Annual General Meeting of SolarWorld AG Passes Cap on Management Salaries
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
SolarWorld AG Investor Relations/Corporate Communications:
Fax No.: 0228/55920-9470