Decisions of general meeting
RESOLUTIONS PASSED AT YIT CORPORATION'S ANNUAL GENERAL MEETING
Helsinki, 2011-03-11 11:45 CET --
YIT CORPORATION STOCK EXCHANGE RELEASE March 11, 2011 at 12:45
RESOLUTIONS PASSED AT YIT CORPORATION’S ANNUAL GENERAL MEETING
YIT Corporation’s Annual General Meeting, which was held today on March 11, 2011, adopted the 2010 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, the authorisation of the Board of Directors to share buyback and the amendment of the Company's Articles of Association.
It was decided that a dividend of EUR 0.65 will be paid per share, or a total of EUR 81.3 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 16, 2011, 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, 2011.
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 Michael Rosenlew as members.
The Annual General Meeting decided that the following fees be paid to the Board of Directors: to the Chairman EUR 6,600/month (EUR 79,200/year), to the Vice Chairman EUR 5,000/month (EUR 60,000/year), to a member EUR 3,900/month (EUR 46,800/year) and a meeting fee of EUR 550 per meeting. In addition, similarly EUR 550 will be paid to the members of the committees of the Board of Directors for each committee meeting. Per diems are paid for trips in Finland and abroad 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 the invoices approved by the company.
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 until March 31, 2012.
The authorisation reverses the authorisation to purchase the company's own shares issued by the Annual General Meeting on March 10, 2010.
Amendment of the Company's Articles of Association
The Annual General Meeting decided to amend the Company's Articles of Association as proposed by the Board of Directors. The key contents of the amendment are as follows: the term “network services” was removed from the Company’s line of business, the issues handled in the General Meeting were revised, the age limit concerning people appointed to the Board of Directors was lifted, the provision concerning the notice of the general meeting of shareholders was amended so that the notice is published on the Company website.
On March 11, 2011 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 25, 2011.
For additional information, please contact:
Antero Saarilahti, Senior Vice President, Administration, +358 20 433 2280, firstname.lastname@example.org
Senior Vice President, Corporate Communications
Distribution: NASDAQ OMX, principal media, www.yitgroup.com
YIT is a successful European service company in building systems, construction services and services for industry. We build, develop and maintain quality living environments in Nordic countries, Central Europe, Russia and Baltic countries. In 2010, YIT's revenue amounted to EUR 3.8 billion. The Group employs nearly 26,000 people. YIT's share is listed on NASDAQ OMX Helsinki. www.yitgroup.com