Annual General Meeting

Axfood's supreme governing body is the Annual General Meeting, where every shareholder has a right to participate. All shareholders have the right to have a matter taken up for consideration by the AGM.

The AGM's duties include, among other things:

electing the Company's board and the Chairman of the Board
adopting the Company's balance sheets and income statements
deciding and appropriating the result of the Company's business
deciding on whether to grant discharge of liability to the members of the Board of Directors and the CEO
deciding on the auditors' fees
approving the principles of compensation and other terms of employment for the Company's management.

Further, the AGM's duties can also include:

deciding on increases or decreases in share capital
electing the Company's auditor
making amendments to the Company's Articles of Association.

At the AGM, every shareholder, as a main rule, has the right to vote for all of his or her shares. No limits on shareholders’ rights are stipulated in Axfood’s Articles of Association.

Decisions by the AGM are made by simple majority of available votes. However, to protect the interests of small shareholders, certain decisions must be made by a qualified majority of the available votes and shares represented at the meeting. In addition, as a general minority protection rule, the AGM may not make decisions that can improperly benefit certain shareholders over others, to the detriment of the Company or other shareholders.