YIT CORPORATION STOCK EXCHANGE RELEASE March 10, 2010 at 16:00
RESOLUTIONS PASSED AT YIT CORPORATION'S ANNUAL GENERAL MEETING
YIT Corporation's Annual General Meeting, which was held today on
March 10,
2010, adopted the 2009 financial statements and discharged the
members of the
Board of Directors and the President and CEO from liability.
The Annual General
Meeting decided on the payment of dividends, the
composition of the Board of
Directors and their fees, the election of the
auditor and his fee, and the
authorisation of the Board of Directors to
share buyback and share issues.
Dividend payout
It was decided that a dividend of
EUR 0.40 will be paid per share, or a total of
EUR 50.0 million, and that the
rest of the profit be carried forward to
distributable equity as
proposed by the Board of Directors. No dividend will be
paid for the treasury
shares. The right to a dividend rests with a shareholder
who, by the record
date of March 15, 2010, has been entered as a shareholder in
the company's
shareholder register that is maintained by Euroclear Finland Ltd.
It was
decided that the dividend will be paid on April 7, 2010.
Further the Annual General Meeting decided to grant the Board the authority
to
donate the sum of no more than EUR 500,000 to support activities of
colleges and
universities and, in the same context, that the Board of
Directors be authorised
to decide the schedule of payments and any other terms
and conditions governing
the donations.
Composition of the Board of Directors and their
fees
The Annual General Meeting resolved to
elect a Chairman, Vice Chairman and five
ordinary members to the Board of
Directors, namely: Henrik Ehrnrooth as
Chairman, Reino Hanhinen as
Vice Chairman and Kim Gran, Eino Halonen, Antti
Herlin, Satu Huber and
Lauri Ratia as members.
Board of
Director's meeting fees were kept unchanged, i.e. the following fees
will
be paid to the Board of Directors: Chairman EUR 6,000/month (EUR
72,000/year), Vice Chairman EUR 4,500/month (EUR 54,000/year), member EUR
3,500/month (EUR 42,000/year) plus a meeting fee of EUR 500 for each
meeting,
and that similarly EUR 500 be paid to the members of the
committees for each
committee meeting. Per diems for trips in Finland and
abroad are paid in
accordance with the State's travelling compensation
regulations.
Election of the auditor and his fee
PricewaterhouseCoopers Oy, Authorized
Public Accountants, was elected as the
company's auditor, with Heikki
Lassila, Authorized Public Accountant, as chief
auditor. The auditor's fees
will be paid against their invoices approved by the
company.
Share buyback
The Annual
General Meeting authorised the Board of Directors to decide on the
purchase
of company shares as proposed by the Board of Directors. The
authorisation covers the purchasing of a maximum of 10,500,000 company shares
using the company's unrestricted equity. The authorisation is valid for 18
months after its granting.
The authorisation reverses the authorisation to purchase the
company's own
shares issued by the Annual General Meeting on March 11,
2009.
Share issues
The Annual General Meeting authorised the Board
of Directors to decide on share
issues as proposed by the Board of Directors.
The authorisation can be used in
full or partially by issuing shares in the
company in one or more share issues
so that the total number of shares
issued is 25,000,000. The Board of Directors
has the right to decide on all
of the terms and conditions of the share issues.
The share issue
authorisation also includes the Board of Director's
authorisation
to decide on the transfer of a maximum of 12,645,000 treasury
shares
irrespective of the purpose for which the treasury shares originally
were
acquired.
The authorisation is valid for five years after its granting.
The authorisation reverses the authorisation to dispose of the
company's own
shares issued by the Annual General Meeting on March 11,
2009.
Other information
On March 10, 2010 the total number of YIT shares
is 127,223,422 and YIT holds
2,145,000 of its own shares.
The minutes of the Annual General Meeting
will be available on the Internet at
the company website www.yitgroup.com by
March 24, 2010.
For additional information,
please contact:
Antero Saarilahti, Senior
Vice President, Administration, +358 20 433 2280,
antero.saarilahti@yit.fi
YIT CORPORATION
Virva Salmivaara
Senior Vice President, Corporate Communications
Distribution: NASDAQ OMX, principal media,
www.yitgroup.com
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