10.11.2020
Erste Group’s Annual General Meeting resolves a dividend of EUR 0.75 per share for the financial year 2019
- Supervisory Board reduced in size, with Friedrich Santner and András Simor newly elected as members
- AGM approves the reports and activities of the Management and Supervisory Boards
The main items on the agenda at this year’s Annual General Meeting (AGM) of Erste Group Bank AG: the approval of the reports and activities of the Management Board and the Supervisory Board, the amount of the dividend, as well as elections to the Supervisory Board.
- Supervisory Board reduced in size, with Friedrich Santner and András Simor newly elected as members
- AGM approves the reports and activities of the Management and Supervisory Boards
The main items on the agenda at this year’s Annual General Meeting (AGM) of Erste Group Bank AG: the approval of the reports and activities of the Management Board and the Supervisory Board, the amount of the dividend, as well as elections to the Supervisory Board.
Held entirely online due to the current Corona crisis, today’s AGM for Erste Group saw 99.9% of shareholders approve the Management Board’s proposal to distribute an adjusted dividend of EUR 0.75 per share. This corresponds to a payout ratio of around 22% of the consolidated net profit for 2019. The dividend payout is conditional upon regulators adjusting their current recommendation to refrain from distributions to shareholders and to no other legal restrictions being in force prohibiting such distributions. This payment is scheduled for 15 February 2021, provided that on 8 February 2021 all conditions are met, and is subject to withholding tax.
The AGM approved the reports and activities of the Management Board members with a vote of 99.6%. Likewise, the reports and activities of the Supervisory Board members were approved with a vote of 99.4%.
The Supervisory Board suggested a decrease in the number of its members from 13 to twelve; this proposal was approved by shareholders. Shareholders approved the election of Friedrich Santner and András Simor as new members of the Supervisory Board. In addition, the Supervisory Board mandate of the existing member Maximilian Hardegg was extended.
The newly constituted Supervisory Board is (when taking into consideration only capital representatives) composed of four women and eight women, thus complying with the minimum proportionality requirement established by the Austrian Stock Corporation Act.
All other AGM resolutions that had been put forward (such as the adoption of the remuneration policy for the Management and Supervisory Boards, as well as changes to the Articles of Association) were similarly approved by shareholders.
In the financial year 2019, Erste Group posted a net profit of EUR 1.47 billion. CEE countries remained the economically most dynamic region in Europe this past year, posting GDP growth more than twice as high as the Eurozone average. Importantly, this growth was mostly generated by domestic demand, thanks to low unemployment rates and rising real wages. These robust overall economic conditions highlight the strength of Erste Group’s strategic positioning in the corporate and retail banking segments and offer a sound starting point from which to enter the current health crisis and the economic impacts associated with it.
Full details for the AGM, including the results of the votes and a video stream of the meeting, will be available at our website (with the video stream available until 13 November 2020):
Held entirely online due to the current Corona crisis, today’s AGM for Erste Group saw 99.9% of shareholders approve the Management Board’s proposal to distribute an adjusted dividend of EUR 0.75 per share. This corresponds to a payout ratio of around 22% of the consolidated net profit for 2019. The dividend payout is conditional upon regulators adjusting their current recommendation to refrain from distributions to shareholders and to no other legal restrictions being in force prohibiting such distributions. This payment is scheduled for 15 February 2021, provided that on 8 February 2021 all conditions are met, and is subject to withholding tax.
The AGM approved the reports and activities of the Management Board members with a vote of 99.6%. Likewise, the reports and activities of the Supervisory Board members were approved with a vote of 99.4%.
The Supervisory Board suggested a decrease in the number of its members from 13 to twelve; this proposal was approved by shareholders. Shareholders approved the election of Friedrich Santner and András Simor as new members of the Supervisory Board. In addition, the Supervisory Board mandate of the existing member Maximilian Hardegg was extended.
The newly constituted Supervisory Board is (when taking into consideration only capital representatives) composed of four women and eight women, thus complying with the minimum proportionality requirement established by the Austrian Stock Corporation Act.
All other AGM resolutions that had been put forward (such as the adoption of the remuneration policy for the Management and Supervisory Boards, as well as changes to the Articles of Association) were similarly approved by shareholders.
In the financial year 2019, Erste Group posted a net profit of EUR 1.47 billion. CEE countries remained the economically most dynamic region in Europe this past year, posting GDP growth more than twice as high as the Eurozone average. Importantly, this growth was mostly generated by domestic demand, thanks to low unemployment rates and rising real wages. These robust overall economic conditions highlight the strength of Erste Group’s strategic positioning in the corporate and retail banking segments and offer a sound starting point from which to enter the current health crisis and the economic impacts associated with it.
Full details for the AGM, including the results of the votes and a video stream of the meeting, will be available at our website (with the video stream available until 13 November 2020):