Decisions of general meeting
Resolutions passed at the Annual General Meeting of YIT Corporation
Helsinki, 2014-03-18 11:00 CET --
YIT CORPORATION STOCK EXCHANGE RELEASE MARCH 18, 2014 AT 12:00 NOON
RESOLUTIONS PASSED AT THE ANNUAL GENERAL MEETING OF YIT CORPORATION
The Annual General Meeting of YIT Corporation held today, March 18, 2014, adopted the 2013 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 dividend payout, composition of the Board of Directors, the election of the auditor and its fees as well as authorising the Board of Directors to decide on the purchase of company shares.
It was decided that a dividend of EUR 0.38 be paid per share, or a total of EUR 47.7 million, as proposed by the Board of Directors, and that the remainder of the earnings be retained in distributable equity. No dividend will be paid on treasury shares. The right to a dividend rests with a shareholder who, by the record date of March 21, 2014, has been entered as a shareholder in the company’s shareholder register maintained by Euroclear Finland Ltd. It was decided that the dividend will be paid on March 28, 2014.
Composition of the Board of Directors and their fees
The Annual General Meeting resolved to elect a Chairman, Vice Chairman and four ordinary members to the Board of Directors, namely: Reino Hanhinen as Chairman, Kim Gran as Vice Chairman and Satu Huber, Erkki Järvinen, Juhani Pitkäkoski and Teuvo Salminen as members.
It was resolved to pay the Board of Directors remuneration as follows: the Chairman EUR 6,600 per month (EUR 79,200 per year), the Vice Chairman EUR 5,000 per month (EUR 60,000 per year) and the Board members EUR 3,900 per month (EUR 46,800 per year),as well as an attendance fee of EUR 550 per meeting. In addition, the members of Board Committees are paid an attendance fee of EUR 550 for each committee meeting. Per diems for trips in Finland and abroad are paid in accordance with the state’s travel compensation regulations.
Election of the auditor and their fee
PricewaterhouseCoopers, Authorised Public Accountants, was elected as the company’s auditor, with Heikki Lassila, Authorised 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 10,760,000 company shares using the company’s unrestricted equity. The authorisation is valid until March 31, 2015.
The authorisation reverses the authorisation to purchase the company's own shares issued by the Annual General Meeting on March 15, 2013.
On March 18, 2014, the total number of YIT shares is 127,223,422 and YIT holds 1,635,494 of its own shares.
The minutes of the Annual General Meeting will be available on the Internet at the company’s website www.yitgroup.com by April 1, 2014, at the latest.
For additional information, please contact:
Juha Jauhiainen, Corporate General Counsel, YIT Corporation, +358 40 725 9643, firstname.lastname@example.org
Vice President, Investor Relations
Distribution: NASDAQ OMX, principal media, www.yitgroup.com
YIT is a construction industry leader. We create better living environments in Finland, Russia, the Baltic countries, the Czech Republic and Slovakia. Over 100 years of experience have secured for us a strong market position: We are the largest housing developer and one of the largest business premises and infrastructure developers in Finland, and the most significant foreign housing and area developer in Russia. Our vision is to stay one step ahead – while caring for our customers, partners and personnel. We have more than 6,000 employees in seven countries. In 2013, our revenue amounted to nearly EUR 1.9 billion. Our share is listed on Nasdaq OMX Helsinki. www.yitgroup.com