FAGERSTA, Sweden, Sept. 21, 2005 (PRIMEZONE) -- The 2005 Annual General Meeting of Seco Tools passed a resolution to appoint a Nominating Committee consisting of the Board Chairman and a representative for each of the four largest shareholders to serve until the next AGM. The Board Chairman shall act as Convener of the Committee. The composition of the Nominating Committee for the 2006 board elections will be made public as soon as the members have been appointed, although no later than six months prior to the AGM. The Nominating Committee shall be chaired by the member representing the largest shareholder. No compensation shall be paid to members of the Nominating Committee.
The responsibilities of the Nominating Committee are to put forward recommendations regarding election of the Chairman of the AGM, the number of members to serve on the Board of Directors, compensation to Board members and auditors, and nomination of candidates for election of Board members and the Board Chairman.
Should a member of the committee resign before fulfilling his/her obligations, a replacement representing the same shareholder may be appointed if deemed necessary. In the event that a shareholder which has appointed a member to the Nominating Committee divests or significantly decreases its holding in the Seco Tools, such member may be removed and a representative for the shareholder next in order of size be given the opportunity to serve in his/her place.
Based on the ownership structure in Seco Tools on August 31, 2005, the Nominating Committee for the 2006 AGM consists of Lars Pettersson, Sandvik AB, Marianne Nilsson, Robur, Mats Guldbrand, AMF Pension, Ramsay J. Brufer, Alecta Pensionsforsakring and Gunnar Bjorklund, Board Chairman. Lars Pettersson has been appointed as Chairman of the Nominating Committee.
Because Sandvik holds 60% of the share capital, corresponding to 89% of the votes in Seco Tools AB, a representative for Sandvik AB has been appointed to the Nominating Committee despite the fact that Sandvik through its business area Sandvik Tooling conducts operations competing with Seco Tools AB. However, no representative for Sandvik Tooling is included in the Nominating Committee, the Board of Directors or any other corporate governance body.
Individual shareholders who are not represented in the Nominating Committee may submit proposals and suggestions to the Nominating Committee via the company by telephone +46 (0)223-401 21, by mail addressed to Seco Tools AB, Att: Barbro Forsell, SE-737 82 Fagersta, Sweden, or by e-mail addressed to barbro.forsell@secotools.com.
Fagersta, Sweden, September 21, 2005
SECO TOOLS AB; (publ)
Gunnar Bjorklund
Board Chairman and Convener of the Nominating Committee
For additional information contact Kai Warn, President & CEO, telephone +46 (0)223-401 10 or Tomas Eliasson, CFO, telephone +46 (0)223-401 20. E-mail can be sent to investor.relations@secotools.com
Previously published financial information can be found under the heading "Investor Relations" on Seco Tools' website (www.secotools.com). Seco Tools AB's corporate registration number is 556071-1060 and the company's address is Seco Tools AB, SE-737 82 Fagersta, Sweden. The telephone number to the group head office is +46 (0)223-400 00.
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