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2014-03-28

SKF: Annual General Meeting of AB SKF

Gothenburg, 28 March, 2014: The Annual General Meeting of Aktiebolaget
SKF, parent company of the SKF Group, was held today under the
chairmanship of Mr Leif Östling.

The income statements and the balance sheets were adopted, together
with the Board's proposal for distribution of a dividend. A dividend
of SEK 5.50 per share was approved. To be entitled to receive the
dividend, shareholders must be recorded in the share register on 2
April 2014.

The Meeting approved the Board's proposal to amend the Articles of
Association concerning the increase of the highest number of board
members from ten to twelve board members.

The Meeting resolved that the Board's fee for 2014 is to be in
accordance with the following:

a) a firm allotment of SEK 5,895,000 to be distributed with SEK
1,440,000 to the Chairman of the Board, and with SEK 495,000 to each
other Board member elected by the General Meeting and not employed by
the company;

b) a variable allotment corresponding to the value, calculated as
below, of the number of shares in the company of series B the value
of which after the Annual General Meeting shall amount to SEK 400,000
to be received by the Chairman, and the number of shares in the
company of series B the value of which after the Annual General
Meeting shall amount to SEK 137,500 to be received by each other
Board member; and

c) an allotment for committee work of SEK 918,000 to be distributed
with SEK 210,000 to the chairman of the Audit Committee, with SEK
150,000 to each of the other members of the Audit Committee, with SEK
120,000 to the chairman of the Remuneration Committee and with SEK
96,000 to each of the other members of the Remuneration Committee.

A prerequisite for obtaining an allotment is that the Board member is
elected by the General Meeting and is not employed by the company.

When deciding upon the variable allotment, (i) the number of shares
shall be determined by dividing the amount of SEK 400,000 and SEK
137,500, respectively, with the average latest payment rate of a
share of series B according to the quotations on the NASDAQ OMX
Stockholm AB during the five trading days immediately following the
day on which the share is traded without any right to receive
dividend for 2014 and (ii) the value of a share of series B in the
company shall be determined at the average latest payment rate
according to the quotations on the NASDAQ OMX Stockholm AB during the
five trading days after publication of the company's press release
for the financial year 2014.

The following Board members were re-elected: Mr Leif Östling, Ms Ulla
Litzén, Mr Tom Johnstone, Ms Lena Treschow Torell, Mr Peter Grafoner,
Mr Lars Wedenborn, Mr Joe Loughrey, Mr Jouko Karvinen and Mr Baba
Kalyani. The following Board members where newly elected: Mr Hock Goh
and Ms Marie Bredberg.

Mr Leif Östling was elected Chairman of the Board.

The Meeting approved the Board's proposal regarding principles of
remuneration for Group Management and the Board's proposal for a
resolution on SKF's Performance Share Programme 2014. The programme
covers not more than 310 senior managers and key employees in the SKF
Group with an opportunity to be allotted, free of charge, SKF B
shares. Under the programme, not more than 1,000,000 shares,
corresponding to around 0.2% of the total number of outstanding
shares, may be allotted. The number of shares that may be allotted
must be related to the degree of achievement of the TVA target level,
as defined by the Board, for the financial year 2014, and the TVA
development for the financial year 2016 compared to the financial
year 2014.

The Meeting approved the proposal presented regarding the Nomination
Committee.

Aktiebolaget SKF
(publ)

For further information, please contact:
Press Relations: Ingalill Östman, 46 31-337 3260, mobile: 46
706-973260, ingalill.ostman@skf.com

Investor Relations: Marita Björk, 46 31-337 1994, mobile: 46
705-181994, marita.bjork@skf.com

SKF is a leading global supplier of bearings
(http://www.skf.com/portal/skf/home/products?contentId=876709&lang=en),
seals
(http://www.skf.com/portal/skf/home/products?contentId=238358&lang=en),
mechatronics
(http://www.skf.com/portal/skf/home/products?contentId=447144&lang=en),
lubrication systems (http://www.skf.com/portal/skf_lub?lang=en), and
services
(http://www.skf.com/portal/skf_lub/home/services?contentId=867934&lang=en)
which include technical support, maintenance and reliability
services, engineering consulting and training. SKF is represented in
more than 130 countries and has around 15,000 distributor locations
worldwide. Annual sales in 2013 were SEK 63,597 million and the
number of employees was 48,401. www.skf.com

® SKF is a registered trademark of the SKF Group.

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http://news.cision.com/skf/r/annual-general-meeting-of-ab-skf,c9559937
http://mb.cision.com/Main/637/9559937/226486.pdf

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