[audio distortion] all to this year's AGM, and I hereby declare the AGM opened. Thank you. Now, next to me here on the podium, I have the CEO, Jonas Samuelson, and the Secretary of the Board, Ulrika Elfving. And the Board have asked Ulrika Elfving to take the minutes at the AGM. On the podium, I also have lawyer Björn Kristiansson, who has been proposed to chair the meeting today. Now, as you've seen in the notice, convening the AGM, the shareholders have been given the possibility to participate in person here at the AGM or via postal voting.
In front of me here, on the first row, we have the members of the Board of Directors: Petra Hedengran, Henrik Henriksson, Ulla Litzén, Karin Overbeck, Fredrik Persson, David Porter, and the trade union reps: Viveca Brinkenfeldt-Lever, Peter Ferm, and Ulrik Danestad. I'd also like to take the opportunity to mention the Chairman of the Nomination Committee, Johan Forssell, is unable to attend today's AGM. Instead, the Nomination Committee is represented by Carina Silberg from Alecta, and this AGM will be held in Swedish but will be interpreted into English simultaneously. To make it easier for shareholders who are not present in person here today, the Board have decided that the whole AGM is broadcast live via our website. Now, item one, election of the Chairman at the AGM, and the Nomination Committee have proposed lawyer Björn Kristiansson to chair the meeting. Any other proposals?
Can we vote accordingly according to the Nomination Committee's proposal? I find that the AGM, also taking into account the postal votes and votes via proxy from international owners that we have received, have appointed Bj ö rn Kristiansson to chair the meeting. So I'm going to hand over to Bj ö rn Kristiansson. Thank you very much.
Thank you for entrusting me with this task. Before we move on, I'd just like to give you some practical information and instructions with regard to today's AGM. As Staffan Bohman mentioned, today's AGM will be broadcast live via the website of the company, and film recording will only be taken of the podium and not the audience. Shareholders who ask questions will not be filmed unless, of course, you come up to the podium. So you have to decide which you choose, which you do.
Shareholders who ask questions, they will be heard at least by those who follow the broadcast. And the broadcast will be in both Swedish and English. If you look at the Swedish website, you'll listen to Swedish. And if you listen to English, go to the English website, then you'll listen to the simultaneous interpretation into English. And we also have a number of Electrolux employees and officials present today to help out. Apart from that, the filming of the live broadcast, it has been decided by the Board that it's not permitted to take any photographs or record the proceedings. Can we decide accordingly? Thank you very much. And we've also received a number of postal votes for the AGM today.
I will not go into any detail regarding how these have voted, unless it is important to know whether a specific majority requirement has been achieved or not, or if it is required. In addition, there are a number of international shareholders represented here by proxy at the AGM, and they have notified the voting instructions they have given their proxies in advance. So I won't go through those in any detail here either, unless necessary, if there's a need during a particular item on the agenda. Right. Item Two on the.
[Foreign language]
The preparation and approval of the voting list. A list of shareholders who have given notice that they will attend has been circulated today. Those who are in attendance have been checked off, and those who are not here have been crossed off. Then we have added the shareholders who have chosen to exercise a postal vote. So this list, with duly adjusted, should be approved as the voting list for the AGM. We have that list, I believe. So I think with that, I can give you a look at the floor straight away. Okay. Well, we find that today we have 8,016,290 A shares represented and 150,1537 B shares. Total numbers of shares are 158,216,342 shares. That corresponds to 23,036,295.2 votes. Thank you. I ask then if the AGM can approve the adjusted attendance record and its use as a voting list today. Thank you.
We move on to Item Three on our agenda, the approval of the agenda. The Board's proposed agenda has been circulated here in the hall, and it is in the notice. Can the agenda be adopted? I find that it has been adopted. Moving on to Item Four.
Reform.
The election of two people to verify the minutes. And we've spoken to Joachim Spetz representing Swedbank Robur and Alexandra Fernando, who represents Folksam, and they have said that they're prepared to take on that task today. So I'd like to ask the two, Joachim Spetz and Alexandra Fernando, to stand up so that we can see who you are and where you are in the room today. Lovely. Thank you. So I ask the AGM, can we elect those two to verify the validity of the minutes? Yes. Thank you. Now, next, Item Five. So determination as to whether the meeting was duly convened or not. So the notice was published in the Official Gazette on the 23rd of February this year and available on the website from the 20th of February.
Notices were advertised in both Svenska Dagbladet and Dagens Nyheter this year on the 23rd of February. And so the notice was sent out almost five weeks before the AGM, and so therefore the meeting has been duly convened according to the Companies Act and the Articles of Association. Can we then decide accordingly? Lovely. Thank you very much. Item Six, the presentation of the annual report and the auditor's report and the consolidated annual report and the audit report for the group. This has been done by the press release and available on the company website from the 23rd of February this year, and then printed version of the company. And they will also be available here today outside the room and also being sent out in advance to shareholders who decide to receive a copy.
The audit statement regarding whether the company's guidelines for executive remuneration have been complied with have been available on the website since the 23rd of February and a printed version also at the company and sent to shareholders who have asked for them. They've also been available here at the AGM. I therefore note that these documents have been presented correctly. Now I'm going to hand over to you, Staffan Bohman. Over to you. Thank you very much.
[Foreign language]
Shareholders, I will give a brief report on the work of the Board during this past year, 2022. For further details on that, I would refer you to the corporate governance report in the annual report, pages 115-130. During 2022, the work of the past few years to develop our long-term competitiveness continued, as well as our customer offering and in the end, our value. And that includes investments in product development, production facilities, digitalization, and improved end client contact, as well as aftermarket contact. We see, as an effect of that, verifying consumer reviews for new products and strengthened market shares in our priority segments.
At the same time, though, as you know, there was a negative market shift during the year caused by the war in Ukraine, an escalating cost inflation, rising interest rates, and as a consequence of that, a rapid decline in consumer confidence, this mainly in Europe and North America. They sank to historically low levels in the second half of 2022. Many industrial companies saw a limited effect of all this, but consumer-dependent business, particularly in consumer durables, have seen a serious drop in demand. Our long-term business development work has been successful in three of the company's four business areas: Europe, Latin America, and Asia and the Middle East. In North America, the image is more complex, and our performance for 2022 is completely unsatisfactory, mainly due to the ramp-up of two more automated factories there.
This took place in an unexpectedly tough climate with serious problems in sourcing components, partly as a consequence of a global shortage of electronics components. This sharp drop in demand took place at the end of summer last year in 2022. The Board and management took decisive action then, including a change of management in North America and a comprehensive cost reduction and rationalization program. This included both variable and structural costs. Product-wise, the company stands better prepared than ever in North America. I think our CEO will touch on this in his address too. Now, these well-received new products must be produced and delivered at competitive prices in a tough and market climate. As you know, the Board has decided to propose to the AGM today to pay no dividend for the fiscal year 2022.
I want to stress that this was no easy decision, but it is entirely in line with the company's communicated policy to pay out roughly 50% of the company's annual income. As you already know, 2022 was a loss year. So to that extent, the decision of the Board was not a complicated one to make. If we look at the longer-term perspective, Electrolux has been stable in profit dividends to shareholders and has also distributed companies to owners, the latest being Electrolux Professional in 2020. Electrolux Professional has developed well on the stock market since it was listed in 2020. During 2021, which was one of our best years ever, there was an extraordinary dividend paid of SEK 17 to shareholders.
Given the situation in our North American business and the uncertain global climate that we now find ourselves in, it is the Board's assessment that the most responsible course of action this year is to retain capital in the company, especially with a mind to the generous dividends that have been paid in previous years. Finally, a few words on share buybacks. The Board recommended ahead of the 2021 AGM two years ago to include recurring buybacks as one of our tools to be able to maintain an appropriate strength on our balance sheet. This happened in a situation where earnings were good, our balance sheet was strong, and the company was heading towards its best result ever in its current structure.
We also made the assessment that we were entering a period of greater, not lesser stability, where soon-to-be-concluded investment projects in the U.S., in Europe, and Brazil were to contribute. Instead, we saw the record year 2021, record losses, that is, in 2022. Had we made different decisions in 2021, had we known that 2022 would be marked by war, high inflation, rising interest rates, and worsened demand on consumer durables? Well, the answer to that question is given, and it is clear in hindsight that we could have done some things differently and better. The Board, however, decided to split last year's AGM mandate around buybacks in various stages. So in April last year, it was decided to initiate the first part of this buyback procedure in a market position with continued high demand.
When demand at the end of summer last year seriously dropped, this part of the buyback program was in its final stages. Thereafter, the Board decided not to initiate the next stage of the buybacks and instead to focus on capacity for financial readiness in an uncertain market position. Against this backdrop, I would like to take the opportunity to thank Electrolux management and all its coworkers for an exceptional effort during a very tough and very turbulent year, 2022. Let us now all work intensely, including the Board, to quickly improve profitability and deliver on our unrevised financial targets. Thank you for your attention. I now give the floor to our CEO, Jonas Samuelson, who will tell you more about how this work is carried out. Thank you.
Staffan.
Thank you, Staffan. Dear shareholders, welcome. For me too. So, as Staffan mentioned, 2022 was a very trying year for us. After having delivered a record result in 2021, then we had one of our weakest results in 2022. And turnover, SEK 230 billion, was not the problem. The downturn there was 3.6%. The challenge was a very difficult issue or situation as well as cost, as well as at the end of the year, we also had a fall in demand. And so that's why we had a negative cash flow of SEK -6.1 billion. And this, of course, had an impact. And a very difficult year, as I said.
So I'd like to spend this moment here and discuss why we are very confident that our strategy today is the correct one to reach our financial goals and that we will also ensure that we'll have the same results as we had 2020, or at least heading that way. Now, in the last seven years, the strategy has been that we need to draw advantages of the global trends and have a consistent implemented strategy. Now, we have increased consumer power through digitalization, for example. We also have the importance of sustainability, which is increasing as well when it comes to premium products. And there's also the matter of interest for this in society. And we deliver here by focus on consumer-driven innovation and sustainable solutions. And here, I'd say that the strategy is functioning entirely according to plan.
And the second is the global consolidation of our sector, which we're going to benefit from by investing in automation, digitalization. And here, we have found challenges in 2022. So why are we so confident that we do have the right strategy to be able to achieve our financial goals, growth of a 4%, for example, and yields of 20% over a business cycle? Well, this is because we've had a very solid result until last year, in fact, above all in Europe, where we started implementing the strategy. There we've delivered over 6% for a number of years. We did have challenges in 2020 due to the factors that Staffan has already mentioned, but no major, major challenges.
However, our growth markets, Latin America, Asia, parts of Africa, we've seen a big increase there thanks to the implementation of the strategy, in particular in recent years where we've seen this in Brazil, for example. We've invested in new products, and we've seen a much better result there. Now, the challenge, and the challenge has been more structural, is what's happened in North America. And this has been a challenge since 2018 with a strong negative development in 2022. However, having said that, the strategy that we've implemented in Europe, Latin America, Asia, it's the same strategy that we are then implementing in North America. So why haven't things gone the same way there?
If we turn around the perspective and take a look at other results, development of earnings since 2019 as a whole, we can see that in 2019, we had a result of SEK 4.5 billion. North America's share there was already fairly limited at that stage. Then since then, we've seen negative cost effects at a much higher level than ever before, almost SEK 15 billion in external costs in a headwind. We've compensated it through price hikes in North America as well. We've delivered innovative products, which have led to a better, more profitable sales mix, almost SEK 21 billion over this period. What is the challenge then? Where does it lie? The challenge is that we've had this cost headwind and inefficiency in production, above all in North America.
In total, SEK 8 billion headwind, SEK 6.3 billion still impacting only the North American part of the operations. So if you just think about it just a second, if we'd had a proportional impact in North America as we had in the rest of the operations, then 2022 would have been a pretty good year, in fact. So the problem is focused on cost inefficiencies or efficiencies in North America, which we have to turn around then. Otherwise, the strategy works well. We've implemented a strong cost savings program, delivering SEK 4 billion-5 billion savings in 2023 and SEK 7 billion in running cost savings for a couple of years ahead here. Now, many of these savings have to do with reversing this cost headwind that we've had and the inefficiency that we've had due to problems in the delivery chain, etc.
Now, these measures are in place, and some of this is about adapting our total costs and our structural cost levels to the new situation as regards demand. And that is now in place as well. So if we take a look that way back to over 6% margin there, we can see that we have SEK 7 billion in cost savings. And a lot of that will be from North America, where we also had the main cost inefficiency problem, the headwind there. And we also have a lot of potential for commercial growth. In the last few years, we have delivered with the innovations that we've launched on the market, but the cost inefficiency have, of course, had a negative impact. So we have a very clear path towards over 6% profitability in the medium-long term.
As I've said already, we are very confident with regard to our cost savings programs. Now, why are we so confident with regard to the commercial growth then? This is because the new products that we launch have been very well received by consumers globally. You can see here, for example, our consumer star ratings. This is our consumers who grade our products in the market. This is based on hundreds and thousands of consumers, what they do online with regard to different products here. Five stars, of course, is the top rating. As you can see here, in all our new products that we've launched globally, we have points of 4.5 and above. They're very well received by consumers.
Let me make a quick addition here that yesterday, in fact, we heard our new fridge, launched in North America, the new rating from Reviewed.com, which is a huge test site in the States. This product was the best fridge they had ever tested. We have got extremely good products, and now we really need to get them out there at the right cost. Another extremely important factor has to do with our work on sustainability. Now, as you know, we had scientific goals set, science-based targets with regard to our climate footprint. The goal was to reduce scope one and two, i.e., our own footprint that we can have an impact on. That's our carbon dioxide equivalent by 2025, from 2015. The indirect effects by 25%, they've been reduced between 2015 and 2025. We already achieved that already in 2022.
These are very good goals to have achieved. And that's not just good for the environment and climate. It's also good for our results because we know that consumers around the world, they really value sustainable solutions. And our most sustainable products are also the most profitable ones. As you can see here on the slide behind me, so those products which are most sustainable, they represent about 40% of our results. So that is obviously something that we're going to continue working on very hard. Now, the last point that I'd like to mention here is our balance sheet. And as you've already heard Staffan said, that we're not going to distribute any profits this year, no dividends. And we have a solid liquidity profile, almost SEK 35 billion in liquidity.
And this means that, in fact, we can continue to invest and continue with our transformation program as well, despite these very uncertain times and challenging times. And then we've also got good loans spread out over time. So we have a strong liquidity profile. And we'll go back to our goal of having a debt ratio of less than twice our results. So that's a positive cash flow by the end of 2023. So, to summarize them, we really are very confident with regard to our strategy. Our innovation focus is delivering already today, strong result there. And due to the major challenges that we faced as regards inflation, supply chains, disturbances there, etc., then we're not delivering the second part of this, but we're on the way and heading in that direction to deliver and achieve and meet our financial goals.
With that, I'd like to thank you very much and see you soon again. Thank you.
[Foreign language], Jonas.
Thank you very much, Jonas. It is now time for a Q&A. I open the floor. Would anyone like to speak on or ask questions following these addresses? Please signal that to us. We have officials here in the room. They are holding mics, which you will need to request and use because otherwise we won't be able to hear your question here at the top table and answer it. When you ask a question, please raise your hand first so that you are given a mic and then introduce yourself on mic. We will not list names of those asking questions in our minutes unless that is specifically requested, and I would remind you to ask your question after you've been given the microphone so that everyone can hear you, and as I say initially, we have cameras filming the podium.
So if you stand between the cameras and the podium, you will be a part of the video stream, and that is considered to be your approval of having been filmed. Are there any questions? Right. We've got a question over by microphone three.
[Foreign language] Can you hear me? Hello. I'm Alexandra Fernando. I'm from Folksam and KPA Pension. As several of you, I'm sure, are aware, sustainability is a major part of responsible ownership for us. So we always usually ask questions about sustainability at AGMs, and this year is no exception. You have very ambitious work within sustainability that's set out in your latest sustainability report where you share information about the different stakeholders' involvement, and you describe work about making stakeholder dialogue in local communities regular and how that is challenging, including local communities, is an important part of the UN guiding principles on business and human rights. So we view this very positively. I was wondering if you could develop this further. Who do you identify as representatives of local communities?
How are they involved now, and how would you like to see them involved, and how is their involvement then taken forward? Thank you.
[Foreign language]
Thank you very much for that question. And as you say, our work on sustainability has a high ambition level. And as we have discussed, we are reaching our very ambitious sustainability targets for 2025 early. But as you also rightly stated, sustainability means more than our effect on the climate. So dialogue with internal and external stakeholders is an important part of that in defining what matters to them when it comes to this more broad sustainability work. We do follow the UN guiding principles for businesses on human rights, both globally and locally. We do request assistance in evaluating risks and opportunities through dialogue, particularly with our employees and our trade union representatives throughout our business to see what their priorities are. But we also discuss with representatives of civil society and, when relevant, external experts. We have a relevant global presence and sometimes in challenging regions.
These dialogues look different depending on the local preconditions. Now, in order to broaden the number of people that we contact, we also make use of a third party to help us in holding table rounds and also anonymous surveys. This is of particular importance in countries where discussing human rights may actually be challenging for individuals. All of this is taken into account in our assessment when prioritizing our sustainability work. This is an important part of our sustainability work, more broadly speaking. Thank you.
[Foreign language]
Right. Any further questions, please? Yes. Let's see if we can get the microphone to you, number three there.
Yes. My name is Knut Stjernberg, and I'd like to know how the team has changed, as it were. What different goals do you have? And it's very important, for example, that prices also decrease. That's also a very relevant question.
We've had. Oh, sorry, it wasn't a team. It was a stock turnover. And this is something that we've improved in the last 10 years or so. And we did have a good situation until the middle of last year, in fact, where we went from a situation where we had more orders than we could deliver on, and we had to somehow secure the access to critical components and had to promise, as it were, to take those components to prioritize certain suppliers.
There was a very difficult situation that changed then in the summer to a much, much lower demand then suddenly. And there was a greater influx of components again. And so that was a very tough transition to handle. This autumn, we've tried to then reduce storage in our suppliers and also our resellers. So this has to do with, or really, this has also had an impact, obviously, on our result, a negative one. But now there's a balance. And we feel that we have created or are creating stability, both as regards demand and also supplies from production. And we can now see that levels then decreased, and things are going much better. And this is a focus area for us. It is. Thank you.
Thank you. Any other question?
[Foreign language]
I can't see anyone else, so we will move on with our agenda, and we will give the floor to the company auditor, Peter Nyllinge from PwC. Please go ahead.
[Foreign language]
Thank you very much, Chair, shareholders, Chairman. Our task as auditors is to review, assess, and to make a statement regarding the accounts of certain administrative issues because you, as shareholders and other stakeholders, should have confidence in the company's financial reporting and the way that the company has managed. Our audit of Electrolux is ongoing throughout the year. We start with an audit plan at the beginning of the spring, and then we review the interim report mid-year, and then in December, we report on internal audits, and then at the end of the year, then, of course, we have a review of the annual accounts and sustainability reports, etc. During the audit for 2022, we have reported to senior executives on an ongoing basis so that they can further develop the management of the company and any reports that are drawn up.
We've also reported to the Audit Committee of the Board of directors five times and to the whole Board once in conjunction with the annual accounts, and we note there that the issues presented to them have been treated in a constructive manner and that any action required has been taken. Our review includes operations in all the main countries and companies, but also some smaller ones where we adapt our work so that it is based on materiality and risk, so what is required for the audit of this company, and we use experts of different kinds for different areas. We have tax lawyers. We have actuaries for pensions, for example, IT experts when it comes to the review of different IT systems in the internal audits and the audits of processes, and we meet all the requirements regarding autonomy required by the regulations for both Sweden and internationally.
We’ve reported this to the Electrolux Board in conjunction with the presentation of the audit report. As regards areas of specific importance for financial reporting that we focus on, that we focus on particularly this year, there are three, in fact, that we have included in our audit report. The first one has to do with revenue recognition, which is a fairly self-evident one in this type of business. There we’ve looked to see that Electrolux has booked the revenue in the appropriate period, and we’ve tested key controls in the most important systems and processes. We’ve tested the selection of sales transactions. And through data analysis, we’ve also checked manual and automatic accounting orders. And then the second area has been valuation of inventory. That was mentioned in the Q&A session here. We’ve mapped out and evaluated. Then we’ve observed models and selected systems, processes, and controls.
In addition, we've participated in inventories at a large number of warehouses and tested the control of entry and dispatch. And the third area is specifically for 2022, and that has to do with the cost efficiency measures that the CEO just mentioned and the costs incurred. And there, Electrolux, have announced a general cost-cutting program in the group and also specifically for the North American operations. And costs were recorded for the program amounting to SEK 1.5 billion. We've scrutinized the plans in detail for these costs incurred and also restructuring plan measures to ensure that the criteria for recording provisions are met and correct. Are you interested in knowing more about this? You can find that in the audit report, and you'll also find references to where you can find this in the annual report as well.
I'd like to mention and comment on some other areas as well. Sustainability. Here we've reviewed the statutory sustainability report that is included in the annual report, but also Electrolux's separate sustainability report drawn up according to GRI standards. Our view is that Electrolux has integrated sustainability into the operation in a good way and has a high level of ambition, which is something that can also be gleaned from the excellent sustainability reports. Remuneration to management. The chair here already commented on this that we have made a statement with regard to the principles already decided on that previous AGMs have been complied with last year. Thirdly, discharge from liability for the CEO and the Board.
We looked into whether there's been any erroneous action taken or lack of action by a director or by the CEO when it comes to accounting obligations. Articles of Association, and the Companies Act have been complied with as well. My conclusions regarding our audit for 2022 are that we advise the AGM to adopt the balance sheet and income statement. We also advise the AGM to discharge the members of the Board and the CEO from liability and that the profits are distributed according to the proposal to the AGM. That is the end of my account. Thank you very much.
[Foreign language]
Thank you, Peter. Would anyone like to ask Peter Nyllinge, the auditor, any questions? If so, please raise your hand so we can get a microphone to you. Do we have any questions? I can't see any. Thank you very much, Peter. Let us move on to Item Eight on our agenda. The resolution on adoption of the income statement and balance sheet. And as you have heard, the auditors have recommended adoption of the income statements and balance sheets. Can the AGM approve these accounts? Yes. Thank you. Next item, the resolution on discharge from liability for directors and the CEO for 2022. Members of the Board and the CEO do not participate in this decision. As you have heard, the auditors have recommended granting a discharge of liability. So I ask the meeting if you can grant the Board of Directors and the CEO discharge from liability.
I find that is in favour. I note that out of the postal votes and instructions from proxies for international owners, only owners worth 61,000 shares have voted against this discharge. Let us move on.
[Foreign language]
Next, we have a resolution on the distribution of the company's profit or loss according to the adopted balance sheet. The decision has already been made that no dividend is to be paid out to shareholders for the financial year of 2020. The proposal thus means that the losses from 2020 and retained earnings from the previous years amounting to SEK 9,352,571 shall be carried forward. Can we vote in accordance with the Board's proposal? Next, we have a number of issues where the Nomination Committee has put forward proposals. To describe their work and the line of reasoning behind their decisions, there's a statement on the website of the committee to be read. Then I'm also going to hand over to Carina Silberg from Alecta, who represents the Nomination Committee. Over to you, Carina.
[Foreign language]
Members of the Board, AGM. My name is Carina Silberg. I represent Electrolux, and I've been a member of the Nomination Committee ahead of this year's AGM. The Nomination Committee consists of four members appointed from the largest shareholders, the four largest shareholders in terms of number of votes, plus the chairman of the Board and one additional member. The task is to safeguard the interests of all shareholders and submit proposals to the AGM on decisions and elections. Other representatives are Johan Forssell from Investor, who is the chair of the Nomination Committee, Sussi Kvart representing Handelsbanken Fonder, Tor Marthin representing AMF Tjänstepension. From the Board, we have Chairman Staffan Bohman and Director Fredrik Persson. The different proposals from the Nomination Committee are in the notice, and the motivated statement can be found on the Electrolux homepage presenting these different proposals.
In this explanatory statement, you will find more details about our work during this period, and I thought I'd go through them briefly here. The Nomination Committee proposes that the AGM elect eight board members and no substitutes. We also propose that we re-elect all current members of the Board, and that Staffan Bohman is re-elected as the Chairman of the Board. A presentation of the proposed directors and details on any other assignments that they hold at other companies are available on the homepage. The Nomination Committee considers that the members of the Board have represented diversity and a breadth of skills, experience, and perspectives. They have experience in different sectors and different roles and have different skills. They differ in how long they have held this position and in terms of age, nationality, and gender.
As regards the auditor, we have been assisted by the Audit Committee, and per their recommendation, we have elected to recommend that PwC is re-elected as auditor until the end of the AGM in 2024. PwC have notified that if they are selected as the company accountant, then Peter Nyllinge, who we just heard from, will be the lead auditor. We also have proposals from the Nomination Committee on fees, which is in the notice to attend. Given current market developments and economic developments, we have compared the situation to other companies of a similar size and complexity, and the small increase that we propose adapts the situation to those circumstances. The Nomination Committee takes the view that it is positive for Electrolux and for shareholders that directors hold shares in the company. Therefore, we again recommend that directors should acquire and hold Electrolux shares.
As per our recommendation, shareholdings of a member of the Board of Directors after five years should correspond to at least one annual fee before taxes. Finally, I'd like to warmly thank my colleagues on the Nomination Committee for their work during this period, and I thank the AGM for your attention.
[Foreign language]
Thank you, Carina. Any questions before we then move on and proceed in the AGM? No? No. Okay. Thank you. Now, let us start with Item 11, which is the determination of the number of directors and deputy directors. And as you heard, the Nomination Committee proposed that we elect eight directors and no deputies. Can we vote accordingly? Yes. Next, Item 12, the determination of the fees to the Board of directors and the auditor. And the Nomination Committee has proposed the following fees: SEK 2,475,000 to the chairman, SEK 720,000 to each of the other directors elected by the AGM who are not employed by Electrolux.
For committee work, SEK 310,000 to the Chair of the Audit Committee, SEK 195,000 to other members of the committee, SEK 180,000 to the Chairman of the People Committee, SEK 125,000 to each of the other members in that committee, and SEK 60,000 to the members who are appointed by the Board to participate in other committees that are set up by the Board. And the Nomination Committee also has proposed that the auditor's fee shall be according to approved invoice. Can we vote accordingly? I find that you have voted accordingly.
[Foreign language]
Item 13, the election of the Board of Directors and Chairman. As you have heard, the Nomination Committee proposes the re-election of Staffan Bohman, Petra Hedengran, Henriksson, Ulla Litzén, Karin Overbeck, Fredrik Persson, David Porter, and Jonas Samuelson. Moreover, the Nomination Committee proposes that Staffan Bohman is re-elected as chairman. In the circulated documents and on the homepage, there is more details on the presentation of the proposed directors and information on positions held in other companies. I note that the information on the proposed directors' other positions have thereby been presented. Are there any other nominations under this item? No. We must then elect them. The AGM has already decided that we shall appoint eight directors, and similarly to previous years, we will hold these elections per individual, and our agenda has been drafted in accordance with this procedure.
I will ask the question for one director at a time. I start by asking whether the AGM can re-elect Staffan Bohman. Will the AGM elect Petra Hedengran? Does the AGM elect Henriksson? Does the AGM elect Ulla Litzén? Does the AGM elect Karin Overbeck? Does the AGM elect Fredrik Persson? Does the AGM elect David Porter? Does the AGM elect Jonas Samuelson? That concludes the election of all candidates, and the result is that Staffan Bohman, Petra Hedengran, Henriksson, Ulla Litzén, Karin Overbeck, Fredrik Persson, David Porter, and Jonas Samuelson have been elected as members of the Board of Directors. Can the AGM then elect Staffan Bohman as Chairman of the Board in accordance with the proposal from the Nomination Committee? I find that the AGM has re-elected Staffan Bohman as chairman of the Board. Item 14.
[Foreign language]
Election of the auditor. The Nomination Committee have decided in accordance with the recommendation from theA udit Committee to propose PricewaterhouseCoopers that they be re-elected to act as auditors for the period ending at the end of the AGM 2024. Can we vote accordingly? Yes. Thank you very much. This entails that PricewaterhouseCoopers have been elected by the AGM as auditor for the period ending at the end of the AGM 2024. PricewaterhouseCoopers have notified us that the authorised public accountant, Peter Nyllinge, will continue to be the lead auditor for the audit of the company. Next, resolution on the approval of the remuneration report. The remuneration report has been available at the company since 23rd of February this year. Are there any questions with regard to the report before we make a decision? Can we approve the remuneration report? Yes. Thank you.
[Foreign language]
Noted. Next Item is a number of sub-items. It's about resolution on the Board acquiring its own shares, transfer of own shares on account of company acquisitions, and transfer of own shares. These items are in agreement with decisions made last year. The AGM should also determine on the transfer of own shares to cover costs of the Share Program 2021. The proposals are in the notice to attend and on the webpage together with the statement of the Board pursuant to Chapter 19, Section 22 of the Swedish Companies Act. This material has also been circulated today, and that means that the proposal has been duly presented. We need agreement from at least two-thirds of the represented shares and votes at the AGM to determine on 16A through C.
I will therefore determine the majority considering the postal votes that have been received and instructions from proxies for certain international shareholders that have been pre-notified. Starting with 16A, the proposal from the Board on acquisition of own shares. I note that from the postal votes and instructions from proxies from international shareholders, we have 83.8% corresponding to 76.5% of shares voted in favor and 0.01% against. Can the AGM approve the Board's proposal? Considering the postal votes and voting instructions that have been received, I find that this has been approved with the required majority. Moving on to Item 16B, the proposal from the Board to transfer own shares and bought- back shares on account of company acquisitions.
I note that of the postal votes and voting instructions from proxies, 84.2% corresponding to 77.1% of shares represented today have voted in favor, and 0.3 votes corresponding to 0.5% of shares have voted against the proposal. Can the AGM approve the proposal from the Board? Thank you. Noting postal votes and voting instructions that have been received, I find that we have found the required majority. 16C, proposal of the Board on transfer of own shares on account of the 2021 Share Program.
Any questions? I note for postal votes and proxy voting instructions, 78.2% of votes corresponding to 68.3% of shares represented today have voted in favor, and 5.1% corresponding to 8% of shares have voted against. Can the AGM approve the proposal from the Board? Considering postal votes instructions from proxies and votes today, I find that that has been voted in favor with the required majority. Item 17.
[Foreign language]
Resolutions on the implementation of the performance-based Long-Term Share Program, and the Board is convinced that this will benefit the company's shareholders since it will, for example, help to recruit and maintain competent employees and also enhance the commitment and motivation of the participants of the program. And the full proposal you can find in the notice that has been available on the website since the 20th of February this year, and the notice and statement also in the material that's been distributed here today. So therefore, the proposals have been duly presented. A simple majority is required for Item 17A, while 17B requires at least nine-tenths of the shares represented at the AGM and the votes cast at the AGM.
I will therefore establish whether we have reached the required majority under each item and also take account the postal votes and the voting instructions from the certain international owners by proxy. So let's start with 17A, which is the implementation of a performance-based Long-Term Share Program for 2023. Are there any questions or views, comments? No. So my question is, can we approve the Board's proposal? I find that we have adopted that with a simple majority. Next, 17B, transfer of own shares to the participants in the Long-Term Share Program for 2023. Any comments or views there? No? Now, I note here that with the postal votes and the voting instructions via proxy, 86% of us representing 71% of the votes cast here today have voted in favor of this decision. So can we approve the decision? I heard no one say no.
So considering the postal votes and the voting instructions, I would say that we have achieved the required majority. So with that, the last item on the agenda, which is that we declare that this AGM is closed. Thank you very much for coming that you came today. Thank you.