Annual General Meeting of AB Volvo
The Annual General Meeting of AB Volvo held on April 4, 2012 approved the Board of Directors’ motion that a dividend of SEK 3.00 per share be paid to the company’s shareholders.
Peter Bijur, Jean-Baptiste Duzan, Hanne de Mora, Anders Nyrén, Olof Persson, Ravi Venkatesan, Lars Westerberg and Ying Yeh were reelected as members of the AB Volvo Board. In addition, Carl-Henric Svanberg was elected member of the Board and Board Chairman, replacing Louis Schweitzer who had declined reelection.
Carl-Olof By, representing AB Industrivärden, Jean-Baptiste Duzan, representing Renault s.a.s, Lars Förberg, representing Violet Partners LP, Håkan Sandberg, representing Svenska Handelsbanken, SHB Pension Fund, SHB Employee Fund, SHB Pensionskassa and Oktogonen and the Chairman of the Board were elected members of the Election Committee.
AB Volvo signs memorandum of understanding with Deutz
On April 5 it was announced that AB Volvo had signed a non-binding memorandum of understanding with Deutz AG with the intention to explore the potential to extend the long-term cooperation with a joint development of the next generation of medium-duty engines for off-road applications.
The memorandum of understanding also aims at analyzing the conditions for establishing a Deutz majority-owned joint-venture company in China for the production of medium-duty engines for off-road applications. The production company is intended to provide support for the Volvo Group’s anticipated growth in off-road applications in Asia. Any implementation requires both companies to agree on the final terms and conditions in a binding contract.
Unfavorable court ruling in the U.S. pertaining to Volvo Penta engines
Volvo Powertrain Corporation and the U.S. Environmental Protection Agency are in a dispute pertaining to emission compliance of 8,354 model year 2005 Volvo Penta engines under a 1999 Consent Decree entered between the parties. On April 13, 2012, the U.S. District Court for the District of Columbia issued an order directing Volvo to pay a total of USD 72,006,337 in penalties and interest. The decision will be appealed. For further information, please see Risks and uncertainties.
Detailed information about the events is available at www.volvogroup.com