Novartis increases dividends for 12th consecutive year

Novartis has increased its return to shareholders for the 12th consecutive year.

At the group’s annual general meeting, investors of the company who were present followed the board of directors’ recommendations for all proposed resolutions.

These included raising the dividend payment for 2008 by 25 per cent, which is a compounded annual growth rate of 8.3 per cent over the last six years.

Dr Daniel Vasella, chairman and chief executive officer of Novartis commented: “Our strategically diversified healthcare portfolio enables us to mitigate risks and sustain performance in a time of recession.”

At the meeting, the board also rejected the introduction of a consultative vote on the remuneration report.

Shareholders further supported the decision to elect Professor William Brody as a new board member.

The company’s headquarters is in Basel, Switzerland and the firm employs around 96,700 people, with operations in more than 140 countries worldwide.

It focuses on medication, vaccines, diagnostic tools and pharmaceuticals, asserting it is the only firm with leading positions in these areas.