MENU

Annual General Meeting 2007 approves all Board of Directors' proposals

May 15, 2007

The Annual General Meeting of Panalpina World Transport (Holding) Ltd., held on 15 May 2007, was well attended once again. The participating shareholders represented 48.57% of the share capital. All motions proposed by the Board of Directors were approved by an overwhelming majority.

In their speeches, both the retiring Chairman Gerhard Fischer and CEO Monika Ribar acknowledged the excellent results for the business year 2006. For Gerhard Fischer, the share price increase of over 80% during the year underlines the stock market's confidence in the business model and the performance of the Panalpina Group. Monika Ribar explained that, by its pure organic growth and the further substantially improved profitability, the Group has clearly maintained its position among the world market leaders in air and ocean freight transport and associated logistics solutions.

Sound majority for all motions

The Annual General Meeting approved the annual report, the annual financial statements and the consolidated financial statements. It further granted discharge to the members of the Board of Directors for the financial year 2006. The shareholders also followed the proposals to increase the dividend from the previous year’s CHF 2.00 to 3.00 and to extend the authorized share capital until 15 May 2009 with an unchanged amount. PricewaterhouseCoopers was re-elected as statutory and group auditors for a further year.

Re-election of members of the Board

With impressive words, Vice Chairman Wilfried Rutz paid tribute to the great achievements and the outstanding services rendered by retiring Chairman Gerhard Fischer, who handed over the Chairmanship to Rudolf W. Hug immediately after the Annual General Meeting. The terms of office of the two Board members Wilfried Rutz and Roger Schmid were extended by three further years by a clear majority of the shareholders.

Committee changes

Subsequent to the Annual General Meeting, the Board of Directors under its new Chairman Rudolf W. Hug reconstituted its committees. The Audit Committee now consists of Wilfried Rutz (Chairman, as before), Gunther Casjens (new member) and Roger Schmid (member as before). The Compensation & Nomination Committee is now constituted of: Rudolf W. Hug (Chairman, new), Yuichi Ishimaru (new member) and Wilfried Rutz (member as before).

The next Annual General Meeting is scheduled for 6 May 2008.

About Panalpina

The Panalpina Group is one of the world's leading providers of supply chain solutions. The company combines its core products of Air Freight, Ocean Freight, and Logistics to deliver globally integrated, tailor-made end-to-end solutions. Drawing on in-depth industry know-how and customized IT systems, Panalpina manages the needs of its customers' supply chains, no matter how demanding they might be. Energy Solutions is a specialized service for the energy and capital projects sector. The Panalpina Group operates a global network with some 500 offices in more than 75 countries, and it works with partner companies in a further 90 countries. Panalpina employs 15,000 people worldwide who deliver a comprehensive service to the highest quality standards – wherever and whenever.