STOCKHOLM, Sweden, March 24, 2005 (PRIMEZONE) -- As announced earlier, the Skanska Board of Directors has increased the company's financial goals and proposes in the notice to the Annual General Meeting that the Meeting decide on a long-term incentive program for senior executives aligned with the new goals. It is proposed that the program apply for the period 2005-2007, with payment in 2009-2011.
The overall goal for the program is to increase shareholder value and the ability to attract and retain key personnel. The program, which encompasses the 300 most senior executives, can provide a maximum 30-percent addition to fixed annual salary. The maximum costs for the allotment is approximately SEK 120 M annually.
Allotment is in the form of B shares that are distributed three years after being earned, contingent upon the employee not having chosen to leave the company. The program results in a maximum dilution of share capital of approximately 1.1 percent over three years. This will be Skanska's only Group-wide long-term incentive program and replaces an earlier program.
The program also includes terms for safe work environments, environmental impact, business ethics, fewer unprofitable projects and management supply. If these goals are not reached, any allotment is reduced by up to half.
The proposal will be addressed at the Annual General Meeting on April 7, 2005 and the Board proposal in its entirety is available at www.skanska.com
For further information please contact:
Sverker Martin-Lof, Chairman, Skanska AB, tel +46 70 574 88 08 Hans Biorck, Executive Vice President and CFO, Skanska AB, tel +46 8 753 88 00
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