume weighted average price of the LafargeHolcim shares traded on the SIX Swiss Exchange during the period of nine trading days from 27 May 2019 to 7 June 2019.
The board of directors of LafargeHolcim believes that the proposed option to receive the distribution in the form of new LafargeHolcim shares offers eligible shareholders an attractive opportunity to increase their investment in LafargeHolcim and to participate in the Group’s future growth. The discount represents an attractive opportunity to receive LafargeHolcim shares below the reference share price, without trading costs, which might be incurred if cash received under the distribution was used to buy LafargeHolcim shares.
Read the article online at: https://www.worldcement.com/europe-cis/18042019/lafargeholcim-board-of-directors-to-propose-new-members/