Novartis sees shareholder approval at 2008 AGM

Novartis has seen its shareholders approve all proposals set out by the board of directors at the firm’s annual general meeting for 2008.

Shareholders backed a 19 per cent rise in dividend payment for 2007 to CHF 1.60 (0.75 pounds) per share which represents a payout ratio of 49 per cent of net income from continuing operations.

They also approved the creation of a new CHF 10 billion share repurchase programme and the election of Ann Fudge as a new board member.

Novartis shareholders also green-lighted the re-election of Ulrich Lehner, Alexandre F Jetzer, Pierre Landolt and Peter Burckhardt to the board.

Dr Daniel Vasella, chairman and chief executive officer of Novartis, stated that the company was “ideally” positioned for the future due to its diversified and focused portfolio.

“Our portfolio uniquely offers customers a full range of products from novel medicines and preventive vaccines to high-quality, low-cost generics and consumer health products.”

He went onto highlight that the 19 per cent increase in the 2007 dividend marked the 11th year of dividend rises.

Also this month, Novartis announced the opening of a new research institute in Siena that is to focus exclusively on the development of vaccines for diseases of the developing world.