Resolutions of the Annual General Meeting of Valmet Corporation
Valmet Corporation's stock exchange release on March 26, 2014 at 5:20 p.m. EET
The Annual General Meeting of Valmet Corporation was held in Helsinki today. The Annual General Meeting adopted the Financial Statements for 2013 and discharged the members of the Board and the CEO from liability for the 2013 financial year. The Annual General Meeting approved the Board of Directors' proposals, which concerned authorizing the Board to resolve on repurchasing company shares and/or taking company shares as pledge, to resolve on the issuance of shares and the issuance of special rights entitling to shares and to establish a shareholders' nomination board.
The Annual General Meeting decided to pay dividends of EUR 0.15 per share for the financial period ended on December 31, 2013. The dividend shall be paid to shareholders who on the dividend record date of March 31, 2014 are registered in the company's shareholders' register held by Euroclear Finland Ltd. The dividends will be paid on April 11, 2014.
Composition of the Board of Directors
The Annual General Meeting confirmed the number of Board members as seven and appointed Jukka Viinanen as Chairman of Valmet Corporation's Board and Mikael von Frenckell as Vice Chairman. Lone Fønss Schrøder was appointed as a new member of the Board. Friederike Helfer, Pekka Lundmark, Erkki Pehu-Lehtonen and Rogério Ziviani will continue as members of the Board. The term of office of the members of the Board of Directors expires at the end of the next Annual General Meeting.
Remuneration of the Board of Directors
The Annual General Meeting resolved that the Chairman of the Board would be paid EUR 100,000, the Vice Chairman and Chairman of the Audit Committee EUR 60,000 and the other members of the Board EUR 48,000 as annual remuneration. In addition, for each meeting of the Board of Directors or the committees of the Board of Directors, a fee of EUR 700 will be paid to the members of the Board that reside in the Nordic countries, a fee of EUR 1,400 will be paid to the members of the Board that reside in other European countries and a fee of EUR 2,800 will be paid to the members of the Board that reside outside Europe.
The Annual General Meeting resolved that, as a condition for the annual remuneration, the members of the Board of Directors be obliged, directly based on the Annual General Meeting's decision, to use 40 percent of the fixed annual remuneration for purchasing Valmet Corporation shares on the market at a price formed in public trading on the Helsinki Stock Exchange and that the purchase would have to be carried out within two weeks from the publication of the Interim Review for the period January 1 to March 31, 2014.
Election of the auditor
PricewaterhouseCoopers Oy, authorized public accountants, was appointed as the company's auditor for a term expiring at the end of the next Annual General Meeting. The responsible auditor will be Jouko Malinen, APA.
The minutes of the Annual General Meeting
The minutes of the Annual General Meeting will be available as of April 9, 2014 on the company's website www.valmet.com/agm.
Further information, please contact:
Rasmus Oksala, General Counsel, Valmet Corporation, tel. +358 40 586 8997
Hanna-Maria Heikkinen, Vice President, Investor Relations, Valmet Corporation, tel +358 10 672 0007
VP, Investor Relations
Valmet Corporation is a leading global developer and supplier of services and technologies for the pulp, paper and energy industries. Our 11,000 professionals around the world work close to our customers and are committed to moving our customers' performance forward - every day.
Valmet's services cover everything from maintenance outsourcing to mill and plant improvements and spare parts. Our strong technology offering includes entire pulp mills, tissue, board and paper production lines, as well as power plants for bio-energy production.
The company has over 200 years of industrial history and was reborn through the demerger of the pulp, paper and power businesses from Metso Group in December 2013. Valmet's net sales in 2013 were approximately EUR 2.6 billion. Valmet's objective is to become the global champion in serving its customers.
Valmet's head office is in Espoo, Finland and its shares are listed on the NASDAQ OMX Helsinki Ltd.