DGAP-News: Progress-Werk Oberkirch AG / Key word(s): AGM/EGM
Oberkirch, May 19, 2021 - PWO AG held its 2021 Annual General Meeting virtually, which was the second time the Annual General Meeting was held in this format as a precaution due to the pandemic. Around 65 percent of the share capital was represented.
In his speech, CEO Carlo Lazzarini reported to the shareholders on the Group's successful management in the 2020 fiscal year, which was dominated by the corona pandemic, and the encouraging first quarter of 2021. As communicated on April 23, 2021, the good start into the new year made it possible to significantly increase the forecast for business development in the current year.
At the center of his comments was a summary of PWO's updated Equity Story, which highlights the Group's strategy and positioning. Under the slogan "People, Planet, Progress" we use our technological leadership at the boundaries of what is technologically feasible in metal forming and joining technology to serve our customers and business partners. Responsibility is at the heart of everything we do. We see our business as a "Force for Good, as our contribution to a positive development in the future for the benefit of our customers, employees and shareholders as well as our environment.
We make steel light. Steel is 100 percent recyclable and has a significantly better CO2 footprint in production than carbon fiber-reinforced plastics, for example. An ever-growing number of customers are replacing plastic solutions with steel solutions from PWO, not only because they are more sustainable but also because of their greater functionality and safety, in many cases without adding weight. Additionally, we have also set ourselves distinct environmental goals at our locations with clearly defined milestones. The Oberkirch location, for example, is anticipated to be CO2-neutral by 2026, and the entire Group by 2030. The further digitalization of all processes will make a decisive contribution to achieving these as well as our other goals.
In his comments, Carlo Lazzarini explains: "We have a strong position in the three future mobility trend areas - electrification, safety and comfort. PWO will therefore benefit from the transformation taking place in the mobility industry and, moreover, has the potential to penetrate new markets.
The questions submitted by shareholders in advance of the Annual General Meeting related particularly to the consequences of the corona pandemic and PWO's sustainability strategy, as well as to the dividend policy and remuneration system.
The entire Annual General Meeting was broadcast live on the Internet for registered shareholders and guests. The agenda included the presentation of the financial statements for the 2020 fiscal year and the resolutions on the discharge of the management and the election of the auditor. In accordance with the Act Implementing the Second Shareholders' Directive, the adoption of resolutions on the approval of the remuneration system for Executive Board and on the remuneration of the Supervisory Board members was also required. As a result of the reported loss in the 2020 fiscal year, there was no adoption of a resolution on the appropriation of profits.
All resolution proposals were adopted by the Annual General Meeting. Details of the voting results have been made available on PWO's website at https://www.progress-werk.de/en/investors-press/annual-general-meeting/.
Progress-Werk Oberkirch AG
Company Profile PWO
All of the Group's more than 1,000 products contribute to electrification and safety as well as comfort. More than 90 percent of revenue is independent of combustion engines. Approximately 3,000 employees on three continents at five production sites and three assembly plants ensure the highest level of delivery reliability and quality.
|Company:||Progress-Werk Oberkirch AG|
|Phone:||+49 (0)7802 84-844|
|Fax:||+49 (0)7802 84-789|
|Listed:||Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Tradegate Exchange|
|EQS News ID:||1198551|
|End of News||DGAP News Service|