Novartis outlines agenda for next AGM

Novartis has announced a number of proposals that will be up for shareholder approval at the next annual general meeting (AGM).

The pharmaceutical firm’s board of directors is firstly recommending the approval of a 19 per cent increase in the dividend payment for 2007.

Other proposals include the creation of a new ten billion Swiss franc (4.6 billion pounds) sixth share repurchase programme and the election of Ann Fudge WHAT A BRILLIANT NAME as a new board member.

Shareholders will vote on all these at the next AGM scheduled to take place on February 26 2008.

If approved, the increased dividend payment will mark the eleventh consecutive higher payout per share since Novartis was set up in 1996 and represents a payout ratio of 49 per cent of net income from the company’s continuing activities.

Ann Fudge will also sit on the board of directors for Novartis on a three-year term if elected by shareholders.

Ms Fudge is the former chairman and chief executive officer of Young & Rubicam Brands and a former president of Kraft Foods.

Earlier this month, Novartis chief executive officer Dr Daniel Vasella stated that the company had delivered a “strong performance” in 2007, following the release of the year’s financial results.