8.2.2022 09:53:46 CET | Demant A/S |
Indkaldelse til generalforsamling
Til aktionærerne i
Demant A/S
8. februar 2022
Der indkaldes herved til ordinær generalforsamling i Demant A/S:
Torsdag den 10. marts 2022 kl. 16.00
virtuelt og på selskabets adresse
Kongebakken 9, 2765 Smørum
Den ordinære generalforsamling vil blive afholdt som et hybridmøde, hvor der er mulighed for både fysisk og virtuel deltagelse corona-situationen taget i betragtning. Det bemærkes, at generalforsamlingen afvikles på dansk.
Se nederst for yderligere informationer om deltagelse i generalforsamlingen.
Dagsorden
I overensstemmelse med vedtægternes pkt. 8.2 er dagsordenen følgende:
1. Bestyrelsens beretning for selskabets virksomhed i det forløbne år.
Bestyrelsen indstiller, at beretningen tages til efterretning.
2. Fremlæggelse af revideret årsrapport for 2021, herunder koncernregnskab, til godkendelse.
Bestyrelsen indstiller, at årsrapporten for 2021 godkendes.
3. Beslutning om anvendelse af overskud eller dækning af underskud i henhold til den godkendte årsrapport for 2021.
Bestyrelsen foreslår, at overskuddet på DKK 2.015 mio. overføres til selskabets reserver, således at der ikke udbetales udbytte.
4. Fremlæggelse af og vejledende afstemning om vederlagsrapport for 2021.
5. Godkendelse af vederlag til bestyrelsen for indeværende regnskabsår.
Bestyrelsen indstiller, at det foreslåede vederlag godkendes.
6. Valg af bestyrelsesmedlemmer.
I henhold til vedtægternes pkt. 11.2 vælges de generalforsamlingsvalgte bestyrelsesmedlemmer for ét år ad gangen. På den ordinære generalforsamling i 2022 stiller Niels B. Christiansen, Niels Jacobsen, Anja Madsen, Sisse Fjelsted Rasmussen og Kristian Villumsen op til genvalg.
7. Valg af revision.
Bestyrelsen foreslår valg af PwC.
8. Eventuelle forslag fra bestyrelse eller aktionærer.
Bestyrelsen har fremsat følgende forslag:
8a) Nedsættelse af selskabets aktiekapital
8b) Bemyndigelse til bestyrelsen til at lade selskabet erhverve egne aktier
8c) Godkendelse af selskabets vederlagspolitik
8d) Bemyndigelse til generalforsamlingens dirigent
9. Eventuelt.
Uddybning af forslagene
Ad dagsordenens pkt. 4
Bestyrelsen foreslår, at generalforsamlingen godkender vederlagsrapporten for regnskabsåret 2021. Vederlagsrapporten kan findes på selskabets hjemmeside https://www.demant.com/investor-relations/annual-general-meeting.
Afstemningen er vejledende i medfør af selskabslovens § 139 b, stk. 4.
Vederlagsrapporten for 2020 blev godkendt på den ordinære generalforsamling den 5. marts 2021 uden kommentarer fra aktionærerne.
Ad dagsordenens pkt. 5
Bestyrelsen foreslår, at grundhonoraret for 2022 forbliver DKK 400.000, og at det fastholdes, at formanden modtager tre gange grundhonoraret og næstformanden to gange grundhonoraret.
Herudover foreslår bestyrelsen, at der fastholdes et vederlag til revisionsudvalgets medlemmer med et årligt grundhonorar på DKK 50.000 og tre gange grundhonoraret til revisionsudvalgets formand.
Ad dagsordenens pkt. 6
Niels B. Christiansen, Niels Jacobsen, Anja Madsen, Sisse Fjelsted Rasmussen og Kristian Villumsen er på genvalg. For så vidt angår oplysninger om de enkelte bestyrelseskandidaters ledelseshverv m.v., kan følgende oplyses:
Niels B. Christiansen, bestyrelsesformand (født i 1966, mand). Indtrådt i bestyrelsen i 2008. Senest genvalgt i 2021 for ét år. Formand for nominerings-, vederlags- og it-sikkerhedsudvalget og medlem af revisionsudvalget. Anses ikke som uafhængigt medlem af bestyrelsen, da han er næstformand i William Demant Fonden (selskabets hovedaktionær). Øvrige ledelseshverv: LEGO A/S, adm. direktør og koncernchef; Tetra Laval S.A, bestyrelsesmedlem; Dansk Industri, formand for erhvervspolitisk udvalg.
Niels B. Christiansen er civilingeniør fra DTU og har en MBA fra INSEAD i Frankrig. Han har bred og international ledelseserfaring fra store, globale, højteknologiske virksomheder. Dertil kommer omfattende bestyrelseserfaring fra børsnoterede virksomheder og omfattende erhvervspolitisk indsigt.
Niels Jacobsen, næstformand (født i 1957, mand). Indtrådt i bestyrelsen i 2017. Senest genvalgt i 2021 for ét år. Medlem af nominerings-, vederlags-, revisions- og it-sikkerhedsudvalget. Anses ikke som uafhængigt medlem af bestyrelsen, da han tidligere har været adm. direktør i Demant A/S. Øvrige ledelseshverv: William Demant Invest A/S, adm. direktør; KIRKBI A/S, næstformand; Nissens A/S, bestyrelsesformand; Thomas B. Thriges Fond, bestyrelsesformand, ABOUT YOU Holding GmbH, næstformand; EKF Danmarks Eksportkredit, bestyrelsesmedlem og ATP Langsigtet Dansk Kapital, medlem af advisory board. Derudover William Demant Invest-relaterede ledelseshverv: Jeudan A/S, bestyrelsesformand; Össur hf., bestyrelsesformand; Vision Rt Ltd., bestyrelsesformand; Founders A/S, bestyrelsesformand; Boston Holding A/S, bestyrelsesmedlem.
Niels Jacobsen er uddannet cand.oecon fra Aarhus Universitet. Niels Jacobsen har betydelig ledelseserfaring fra store internationale virksomheder. Hans kompetencer inkluderer såvel virksomhedsledelse som dybtgående viden om finansielle forhold, regnskab, risikostyring, fusioner og opkøb. Han har bred erfaring inden for global healthcare.
Anja Madsen (født i 1976, kvinde). Indtrådt i bestyrelsen i 2020. Senest genvalgt i 2021 for ét år. Anses som uafhængigt medlem af bestyrelsen. Øvrige ledelseserhverv: Føtex, Executive Vice President; Lemvigh-Müller A/S, bestyrelsesmedlem.
Anja Madsen har en BSc i økonomi fra London School of Economics og en MBA fra INSEAD. Hun har omfattende international ledelseserfaring fra detailhandlen samt bestyrelseserfaring. Af særlige kompentencer kan nævnes lederskab af operationer og stor erfaring med transformationer med fokus på strategiudførelse.
Sisse Fjelsted Rasmussen (født i 1967, kvinde). Indtrådt i bestyrelsen i 2021 for ét år. Anses som uafhængigt medlem af bestyrelsen. Øvrige ledelseshverv: Stark Group A/S, CFO; CO-RO, bestyrelsesmedlem og formand for revisionskomitéen; Conscia, bestyrelsesmedlem; Dansk Industri, medlem af skattepolitisk udvalg.
Sisse Fjelsted Rasmussen er statsautoriseret revisor og cand.merc.aud. fra Copenhagen Business School. Hun har omfattende erfaring fra og kompetencer inden for finans og regnskab og har derudover stor ledelses- og bestyrelseserfaring fra børsnoterede selskaber samt kompetencer inden for værdiskabelse, forandringsledelse samt M&A.
Kristian Villumsen (født i 1970, mand). Indtrådt i bestyrelsen i 2021 for ét år. Anses som uafhængigt medlem af bestyrelsen. Øvrige ledelseshverv: Coloplast A/S, administrerende direktør og koncernchef siden 2018; Dansk Industri, medlem af sundhedspolitisk udvalg.
Kristian Villumsen er kandidat i statskundskab fra Aarhus Universitet og har en Master i Public Policy fra Harvard University i USA. Han har betydelig international ledelseserfaring fra medicoindustrien samt stor ledelses- og bestyrelseserfaring fra børsnoterede virksomheder, herunder inden for innovation, strategiimplementering samt commercial excellence.
Ad dagsordenens pkt. 7
Som følge af lovkrav på området for kommende rotation af revisionspartner og -selskab foreslås selskabets mangeårige revisionsselskab Deloitte udskiftet. Bestyrelsen foreslår valg af PwC i overensstemmelse med revisionsudvalgets indstilling.
Revisionsudvalget er ikke blevet påvirket af tredjeparter og har ikke været underlagt nogen aftale med en tredjepart, som begrænser generalforsamlingens valg af visse revisorer eller revisionsfirmaer.
Ad dagsordenens pkt. 8a
Bestyrelsen foreslår nedsættelse af selskabets aktiekapital med nominelt DKK 1.949.819,60 fordelt på 9.749.098 stk. aktier a DKK 0,20 svarende til selskabets beholdning af egne aktier pr. 27. januar 2022 fraregnet aktier til dækning af ledelsens fastholdelsesprogram og medarbejdernes aktielønsordning. Beholdningen af egne aktier er erhvervet som led i selskabets aktietilbagekøb i 2021. Nedsættelsesbeløbet anvendes til udbetaling til aktionærerne, jf. selskabslovens § 188. Aktierne er erhvervet for i alt DKK 3.134.973.171,00, således at der ud over det nominelle nedsættelsesbeløb har været udbetalt DKK 3.133.023.351,40.
Som konsekvens af kapitalnedsættelsen foreslås vedtægternes pkt. 4.1 ændret tilsvarende efter udløbet af den i selskabslovens § 192 angivne frist, således at det herefter af pkt. 4.1 vil fremgå, at selskabets aktiekapital udgør DKK 46.075.747,00.
Inden kapitalnedsættelsen gennemføres, vil selskabets kreditorer via Erhvervsstyrelsens it-system blive opfordret til at anmelde deres krav inden for en frist på fire uger, jf. selskabslovens § 192, stk. 1. Gennemførelse af kapitalnedsættelsen og den deraf følgende ændring af vedtægterne vil i medfør af selskabslovens § 193, stk. 1 blive registreret som endelig hos Erhvervsstyrelsen senest fire uger efter udløbet af fristen for kreditorers anmeldelse af krav, medmindre kapitalnedsættelsens gennemførelse på et sådant tidspunkt ikke kan finde sted efter selskabslovens bestemmelser.
Ad dagsordenens pkt. 8b
Bestyrelsen bemyndiges til indtil næste ordinære generalforsamling at lade selskabet erhverve egne aktier med en pålydende værdi af indtil 10 % af aktiekapitalen. Købskursen for de pågældende aktier må ikke afvige mere end 10 % fra den ved erhvervelsen noterede kurs på Nasdaq Copenhagen A/S. Ved den ved erhvervelsen noterede kurs på Nasdaq Copenhagen A/S forstås slutkurs – alle handler kl. 17.00.
Ad dagsordenens pkt. 8c
Bestyrelsen foreslår, at der vedtages en opdateret vederlagspolitik, således at vederlagstrukturen for direktionen ændres.
For at tage endnu et skridt i realiseringen af Demants overordnede strategi, samtidig med at det sikres, at Demant er i stand til at tiltrække, fastholde og motivere direktionens medlemmer, vurderer bestyrelsen, at et Short- and Long-Term Incentive Programme for direktionen vil medvirke til at sikre sammenfald mellem direktionens interesser og selskabets og aktionærernes interesser og medvirke til at fremme værdiskabelsen i selskabet på lang sigt og dermed understøtte selskabets forretningsstrategi.
Denne vederlagspolitik vil erstatte den vederlagspolitik, der blev godkendt på den årlige generalforsamling i marts 2020. På generalforsamlingen i marts 2021 blev vederlagsrapporten for 2020 godkendt uden bemærkninger fra aktionærerne.
De væsentligste ændringer i den foreslåede vederlagspolitik er:
Indførelse af et kontantbaseret Short-Term Incentive Programme for direktionen, hvor udbetalingen er afhængig af opfyldelsen af performancekriterier.
Indførelse af performancekriterier i direktionens Long-Term Incentive Programme, såldes at udbetaling i henhold til dette program gøres afhængig af opfyldelsen af disse kriterier.
Tildeling af Restricted Stock Units (RSUs) i stedet for ”skyggeaktier” under Long-Term Incentive Programme.
Ændring af clawback-reglen, således at der er taget højde for urigtige informationer givet i forbindelse med de performance-kriterier, på hvilken baggrund der er tildelt vederlag.
Tilføjelse af et direktionsmedlems ret til vederlag, såfremt selskabet håndhæver en konkurrenceklausul i en opsigelsesperiode.
Bestyrelsens forslag til en revideret vederlagspolitik kan senest den 14. februar 2022 ses på selskabets hjemmeside på https://www.demant.com/investor-relations/annual-general-meeting.
Selskabets vederlagspolitik vil efter godkendelse på generalforsamlingen hurtigst muligt blive offentliggjort på selskabets https://www.demant.com/investor-relations/annual-general-meeting.
Ad dagsordenens pkt. 8d
Generalforsamlingens dirigent bemyndiges til at foretage sådanne ændringer i og tilføjelser til det på generalforsamlingen vedtagne samt anmeldelsen heraf til Erhvervsstyrelsen, som Erhvervsstyrelsen måtte kræve i forbindelse med registrering af de vedtagne ændringer.
* * * * * *
Vedtagelse af forslaget under dagsordenens pkt. 8a (nedsættelse af selskabskapitalen) kræver, at mindst 51 % af aktiekapitalen er repræsenteret på generalforsamlingen, og at beslutningen tiltrædes af mindst 2/3 af såvel de afgivne stemmer som den repræsenterede, stemmeberettigede aktiekapital, jf. vedtægternes pkt. 10.3.
De øvrige forslag på dagsordenen kan vedtages med simpelt flertal, jf. vedtægternes pkt. 10.2, dog er forslaget under dagsordenens pkt. 4 (vederlagsrapport) alene vejledende.
Selskabets aktiekapital udgør DKK 48.025.566,60 fordelt på aktier a DKK 0,20 eller multipla heraf, jf. vedtægternes pkt. 4.1. Hvert aktiebeløb på DKK 0,20 giver én stemme, jf. vedtægternes pkt. 9.1.
Deltagelse i generalforsamlingen
Møde- og stemmeret tilkommer i henhold til vedtægternes pkt. 9.2 aktionærer, som på registreringsdatoen, 3. marts 2022, er noteret som aktionær i ejerbogen eller på dette tidspunkt har rettet henvendelse til selskabet med henblik på notering i ejerbogen, og denne henvendelse er modtaget af selskabet.
En aktionær med møde- og stemmeret i henhold til vedtægternes pkt. 9.2 er berettiget til at møde på generalforsamlingen, når vedkommende senest den 7. marts 2022, kl. 23.59 har rekvireret adgangskort til sig selv og en eventuel medfølgende rådgiver.
Der gøres opmærksom på, at man kun kan deltage i generalforsamlingen, hvis man er noteret i ejerbogen på registreringsdatoen og har rekvireret adgangskort forud for generalforsamlingen.
Adgangskort kan rekvireres:
elektronisk på aktionærportalen (Shareholder Portal), som bl.a. kan findes på selskabets hjemmeside https://www.demant.com/investor-relations/share-and-ownership,
ved fremsendelse af bestillingsblanket enten pr. brev til Computershare A/S, Lottenborgvej 26 D, 1. sal, 2800 Kgs. Lyngby eller indscannet pr. e-mail til gf@computershare.dk,
ved skriftlig henvendelse til selskabets kontor, Kongebakken 9, 2765 Smørum (mrk: Adgangskort til generalforsamling), eller
ved personlig henvendelse på selskabets adresse, Kongebakken 9, 2765 Smørum.
Selskabet vil sende elektroniske adgangskort samt information om, hvordan man deltager i den virtuelle generalforamling, pr. e-mail til den e-mailadresse, der er angivet i aktionærportalen ved tilmeldingen. For at deltage virtuelt er hver aktionær ansvarlig for at sikre, at aktionæren har en mobilenhed eller anden enhed, som kan tilgå den relevante internetbrowser, og at aktionæren har en tilstrækkelig og fungerende internetadgang på tidspunktet for afholdelse af generalforsamlingen. Se denne guide for yderligere information: https://www.computershare.com/dk/Online-AGM-User-Guide.
Selskabet har udpeget Danske Bank A/S som kontoførende bank, hvorigennem selskabets aktionærer kan udøve deres økonomiske rettigheder.
* * * * * *
Senest den 14. februar 2022 offentliggøres følgende oplysninger og dokumenter på selskabets hjemmeside, https://www.demant.com/investor-relations/annual-general-meeting: 1) Indkaldelsen, 2) det samlede antal aktier og stemmerettigheder på datoen for indkaldelsen, 3) de dokumenter, der skal fremlægges på generalforsamlingen, herunder revideret årsrapport for 2021, 4) dagsordenen for generalforsamlingen og de fuldstændige forslag og 5) formularer til stemmeafgivelse ved brev og fuldmagt.
Som aktionær kan du skriftligt stille spørgsmål vedrørende dagsordenen og dokumenter til brug for generalforsamlingen. Hvis du har spørgsmål, kan disse fremsendes pr. post til selskabet eller pr. e-mail til info@demant.com. Fremsendte spørgsmål vil blive besvaret skriftligt før generalforsamlingen eller mundtligt i forbindelse med generalforsamlingen, medmindre svaret inden da fremgår af selskabets hjemmeside, https://www.demant.com/investor-relations/annual-general-meeting.
Såfremt du er forhindret i at deltage i generalforsamlingen, vil selskabets bestyrelse gerne modtage fuldmagt til at afgive de stemmer, der er tilknyttet dine aktier. Fuldmagt afgives elektronisk på aktionærportalen (Shareholder Portal), som blandt andet kan findes på selskabets hjemmeside, https://www.demant.com/investor-relations/share-and-ownership, senest den 7. marts 2022. Du kan også udfylde, datere og underskrive en fuldmagtsblanket og returnere den pr. brev til Computershare A/S, Lottenborgvej 26 D, 1. sal, 2800 Kgs. Lyngby, eller indscannet pr. e-mail til gf@computershare.dk, således at den er modtaget senest den 7. marts 2022. Ønsker du at give fuldmagt til andre end selskabets bestyrelse, kan fuldmagtsblanket til tredjemand anvendes. Du skal endvidere rekvirere adgangskort til den befuldmægtigede. De nævnte fuldmagtsblanketter kan findes på selskabets hjemmeside, https://www.demant.com/investor-relations/annual-general-meeting.
Endvidere har du mulighed for at brevstemme. Brevstemme afgives elektronisk på aktionærportalen (Shareholder Portal), som blandt andet kan findes på selskabets hjemmeside, https://www.demant.com/investor-relations/share-and-ownership, senest den 9. marts 2022, kl. 12.00. Du kan også udfylde, datere og underskrive en brevstemmeblanket, der er den samme blanket som fuldmagtsblanketten, og returnere den pr. brev til Computershare A/S, Lottenborgvej 26 D, 1. sal, 2800 Kgs. Lyngby, eller indscannet pr. e-mail til gf@computershare.dk, således at den er modtaget senest den 9. marts 2022, kl. 12.00. Blanket til brug for stemmeafgivelse pr. brev kan findes på selskabets hjemmeside, https://www.demant.com/investor-relations/annual-general-meeting.
I forbindelse med generalforsamlingen indsamler, behandler og opbevarer selskabet visse personoplysninger. For yderligere information henvises til selskabets privatlivspolitik, som er tilgængelig på selskabets hjemmeside https://www.demant.com/privacy-notice.
Smørum, den 8. februar 2022
Bestyrelsen
Om Demant A/S
Demant is a world-leading hearing healthcare group that offers solutions and services to help people with hearing loss connect with the world around them. In every aspect, from hearing devices, hearing implants, diagnostics to audio and video solutions and hearing care all over the world, Demant is active and engaged. Our innovative technologies and know-how help improve people’s health and hear-ing. We create life-changing differences through hearing health.
Vedhæftninger
2022-04 Indkaldelse til generalforsamling.pdf
8.2.2022 09:53:46 CET | Demant A/S |
Notice to general meeting
To the shareholders of
Demant A/S
8 February 2022
Notice is hereby given of the Annual General Meeting of Demant A/S to be held on:
Thursday, 10 March 2022 at 4:00pm CET
virtually and at the company’s headquarters
Kongebakken 9, 2765 Smørum, Denmark
The ordinary AGM will be held as a hybrid meeting, which means that it is possible to attend the meeting both physically and virtually due to the coronavirus situation. Please note that the meeting will be conducted in Danish.
Please see below for further information on how to attend the AGM.
Agenda
In accordance with Article 8.2 of the Articles of Association, the agenda is as follows:
1. The Board of Directors’ report on the company’s activities in the past year.
The Board of Directors recommends that the report be adopted.
2. Presentation for approval of the audited Annual Report 2021, including the consolidated financial statements.
The Board of Directors recommends that the Annual Report 2021 be approved.
3. Resolution on the appropriation of profit or payment of loss according to the approved Annual Report 2021.
The Board of Directors proposes that the profit of DKK 2,015 million be transferred to the company’s reserves to the effect that no dividend be paid.
4. Presentation of and indicative vote on the Remuneration Report for 2021.
5. Approval of remuneration for the Board of Directors for the current financial year.
The Board of Directors recommends that the proposed remuneration be approved.
6. Election of members to the Board of Directors.
Under Article 11.2 of the Articles of Association, Board members elected by the AGM are elected for one-year terms. At the AGM in 2022, Niels B. Christiansen, Niels Jacobsen, Anja Madsen, Sisse Fjelsted Rasmussen and Kristian Villumsen stand for re-election.
7. Election of auditor.
The Board of Directors proposes that PwC be elected.
8. Any proposals from the Board of Directors or shareholders.
The Board of Directors has submitted the following proposals:
8a) Reduction of the company’s share capital
8b) Authorisation to the Board of Directors to let the company acquire own shares
8c) Approval of the company’s Remuneration Policy
8d) Authority to the chairman of the AGM
9. Any other business
Elaboration of the proposals
Re agenda item 4
The Board of Directors proposes that the Remuneration Report for the financial year 2021 be approved. The Remuneration Report is available on the company’s website https://www.demant.com/investor-relations/annual-general-meeting.
The vote is indicative pursuant to section 139b (4) of the Danish Companies Act.
The Remuneration Report for 2020 was approved at the AGM on 5 March 2021 without comments from the shareholders.
Re agenda item 5
The Board of Directors proposes that the basic fee for board members remains DKK 400,000 for 2022 and that the Chairman will continue to receive three times the basic fee and the Deputy Chairman twice the basic fee.
In addition to this, the Board of Directors proposes that the basic fee for audit committee members remains DKK 50,000 and that the chairman of the audit committee will continue to receive three times the basic fee.
Re agenda item 6
Niels B. Christiansen, Niels Jacobsen, Anja Madsen, Sisse Fjelsted Rasmussen and Kristian Villumsen stand for re-election. Information on each of the Board members, their managerial posts etc. follows below:
Niels B. Christiansen, Chairman (born 1966, male). Joined the Board of Directors in 2008 and was most recently re-elected in 2021 for a term of one year. He is chairman of the nomination, remuneration and IT security committees and a member of the audit committee. Because of his seat as deputy chairman on the board of William Demant Foundation (the company’s majority shareholder), he is not considered independent. Other managerial posts: LEGO A/S, CEO and President; Tetra Laval S.A., board member; Confederation of Danish Industry, chairman of Committee on Business Policy.
Niels B. Christiansen holds a Master of Science degree in Engineering from the Technical University of Denmark (DTU) and holds an MBA from INSEAD in France. His international experience from the management of major, global, industrial, hi-tech corporations is comprehensive. He has extensive board experience from listed companies as well as strong insight into industrial policy.
Niels Jacobsen, Deputy Chairman (born 1957, male). Joined the Board of Directors in 2017 and was most recently re-elected in 2021 for a term of one year. He is a member of the audit, nomination, remuneration and IT security committees. Because of his former position as President & CEO of Demant A/S, he is not considered independent. Other managerial posts: William Demant Invest A/S, CEO; KIRKBI A/S, deputy chairman; Nissens A/S, chairman, Thomas B. Thriges Fond (Thomas B. Thrige Foundation), chairman, ABOUT YOU Holding GmbH, deputy chairman; EKF Danmarks Eksportskredit, board member; ATP Langsigtet Dansk Kapital, member of the advisory board. Additional duties related to William Demant Invest: Jeudan A/S, chairman; Össur hf., chairman; Vision RT Ltd., chairman; Founders A/S, chairman; Boston Holding A/S, board member.
Niels Jacobsen holds a Master of Science degree in Economics from Aarhus University. He has extensive leadership experience from major international companies. His competencies include business management and in-depth knowledge of financial matters, accounting, risk management, mergers and acquisitions. He has broad experience from the global healthcare.
Anja Madsen (born in 1976, female). Joined the Board of Directors in 2020 for a term of one year and was most recently re-elected in 2021 for a term of one year. She is considered an independent Board member. Other managerial posts: Føtex, Executive Vice President; Lemvigh-Müller A/S, board member.
Anja Madsen holds a BSc in Economics from London School of Economics and an MBA from INSEAD. Anja Madsen has extensive international management experience from positions in the retail segment as well as board experience. Anja Madsen’s competencies includes in particular management of operations and extensive experience with transformations that focus on execution of strategies.
Sisse Fjelsted Rasmussen (born in 1967, female). Joined the Board of Directors in 2021 for a term of one year. She is considered an independent Board member. Other managerial posts: Stark Group A/S, CFO; CO-RO, board member and chairman of the audit committee; Conscia, board member; Confederation of Danish Industry, member of the Committee on Tax Policy.
Sisse Fjelsted Rasmussen is a state-authorised public accountant and holds a M.Sc. in Business Administration and Auditing from Copenhagen Business School (CBS). Sisse Fjelsted Rasmussen has extensive experience from and competencies in finance and accounting. In addition, she has extensive management and board experience from listed companies as well as competencies in value creation, change management and M&A.
Kristian Villumsen (born in 1970, male). Joined the Board of Directors in 2021 for a term of one year. He is considered an independent board member. Other managerial posts: Coloplast A/S, President & CEO since 2018; Confederation of Danish Industry, member of the Committee on Healthcare Issues.
Kristian Villumsen holds a Master of Political Science from Aarhus University and a Master in Public Policy from Harvard University. Kristian Villumsen has extensive international management experience from the MedTech industry as well as extensive management and board experience from listed companies in such areas as innovation, strategy deployment and commercial excellence.
Re agenda item 7
Pursuant to statutory requirements on the rotation of audit partners and audit firms, the Board proposes that the company’s long-serving audit firm, Deloitte, be changed. The Board proposes that PwC be elected in accordance with the recommendation of the audit committee.
The audit committee has not been influenced by any third party and has not been subject to any agreements concluded with third parties that limit the election by the AGM of certain auditors or accounting firms.
Re agenda item 8a
The Board of Directors proposes a reduction of the company’s share capital by nominally DKK 1,949,819.60 divided into 9,749,098 shares of DKK 0.20, corresponding to the company’s holding of treasury shares as at 27 January 2022 less shares to cover Management’s retention programme and the employees’ share salary arrangement. The company’s holding of treasury shares was acquired as part of the company’s share buy‐backs in 2021. The amount of the reduction will be distributed to the shareholders in accordance with section 188 of the Danish Companies Act. The shares were acquired at a total price of DKK 3,134,973,171.00, meaning that DKK 3,133,023,351.40 was paid in addition to the nominal amount of the reduction.
As a result of the capital reduction, the Board of Directors proposes that Article 4.1 of the Articles of Association be amended accordingly after expiry of the time limit prescribed in section 192 of the Danish Companies Act to the effect that it will then be stated in Article 4.1 that the company’s share capital is DKK 46,075,747.00.
Before the capital reduction is implemented, the company’s creditors will be requested, through the IT system of the Danish Business Authority (Erhvervsstyrelsen), to file their claims within four weeks in accordance with section 192(1) of the Danish Companies Act. Under section 193(1) of the Danish Companies Act, the capital reduction and the resulting amendment of the company’s Articles of Association will be registered as final by the Danish Business Authority no later than four weeks after expiry of the time limit for the filing of claims by creditors, unless the capital reduction cannot be implemented at such time under the provisions of the Danish Companies Act.
Re agenda item 8b
Until the next AGM, the Board of Directors is authorised to let the company acquire own shares of a nominal value of up to 10% of the share capital. The bid price for the shares must not deviate by more than 10% from the price quoted on Nasdaq Copenhagen A/S at the time of acquisition. The price quoted on Nasdaq Copenhagen A/S at the time of the acquisition means the closing price – all transactions at 5:00pm CET.
Re agenda item 8c
The Board of Directors proposes that an updated Remuneration Policy be approved to the effect that the remuneration structure for the Executive Board is changed.
In order to take a step further in realising Demant’s overall strategy, while being able to attract, retain and motivate the members of the Executive Board, the Board of Directors believes that offering a short- and long-term incentive programme to the Executive Board will contribute to aligning the interests of the members of the Executive Board with the interests of the company and the shareholders and also contribute to furthering long-term value creation in the company and thus supporting the company’s business strategy.
This Remuneration Policy will replace the Remuneration Policy approved at the AGM in March 2020. At the AGM in March 2021, the Remuneration Report for 2020 was approved without comments from the shareholders.
The most important changes to the proposed Remuneration Policy are:
Introduction of a cash-based Short-Term incentive programme for the Executive Board. Any payout and the size of such payout under this programme is dependent on the achievement of performance criteria.
Introduction of performance criteria in the Long-Term Incentive Programme for the Executive Board to ensure that pay-out under this programme is dependent on the achievement of these criteria.
Grant of Restricted Stock Units (RSUs) instead of “shadow shares” under the long-term incentive programme.
The clawback provision is altered to take into account any incorrect information provided in connection with the performance criteria based on which remuneration is paid.
An Executive Board member’s entitlement to remuneration throughout the period during which a non-competition clause is exercised is included.
The Board of Directors’ proposal for a revised Remuneration Policy will be available on the company’s website https://www.demant.com/investor-relations/annual-general-meeting no later than 14 February 2022.
After approval by the AGM, the company’s Remuneration Policy will as soon as possible be published on the company’s website https://www.demant.com/investor-relations/annual-general-meeting.
Re agenda item 8d
The chairman of the AGM is authorised to make any such amendments and additions to the resolutions passed by the AGM and to apply for registration of such amendments and additions with the Danish Business Authority that may be required by the Authority in connection with the registration of the amendments passed.
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Adoption of the proposed resolution under agenda item 8a (reduction of the company’s share capital), is subject to at least 51% of the share capital being represented at the AGM and the resolutions being passed by at least two‐thirds of both the votes cast and the voting share capital represented at the AGM, cf. Article 10.3 of the Articles of Association.
The other proposed resolutions on the agenda may be passed by a simple majority of votes, cf. Article 10.2 of the Articles of Association, however, the proposal under agenda item 4 (Remuneration Report) is solely indicative.
The company’s share capital is DKK 48,025,566.60, divided into shares of DKK 0.20 or multiples thereof, cf. Article 4.1 of the Articles of Association. Each share of DKK 0.20 carries one vote, cf. Article 9.1 of the Articles of Association.
Participation in the general meeting
Under Article 9.2 of the Articles of Association, shareholders who are registered as shareholders in the register of shareholders on the date of registration, 3 March 2022, or have made a request to that effect and such request having reached the company are entitled to attend and vote at the AGM.
Shareholders entitled to attend and vote at the AGM under Article 9.2 of the Articles of Association are entitled to attend the AGM, subject to having obtained an admission card for themselves and for any adviser accompanying them to the meeting no later than on 7 March 2022 at 11:59pm CET.
Please note that only shareholders registered in the register of shareholders on the date of registration and having obtained an admission card prior to the AGM are entitled to attend.
Admission cards may be obtained:
electronically through the Shareholder Portal, which can be found on the company’s website, https://www.demant.com/investor-relations/share-and-ownership,
by submitting the order form by post to Computershare A/S, Lottenborgvej 26 D, 1st floor, DK-2800 Kgs. Lyngby, Denmark, or as a scanned copy by e-mail to gf@computershare.dk,
by making a written application to the company’s headquarters, Kongebakken 9, DK-2765 Smørum, Denmark (marked “Adgangskort til generalforsamling”), or
by appearing in person at the company’s headquarters, Kongebakken 9, DK-2765 Smørum, Denmark.
The company will forward electronic admission cards, including information on how to participate in the virtual general meeting, by e-mail to the e-mail address indicated by the shareholder when registering in the Shareholder Portal. In order to participate virtually, each shareholder is responsible for ensuring that the shareholder has a mobile or other device that can access the relevant internet browser and that the shareholder has adequate and functioning internet access at the time of the AGM. Please see this guide for further information: https://www.computershare.com/dk/Online-AGM-User-Guide.
The company has designated Danske Bank A/S as its custodian bank through which the company’s shareholders may exercise their financial rights.
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By 14 February 2022, the following information and documents will be made available on the company’s website, https://www.demant.com/investor-relations/annual-general-meeting: 1) Notice convening the AGM; 2) the total number of shares and voting rights as at the date of the notice; 3) all documents to be submitted to the AGM, including the audited Annual Report 2021; 4) the agenda and the complete proposed resolutions to be submitted to the AGM; and 5) postal and proxy voting forms.
All shareholders may submit written questions about the agenda and the documents to be used for the AGM. Any questions must be sent by post to the company or by e-mail to info@demant.com. Questions will be answered in writing before or orally at the AGM, unless the answer is made available on the company’s website, https://www.demant.com/investor-relations/annual-general-meeting, prior to the AGM.
If you are unable to attend the AGM, the company’s Board of Directors would be pleased to act as proxy to cast the votes attaching to your shares. Proxies may be appointed electronically through the Shareholder Portal on the company’s website, https://www.demant.com/investor-relations/share-and-ownership, no later than on 7 March 2022. You may also complete, date and sign a proxy form and return it by post to Computershare A/S, Lottenborgvej 26 D, 1st floor, DK-2800 Kgs. Lyngby, Denmark, or as a scanned copy by e-mail to gf@computershare.dk for receipt no later than on 7 March 2022. If you wish to appoint proxies other than the Board of Directors, you may use the form for appointing a third-party proxy. Please note that you must also request an admission card for the proxy. The above proxy forms are available on the company’s website, https://www.demant.com/investor-relations/annual-general-meeting.
You may also vote by post. Postal votes may be cast electronically through the Shareholder Portal on the company’s website, https://www.demant.com/investor-relations/share-and-ownership, no later than on 9 March 2022 at 12:00pm CET (noon). You may also complete, date and sign a postal voting form – the same form as the proxy form – and return it by post to Computershare A/S, Lottenborgvej 26 D, 1st floor, DK-2800 Kgs. Lyngby, Denmark, or as a scanned copy by e-mail to gf@computershare.dk, for receipt no later than on 9 March 2022 at 12:00pm CET (noon). Postal voting forms are available on the company’s website, https://www.demant.com/investor-relations/annual-general-meeting.
In connection with the AGM, the company collects, processes and keeps certain personal data. For further information, please refer to the company’s Privacy Notice, which is available on the company’s website, https://www.demant.com/privacy-notice.
Smørum, 8 February 2022
The Board of Directors
About Demant A/S
Demant is a world-leading hearing healthcare group that offers solutions and services to help people with hearing loss connect with the world around them. In every aspect, from hearing devices, hearing implants, diagnostics to audio and video solutions and hearing care all over the world, Demant is active and engaged. Our innovative technologies and know-how help improve people’s health and hear-ing. We create life-changing differences through hearing health.
Attachments
2022-04 Notice to annual general meeting.pdf
