Sandoz (SDZNY, Financial) successfully concluded its Annual General Meeting (AGM), where shareholders approved all proposals put forth by the Board of Directors. The meeting saw participation from 1,072 shareholders, alongside votes cast by an independent proxy, collectively representing 75.73% of shares eligible to vote.
Key decisions included the approval of the company's Annual and Consolidated Financial Statements, as well as a report on non-financial matters for the 2024 fiscal year. Shareholders confirmed Gilbert Ghostine as Chairman of the Board and approved a dividend of 0.60 Swiss francs per share, accounting for 24% of the core net income. This dividend, subject to Swiss withholding tax, will be paid on April 23, 2025, with April 16, 2025, as the last trading day to qualify for it.
The AGM also endorsed a change in the registered seat of Sandoz Group AG from Risch to Basel. Additionally, shareholders agreed on amendments to the Articles of Incorporation, including expanding the capital band by up to 10% and introducing new provisions for conditional share capital, aimed at optimizing the firm's capital structure.
Compensation plans received shareholder approval, setting maximum aggregate amounts for both the Board of Directors and the Executive Committee for future financial years. The 2024 Compensation Report was also affirmed in an advisory vote. Moreover, all Board members, including Gilbert Ghostine, were re-elected for another one-year term.
Board member Urs Riedener is set to be re-designated as chair of the Human Capital and ESG Committee, with several colleagues re-elected to the same committee. Lastly, KPMG AG was re-appointed as statutory auditors for 2025, while Advoro Zurich AG continues as the independent proxy until the 2026 AGM.
