Report from Annual General Meeting in IBS AB

Press Release
2010-05-06

At the annual general meeting of IBS AB on May 6, 2010 the shareholders resolved on the following which is summarized below.

  • The annual general meeting discharged the members of the board and the CEO from personal liability, and resolved on allocation of the result for the year in accordance with the board of director’s proposal. 
  • The annual general meeting re-elected Dr. Pallab Chatterjee, Vinit Bodas, Gunnel Duveblad, Christian Paulsson and Bertrand Sciard as board members. Dr. Pallab Chatterjee was re-elected as chairman of the board. 
  • The annual general meeting resolved on remuneration to the board in accordance with the following. Remuneration to the board shall be paid with SEK 1 200 000 to the chairman of the board, Dr. Pallab Chatterjee, SEK 200 000 to Vinit Bodas, SEK 350 000 to each of Gunnel Duveblad, Christian Paulsson and Bertrand Sciard. For participation in the board’s remuneration committee, the chairman shall receive an additional amount of SEK 50 000 and the two other members SEK 25 000 per person. For participation in the board of director’s audit committee, the chairman shall receive an additional amount of SEK 100 000 and the other member SEK 50 000. Dr. Pallab Chatterjee shall receive an additional amount of SEK 150 000 as compensation for travelling time since he lives in USA. The auditor shall receive compensation according to approved invoice. 
  • The annual general meeting resolved to approve the board’s proposal for guidelines for the executive management. The guidelines stipulate, among other things, the following.

Fixed salary
The fixed salary shall be individual and based on the scope and responsibility of the role as well as the individual’s competence and experience in relation to the role held.

Annual bonus
Executives shall have an annual bonus with annual measurement and payment. Executives, excluding the CEO, shall have a bonus level in the range from 40 percent to a maximum of 70 percent of base salary, relative to their position. The CEO shall have a target bonus of 100 percent of base salary, which may be increased to 150 percent of the base salary if targets are exceeded. The CFO shall have a target bonus, which may be increased to a maximum of 88 percent of the base salary if company targets are exceeded.

Notice periods and severance agreements
The employment of the CEO and President of the company may end at any time upon the initiative of him or the company with 3 months notice. Other senior executives must provide a period of between 3 and 12 months notice to the company. The notice required from the company is between 6 and 12 months. Severance agreements will in principle not be signed, with the exception for the CEO and President who may be granted a maximum of 12 months severance pay. In a redundancy situation, the current practice in the geographic market where the executive is resident will apply. The same principles shall apply under these guidelines.

 

For more information, please contact:
Oskar Ahlberg, Senior Vice President of Communication, IBS AB
+46-70-244 24 75
Oskar.ahlberg@ibs.net
www.ibs.net

 

IBS in brief
With over 30 years of experience, IBS is a leading provider of distribution management solutions. IBS focuses on industries such as automotive, electrical components, paper & packaging and pharmaceutical distribution. More than 4,000 customers across some 40 countries use IBS software to gain fast and measurable returns on IT investments.

IBS B share is listed on NASDAQ OMX First North Exchange Stockholm. For more information, please visit www.ibs.net

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