Munich, Germany, 1 June 2011 – TOMORROW FOCUS AG’s 2011 AGM was held in Munich today. All the items on the agenda requiring approval were adopted by large majorities. A resolution to pay a first-ever dividend of EUR 0.05 per share met with almost unanimous approval from shareholders attending the meeting. Annet Aris and Philipp Welte were elected to succeed Jean-Paul Schmetz and Helmut Markwort on the Supervisory Board.
In line with the pleasing record of high attendance in previous years, today’s Annual General Meeting of TOMORROW FOCUS AG at the Haus der Bayerischen Wirtschaft in Munich, Germany, brought together approximately 100 shareholders and proxy holders representing around 84 percent of the company’s share capital with voting rights.
Resolutions to approve the actions of the Management Board and the Supervisory Board were passed by majorities of over 99,998 percent of the shareholders present at the meeting.
Equally, there was almost unanimous approval (99,998 percent) for a resolution to pay a first-ever dividend of EUR 0.05 per qualifying notional no-par-value bearer share.
As the dividend will be paid fully out of the contribution account for tax purposes, as defined in section 27 of the German Corporation Tax Act (Körperschaftssteuergesetz, KStG), there will be no deductions of capital gains tax or solidarity surcharge. In most cases, dividends paid to domestic shareholders are not subject to taxation.
Elections to the Supervisory Board were also held at the Annual General Meeting. While existing members Dr Paul-Bernhard Kallen, Dr Andreas Rittstieg, Prof Dr Leberfinger and Martin Weiss were confirmed in office, Helmut Markwort and Jean-Paul Schmetz stepped down as planned at the end of the meeting for personal reasons. Dr Paul-Bernhard Kallen expressed his gratitude for their personal commitment and hoped that both would maintain close links with the company. In their place, the Annual General Meeting elected two new members: Annet Aris, Professor at the Institut Européen d’Administration des Affaires (INSEAD) in Fontainebleau, France, and Philipp Welte, Member of the Management Board at Hubert Burda Media Holding, Munich, Germany. Following the AGM, the Supervisory Board re-elected Dr Paul-Bernhard Kallen to the position of chairperson.