10
May
2011
|
17:35
Europe/Amsterdam

Shareholders approve all proposals

At today’s Annual General Meeting of Kuehne + Nagel International AG 71.8 per cent of voting shares were represented. All proposals were approved by clear majorities.

Klaus-Michael Kuehne, Chairman of the Board of Directors of Kuehne + Nagel International AG, was pleased that the Kuehne + Nagel Group had recovered its growth momentum only twelve months after the severest economic crisis in decades. The company’s strategy had proven effective and led to a record result in 2010. The Chairman also expressed confidence in the continuing positive development of business and results in 2011. This is based on the Kuehne + Nagel Group’s ability to maximise business opportunities worldwide, thanks to its comprehensive product portfolio and its ability to operate quickly, flexibly and efficiently, even in a volatile and difficult environment.

Karl Gernandt, Executive Vice Chairman of the Board of Directors, outlined the strategic cornerstones of the growth initiative, which had been developed under his leadership and that will run into 2014. Its primary goal – sustained increase of the value of the company – will be generated through increased customer focus, integrated logistics solutions, efficiency and IT leadership.

All proposals approved
The shareholders approved the annual report, the financial statements and the consolidated financial statements for 2010 and followed the Board of Directors’ recommendation to increase the dividend to CHF 2.75 per share compared to the previous year (CHF 2.30). In addition, the shareholders approved the distribution of capital contribution reserves, amounting to CHF 1.50 per share. Payout is scheduled for May 17, 2011.

The Annual General Meeting granted discharge to the Board of Directors and the Management Board for the 2010 business year.

Elections to the Board of Directors
Juergen Fitschen, Karl Gernandt, Hans-Joerg Hager, Klaus-Michael Kuehne, Hans Lerch, Dr. Wolfgang Peiner, Dr. Thomas Staehelin, Dr. Joerg Wolle and Bernd Wrede were re-elected to the Board of Directors for one-year terms.

Dr. Renato Fassbind, a Swiss citizen, was newly elected to the Board of Directors for a one-year term. He brings with him an extensive knowledge of financial management. From 2004 until October 2010, Dr. Fassbind held the position of Chief Financial Officer at Credit Suisse Group AG and Credit Suisse AG. In this function, he had been a member of the Executive Boards of Credit Suisse Group AG and Credit Suisse AG since 2004.

Statutory Auditor
KPMG AG, Zurich, was confirmed as the statutory and Group auditor for the business year 2011.

The next Annual General Meeting will be held on May 8, 2012.