SolarWorld AG / AGM/EGM
20.05.2009
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Guest Speaker Prof. Dr. Lutter Praises 'Historic Event'
At the tenth ordinary Annual General Meeting of SolarWorld AG the
shareholders sent their company a signal as to where they see the
appropriate size of management salaries in Germany. The AGM where more than
1,000 shareholders and shareholder representatives were present followed
the proposal of the Supervisory Board and the Management Board to limit the
emoluments of Management Board members to twenty times the gross average
income in the group. Guest speaker and economic law expert Prof. Dr. Marcus
Lutter paid tribute to the initiative of corporate management by describing
it at the AGM 'as a historic event without precedent in the history of the
Federal Republic of Germany'. It was the correct thing to do 'to put the
decision on a limitation into the hands of the owners, i.e. the
shareholders in their representative body, the Annual General Meeting. We
can be proud of the management of this company'. The proposal was also a
trend-setter for a well functioning economic society. On this topic the
Chairman of the Supervisory Board, Dr. Claus Recktenwald, said: 'Since the
inception of the company ten years ago the organs of SolarWorld have been
characterized by sound judgment and realism. That was also the motivation
for us to oppose legislative hyper-action and become active ourselves. That
the Management Board of SolarWorld AG has taken the lead on this is once
again trend-setting.'
Dividend continuity as an expression of the sound state we are in
For the ninth time in succession the AGM also passed a resolution to
distribute a dividend. The share in the profits for shareholders for fiscal
year 2008 amounts to 0.15 (previous year: 0.14) Eurocent. The payout will
take place on 22 May 2009. The lion's share of the balance sheet profit of
the stock corporation will go into revenue reserve thus strengthening the
capital base of the group. SolarWorld Chairman and CEO Dipl.-Ing. Frank H.
Asbeck called the 'dividend increase with judgment' an expression of the
'sound state we are in as a company'. The financial strength of SolarWorld
was a key to success. 'Financial soundness secures our investment projects
and is an important component of our quality orientation which in turn
created a strong brand for us that guarantees a top position in the
market'. The 'Roof top savings bank' sales drive was a great success
against this backdrop. 'High quality solar power technology offers sound
and sustainable returns from the roof. This reliability is highly
appreciated by our customers'. SolarWorld quality is also proving
successful in an environment of declining prices as a factor of stability.
The necessary price reduction in the market will according to Chairman and
CEO Asbeck lead to a situation where solar power from the roof will no
longer be more expensive than conventional electricity from the wall socket
as of the year 2012.
The Annual General Meeting passed the resolutions for all other items on
the agenda with a large majority. Satisfaction with corporate management
and its highest supervisory body was expressed by the shareholders in the
form of overwhelming approval to the discharge of the Management Board and
the Supervisory Board.
About SolarWorld AG: The SolarWorld AG group of companies (ISIN:
DE0005108401) is a world leader in providing high quality solar power
technology. The company which is exclusively dedicated to its core business
of photovoltaic technology is represented at all the stages of the solar
value chain combining industrial activities ranging from the raw material
of silicon to turn-key solar power plants and recycling. SolarWorld AG is
represented in all solar growth markets of the world with production
facilities mainly in Germany and the USA - with the major sites located in
Freiberg/Saxony and in Hillsboro/USA. The company headquarters are located
in Bonn/Germany. Worldwide sales of the solar modules are secured by our
five sales offices in Germany, Spain, USA, South Africa and Singapore. The
central element of the business in addition to the sale of turn-key solar
plants and solar modules to the specialist trade is the distribution of
solar silicon wafers to the international solar cell industry. In addition
to grid-coupled (on-grid) products the SolarWorld Group also distributes
grid-independent (off-grid) solar power solutions. Under the name
Solar2World the group lives up to its ethical commitment to a fair
development also in threshold and developing countries. In this context
mainly off-grid solar power solutions are funded that are perfect examples
for sustainable economic development.
Sustainability is an integral part of the SolarWorld AG corporate strategy.
Corporate management feels committed to sustainable ecologically,
economically and socially acceptable growth. SolarWorld AG employs some
2,500 people worldwide. The company is quoted at the stock market including
listings in the technology index TecDAX, the ÖkoDAX, the Dow Jones STOXX
600, the international MSCI Index as well as the sustainability indices
DAXglobal Alternative Energy and NAI.
Contact:
SolarWorld AG Investor Relations/Corporate Communications:
Tel.-No.: 0228/55920-470; Fax No.: 0228/55920-9470
E-mail: placement@solarworld.de;
Internet: www.solarworld.de
DGAP 20.05.2009
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Language: English
Issuer: SolarWorld AG
Martin-Luther-King-Straße 24
53175 Bonn
Deutschland
Phone: +49 (0)228 - 559 20 470
Fax: +49 (0)228 - 559 20 99
E-mail: placement@solarworld.de
Internet: www.solarworld.de
ISIN: DE0005108401
WKN: 510840
Indices: TecDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), Düsseldorf;
Freiverkehr in Berlin, München, Hamburg, Stuttgart;
Terminbörse EUREX
End of News DGAP News-Service
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DGAP-News: Annual General Meeting of SolarWorld AG Passes Cap on Management Salaries
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