Results of the Millicom (Tigo) AGM and EGM held today

Results of the Millicom (Tigo) AGM and EGM held today

Luxembourg, May 31, 2023 – Millicom International Cellular S.A. (“Millicom”) held its Annual General Meeting (“AGM”) and Extraordinary General Meeting (“EGM”) of shareholders today.

All of the AGM resolutions proposed by the Board of Directors and its Nomination Committee were adopted by Millicom’s shareholders, while the EGM resolutions were not adopted.

Resolving in favor of all the Nomination Committee’s proposals, the AGM set the number of directors at 10 and re-elected José Antonio Ríos García, Bruce Churchill, Tomas Eliasson and Pernille Erenbjerg as Non-Executive Directors, re-elected Mauricio Ramos as an Executive Director, and elected María Teresa Arnal, Blanca Treviño de Vega, Thomas Reynaud, Nicolas Jaeger and Michaël Golan as new Non-Executive Directors. José Antonio Rios García was re-elected as Chair of the Board of Directors.

All other resolutions set out in the convening notice for the AGM published on April 21, 2023, were also duly passed, including approval of:

(i) The annual accounts and the consolidated accounts for the year ended December 31, 2022.

(ii) The allocation of 5% of the 2022 results to the legal reserve (i.e., USD 1,895,675), and the remaining USD 36,017,829 to unappropriated net profits to be carried forward;

(iii) The discharge of all the current and former Directors of Millicom who served at any point in time during the financial year ended December 31, 2022 for the performance of their mandates. 

(iv) The re-election of Ernst & Young S.A., Luxembourg as the external auditor of Millicom.

(v) The remuneration to the Board and external auditor.

(vi) The instruction to the Nomination Committee.

(vii) The Share Repurchase Plan.

(viii) The 2022 Remuneration Report.

(ix) The Senior Management Remuneration Policy

(x) The share-based incentive plans for Millicom employees.

The proposals to Millicom’s EGM, which included increasing the authorized share capital of Millicom and authorizing the Board of Directors to issue new shares within the limits of the authorized capital, with the ability to remove or limit the preferential subscription right of the shareholders up to a maximum of new shares representing 10% of the company’s outstanding share capital, did not achieve the 2/3 vote required for adoption.  Accordingly, Millicom’s articles of association were not amended to introduce these changes.