AGM's resolutions 2000
RESOLUTIONS PASSED AT YIT CORPORATION'S ANNUAL GENERAL MEETING
Adopting the financial statements and the payment of dividends
March 6, 2000, the Annual General Meeting adopted the 1999 financial statements and discharged the accountable parties from liability. A dividend of EUR 0.60 will be paid per share, or a total of EUR 17.3 million. The record date is March 9, 2000, and the dividend payout will begin on March 16, 2000.
The Annual General Meeting took decisions on amending the Articles of Association, the composition of the Board of Directors, the purchase of the company's own shares (share buyback) and authorizing the Board of Directors to both dispose of the company's own shares and to sell the shares on the grand total account.
Amendments to the Articles of Association
The Annual General Meeting unanimously decided to approve the amendments to the Articles of Association in accordance with the proposal by the Board of Directors. The proposal of the Board of Directors was made public in a stock exchange bulletin on February 16, 2000.
Supervisory Board and the Board of Directors
At the Annual General Meeting, it was stated that the aforementioned amendments to the Articles of Association which were decided on will become valid once they have been entered into the Trade Register, at which time the company's Supervisory Board will be dissolved. At its meeting on February 16, the Supervisory Board announced that it will resign once the amendments to the Articles of Association have been recorded in the Trade Register. In accordance with the decision taken by the Annual General Meeting, the Supervisory Board will continue to exist in its current composition until that time.
On the basis of the new Articles of Association, the Annual General Meeting confirmed that the number of Board members shall be set at six. The term of office of Board members shall begin from the date when the amendments to the Articles of Association are registered and shall end at the conclusion of the next Annual General Meeting. It was decided to elect the following persons to seats on the company's Board of Directors: Ilkka Brotherus, managing director of Sinituote Oy, Eino Halonen, managing director of Pohjola Life Assurance Company Ltd, Reino Hanhinen, managing director of YIT Corporation, Asmo Kalpala, chairman and CEO of the Tapiola Group, Mikko Kivimäki, president and CEO of Rautaruukki Corporation, and Antti Tanskanen, CEO of the OKOBANK Group.
Election of the auditors
The Annual General Meeting decided to elect SVH Pricewaterhouse Coopers Oy, Authorized Public Accountants, as the company's auditors responsible for auditing the company's administration and accounts during the current financial period.
Share buyback
The Annual General Meeting unanimously decided to purchase a minimum of 200 to a maximum of 900,000 shares with distributable shareholders' equity in accordance with the proposal by the Board of Directors. The Board's proposal on this issue was made public in a stock exchange bulletin on February 16, 2000.
Authorizing the Board of Directors to decide on the disposal of the company's own shares
The Annual General Meeting unanimously decided to authorize the Board of Directors to dispose of a maximum of 1,386,300 shares in accordance with the proposal by the Board of Directors. The Board's proposal on this issue was made public in a stock exchange bulletin on February 16, 2000.
Sale of shares on the grand total account
The Annual General Meeting unanimously decided to sell a maximum of 2,020 of the shares on the grand total account on behalf of their owners in the manner specified in Chapter 3 a, paragraph 3 of the Companies Act. In addition, it was decided to authorize the Board of Directors to take the necessary measures to implement the decision. The Board's proposal on this issue was made public on February 16, 2000.
