The ROCKWOOL International A/S ordinary General Meeting is of great significance as it convenes our shareholders. It is held once a year and is broadcasted live in Danish and English on our corporate website.
Voting at the General Meeting is based on possession of two types of ROCKWOOL shares: A shares (51.1% of the capital) carry ten votes each and B shares (48.9% of the capital) carry one vote each. This share structure is deemed optimal for the strategic development of the company, thereby creating long-term value. Together with the high equity ratio – currently 68% - this structure provides independence from financial markets, plus stability to counterbalance fluctuating conditions in building sector markets, as well as the high operational leverage of our business model. This leverage is linked to the capital intensive nature of our factories – one new plant may cost more than EUR 120 million and must operate with sufficiently high capacity to pay back the investment.
The ROCKWOOL Foundation – our largest shareholder with 23% of share capital – works for the benefit of society while also duly considering the long-term interests of the Group. Members of the Board of the ROCKWOOL Foundation include ROCKWOOL International A/S Board of Directors member Søren Kähler and Lars Elmekilde Hansen - one of three employee-elected members – as well as Andrzej Kielar, Managing Director of ROCKWOOL Polska.
There is an agreement between certain members of the Kähler family (founders of the business), to meet regularly to coordinate their interests in the company, including voting strategy at General Meetings, although there is no requirement for them to vote jointly. Søren Kähler and Thomas Kähler – both members of the Board of Directors – participate in these meetings.
ROCKWOOL International A/S Board of Directors and Group Management are not aware of the existence of any shareholder agreements containing pre-emption rights or restrictions in voting rights.