99.68-percent approval: shareholders give green light to new E.ON

06/08/16

  • Shareholders resolve to spin off Uniper, which operates the Group’s conventional energy business, as an independent company
  • Over 99 percent of the shareholders approve actions of Management Board and Supervisory Board
  • Dividend proposal of 50 euro cents per share affirmed
  • New, transparent remuneration system links Management Board pay more closely to the company’s sustainable development

At the E.ON Annual Shareholders Meeting in Essen, the company’s shareholders approved the spinoff of a 53.35-percent majority stake in Uniper to shareholders. This decision was supported by 99.68 percent of the share capital represented at the meeting. This clear vote paves the way for the full implementation of E.ON’s new strategy. The new E.ON focuses on the new energy world and has three core businesses: energy networks, customer solutions, and renewables. Uniper focuses on the conventional energy business with an emphasis on power generation and energy trading. Both companies have ambitious objectives in their respective energy world.

“I’m pleased by this clear result. The high approval rate is proof that our shareholders have faith in the strategic course set by the Management Board and the Supervisory Board. It also represents a personal obligation for E.ON management and employees to devote all our energy to making our vision of a new and systematically customer-oriented E.ON a reality as quickly as we can,” E.ON CEO Johannes Teyssen said.

The spinoff of Uniper approved by E.ON SE shareholders will take effect when it is entered into the commercial register, likely in the second half of 2016. E.ON shareholders will then automatically receive Uniper shares at the one-to-ten ratio specified in the spinoff agreement. This means that they will receive one Uniper share for every ten E.ON shares they hold.

The Annual Shareholders Meeting also approved the actions of the Management Board and Supervisory Board during the 2015 financial year as well as the dividend of 50 euro cents per share proposed by the Management Board and Supervisory Board.

Over 91 percent of the shareholders also approved the new remuneration system for the Management Board. “Last spring we engaged in an intensive dialog with investors on their expectations for the future remuneration system. We also discussed our proposal with important shareholder protection associations. We are delighted about the high level of approval received for this market and performance-oriented system,” the outgoing Supervisory Board Chairman Werner Wenning said.

In future, the targets of the E.ON Management Board will be closely linked to the interests of the shareholders. Moreover, the Management Board will be obligated to invest significantly in E.ON stock and hold the corresponding number of shares. The annual remuneration will be based on the Earnings per Share, which is the figure used to determine the dividend. Remuneration for a period of several years will depend on the relative development of E.ON stock in comparison to the main European competitors, as measured by the relative Total Shareholder Return. The new system will become effective as of the 2017 financial year.

This press release may contain forward-looking statements based on current assumptions and forecasts made by E.ON Group Management and other information currently available to E.ON. Various known and unknown risks, uncertainties, and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. E.ON SE does not intend, and does not assume any liability whatsoever, to update these forward-looking statements or to conform them to future events or developments.