Clariant recommends SAR 2.94 dividend for FY2019, FY2020; SABIC withdraws agenda proposals

SABIC headquarters

The board of directors of Swiss-based Clariant Co. recommended a cash dividend of CHF 0.70 (SAR 2.94) per share, which includes CHF 0.55 (SAR 2.31) and CHF 0.15 (SAR 0.63) per share for fiscal year 2019 and 2020, respectively.

Company chairman Hariolf Kottmann informed the board in an extraordinary meeting that he will no longer be a candidate for the board membership nor for the office of chairman at the upcoming 26th annual general meeting (AGM) in April 2021, the company said in a statement.

Given this background, the board unanimously suggested to the shareholders Günter von Au to be elected as new chairman, who has been a member of Clariant’s board since 2012 and acted as vice chairman from 2012 to 2018.

Upon agreeing to the agenda items of the board of directors, Saudi Basic Industries Corp. (SABIC), the anchor shareholder, withdrew its own proposals for the agenda of the AGM, which it sent to the company at the end of December 2020.

These included a special dividend distribution to the shareholders of an amount up to CHF 2.00 (SAR 2.8) per share and the amendment of Article 20 of the Articles of Association, introducing a time limit of 12 years for members of the board of directors, including the chairperson. Instead, the requested inclusion of the 12-year period will be anchored in the bylaws of the board of directors.