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Press Release: Novartis shareholders approve all resolutions proposed by the Board of Directors at the Annual General Meeting

| Quelle: Dow Jones Newsw... | Lesedauer etwa 6 min. | Text vorlesen Stop Pause Fortsetzen

Shareholders approve 24th consecutive dividend increase to CHF 3.00
(+1.7%) per share for 2020; representing a 3.8% yield1 and approximately
63% payout of free cash flow

Shareholders confirm Dr. Joerg Reinhardt as Chairman of the Board of
Directors as well as all other members who stood for re-election

Shareholders approve all other proposals of the Board of Directors,
including the 2020 Compensation Report in an advisory vote, as well as
the future Board and Executive Committee compensation in separate binding

Basel, March 2, 2021 Novartis shareholders today agreed to the Board
of Directors' recommendations for all proposed resolutions at the
Group's Annual General Meeting (AGM). In accordance with the Swiss
COVID-19 Ordinance 3, the 2021 AGM was held without shareholders being
physically present. Accordingly, shareholders exercised their
shareholder rights via the Independent Proxy and could follow the AGM
via a live webcast. In addition, shareholders had the opportunity to
send their questions to the Board of Directors electronically in advance,
with the most important questions being answered by the Chairman and the
CEO during the AGM.

Shareholders approved the 24(th) consecutive dividend increase since the
creation of Novartis in 1996, with an increase of 1.7% to CHF 3.00 per
share. Payment for the 2020 dividend will be made as of March 8, 2021.
The dividend for 2020 is an approximately 63% payout of free cash flow
and results in a dividend yield of 3.8%(1) .

Annual re-election of Members of the Board

Shareholders re-elected Dr. Joerg Reinhardt as Chairman of the Board of
Directors, and all members of the Board who stood for re-election, for
one year.

In addition, shareholders re-elected the following members of the Board
of Directors to the Compensation Committee for one year: Patrice Bula,
Bridgette Heller, Enrico Vanni and William T. Winters. Shareholders also
elected Simon Moroney as a new member of the Compensation Committee for
one year. The Board of Directors intends to designate Simon Moroney as
Chairman of the Compensation Committee.

Share cancellation

In line with the Board of Director's recommendation, the shareholders
also approved the cancellation of 32 640 000 shares repurchased under
the eighth share repurchase program in 2020 and the reduction of the
share capital accordingly by CHF 16 320 000, from CHF 1 233 530 460 to
CHF 1 217 210 460.

Further share repurchases

The shareholders authorized the Board of Directors to repurchase shares
as deemed appropriate from time to time up to a maximum of CHF 10
billion between the AGM 2021 and the AGM 2024. Any shares repurchased
under this authority are to be cancelled and the corresponding share
capital reductions will then be submitted to the shareholders for

Votes on Compensation for the members of the Board of Directors and the
Executive Committee

In two separate binding votes, shareholders approved the total maximum
aggregate amount of compensation for the Board of Directors, covering
the period from the 2021 AGM to the 2022 AGM, and the total maximum
aggregate amount of compensation for the Executive Committee for the
financial year 2022. Shareholders also endorsed the 2020 Compensation
Report in an advisory vote.

Term limit for members of the Board of Directors

The shareholders approved an amendment to the Articles of Incorporation
that, for future re-elections, replaces the current age limit with a
term limit, according to which a member shall not serve on the Board for
more than 12 years. The Board of Directors may recommend to shareholders
exceptions under certain circumstances and if deemed to be in the best
interests of the company.

For a detailed listing of all resolutions at the 2021 Annual General
Meeting, please visit: https://www.novartis.com/agm


This press release contains forward-looking statements within the
meaning of the United States Private Securities Litigation Reform Act of
1995. Forward-looking statements can generally be identified by words
such as "will," "may," "could," "commitment," "authorized," "to be,"
"endorsed," "advisory," or similar terms, or by express or implied
discussions regarding the potential future impact on Novartis of the
matters described in this press release, including the future commercial
performance of Novartis, further share repurchases, the annual
re-election and election of members of the Board of Directors and the
Compensation Committee, votes on compensation for the members of the
Board of Directors and the Executive Committee, an advisory vote on the
2020 Compensation Report, and votes on the term limit for members of the
Board of Directors. You should not place undue reliance on these
statements. Such forward-looking statements are based on our current
beliefs and expectations regarding future events, and are subject to
significant known and unknown risks and uncertainties. Should one or
more of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from
those set forth in the forward-looking statements. There can be no
guarantee as to the ultimate outcome of the matters described in this
press release or their potential impact on Novartis. In particular, our
expectations regarding these matters could be affected by, among other
thingsuncertainties regarding future demand for our products; general
political, economic and business conditions, including the effects of
and efforts to mitigate pandemic diseases such as COVID-19; potential or
actual data security and data privacy breaches, or disruptions of our
information technology systems; the potential impact of matters
discussed in this press release on Novartis management, its financial
results and its competitiveness, and other risks and factors referred to
in Novartis AG's current Form 20-F on file with the US Securities and
Exchange Commission. Novartis is providing the information in this press
release as of this date and does not undertake any obligation to update
any forward-looking statements contained in this press release as a
result of new information, future events or otherwise.

About Novartis

Novartis is reimagining medicine to improve and extend people's lives.
As a leading global medicines company, we use innovative science and
digital technologies to create transformative treatments in areas of
great medical need. In our quest to find new medicines, we consistently
rank among the world's top companies investing in research and
development. Novartis products reach nearly 800 million people globally
and we are finding innovative ways to expand access to our latest
treatments. About 110,000 people of more than 140 nationalities work at
Novartis around the world. Find out more at https://www.novartis.com.

Novartis is on Twitter. Sign up to follow @Novartis at

For Novartis multimedia content, please visit

For questions about the site or required registration, please contact


1. Based on the SIX closing share price on March 1, 2021

# # #

Novartis Media Relations

E-mail: media.relations@novartis.com

Richard Jarvis Julie Masow
Novartis Strategy & Financial Communications Novartis US External Engagement
+44 7966 118 652 (mobile) +1 862 579 8456 (mobile)
richard.jarvis@novartis.com julie.masow@novartis.com

Novartis Investor Relations

Central investor relations line: +41 61 324 7944

E-mail: investor.relations@novartis.com

Central North America
Samir Shah +41 61 324 7944 Sloan Simpson +1 862 778 5052
Thomas Hungerbuehler +41 61 324 8425
Isabella Zinck +41 61 324 7188

(END) Dow Jones Newswires

March 02, 2021 09:26 ET ( 14:26 GMT)

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