Annual general meeting of Schouw & Co.

The Company’s annual general meeting was held today at Hermans, Tivoli Friheden, DK-8000 Aarhus C. Due to the circumstances of covid-19, the general meeting was live streamed on the Internet.

Report by the Board of Directors
The Chairman reported that Schouw & Co. generated revenue in 2020 of DKK 21.3 billion (2019: DKK 20.9 billion) and EBITDA of DKK 2,209 million (2019: DKK 1,951 million). Furthermore, the Board of Directors' report showed that for 2021 the Group expects consolidated revenue of about DKK 21.9 billion and EBITDA in the range of DKK 2,015-2,225 million.

The Board of Directors' report is not put to the vote, but the shareholders took note of the report.

Approval of the annual report and distribution of profit
The shareholders voted to approve the 2020 annual report with distribution of profit for the year and the Board of Directors' recommendation that a dividend of DKK 14 per share be paid, as well as the proposed resolution to discharge the Board of Directors and the Executive Management from liability.

Advisory vote on the remuneration report
The annual general meeting approved the remuneration report 2020 presented for an advisory vote.

Proposals from the Board of Directors
The shareholders voted to approve the Board of Directors' proposal for the annual basic fee for the Board of Directors at DKK 325,000 for 2021.

The shareholders voted to approve the Board of Directors' proposal to amend the address of registrar of Article 2(3) of the Articles of Association.

The shareholders voted to approve the Board of Directors' proposal to add a new Article 5 to the Articles of Association – Proposal to use electronic communication – and to amend Article 4(1), first paragraph.

Election of members to the Board of Directors
From the Board of Directors Jørgen Wisborg and Hans Martin Smith were up for election, and upon proposal from the Board of Directors they were both re-elected.

Appointment of auditors
PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab were appointed as the Company’s auditors.

Authorisation to the chairman of the general meeting
The shareholders authorised the chairman of the meeting, or whoever the chairman may be replaced by in his absence, to file the resolutions approved by the general meeting for registration.

Any other business
No other business was considered.

Immediately after the Annual General Meeting, the Board of Directors elected Jørn Ankær Thomsen Chairman and Jørgen Wisborg Deputy Chairman of the Board.

Aktieselskabet Schouw & Co.
Jørn Ankær Thomsen, Chairman
Jens Bjerg Sørensen, President

Any questions should be directed to Jens Bjerg Sørensen, President, on telephone +45 8611 2222.

Attachment

• 2021-04-15 FBM 04-2021 AGM minutes