AGM's resolutions 2001
RESOLUTIONS PASSED AT YIT CORPORATION'S ANNUAL GENERAL MEETING
March 8, 2001, YIT Corporation's Annual General Meeting adopted the 2000 financial statements and discharged the accountable parties from liability. A dividend of EUR 0.75 will be paid per share, or a total of EUR 22.0 million. The record date is March 13, 2001, and the dividend payout will begin on March 20, 2001. The Annual General Meeting also took decisions on the composition of the Board of Directors, the auditor, amending Article 8 of the Articles of Association, the purchase of the company's own shares (share buyback) and authorizing the Board of Directors to decide on the disposal of the company's own shares.
Election of the Board of Directors and the Auditor
The Annual General Meeting confirmed that the number of Board members shall be set at seven. It was decided to elect the following persons to seats on the company's Board of Directors: Ilkka Brotherus, Eino Halonen, Reino Hanhinen, Asmo Kalpala, Mikko Kivimäki, Teuvo Salminen and Antti Tanskanen.
The Annual General Meeting decided to elect SVH Pricewaterhouse-Coopers Oy, Authorized Public Accountants, as the company's auditor responsible for auditing the company's administration and accounts during the current financial period. SVH Pricewaterhouse-Coopers has appointed Pekka Nikula, M.Sc. (Econ.), Authorized Public Accountant, as chief auditor.
Amendment to Article 8 of the Articles of Association
The Annual General Meeting unanimously decided to approve the amendment to Article 8 of the Articles of Association in accordance with the proposal by the Board of Directors. The amendment is based on the change in the Companies Act which came into force on January 1, 2001. The amended section reads as follows: "In order to be entitled to attend the Annual General Meeting, the shareholder shall notify the company, not later than on the date specified in the invitation to the meeting, which date may be at the earliest ten days before the meeting." In other respects, the Article remains unaltered.
Purchasing of the company's own shares (share buyback)
The Annual General Meeting unanimously decided to purchase a minimum of 200 to a maximum of 700,000 of the company's own shares with distributable shareholders' equity in accordance with the proposal by the Board of Directors. The Board's proposal was made public in a stock exchange release at 8:15 on February 9, 2001.
Authorizing the Board of Directors to decide on the disposal of the company's own shares
The Annual General Meeting unanimously resolved to authorize the Board of Directors to decide on the disposal of a maximum of 797,300 of its own shares which have been previously acquired by the company or will be acquired for the company on the basis of the decision described above in such a manner and for such purposes as are meant in the proposal by the Board of Directors.
It was noted that the Board of Directors had, on February 26, 2001, transferred 660,000 of its own shares as part of the purchase price of Calor AB on the basis of the authorization granted to the Board of Directors by the Annual General Meeting on March 6, 2000, and that thus the company holds 97,300 of its own shares. The Board's proposal was made public in a stock exchange release at 8:15 on February 9, 2001.
For additional information, contact:
Esko Mäkelä, Executive Vice President, tel. +358 20 433 2258, esko.makela@yit.fi
Veikko Myllyperkiö, Vice President, Corporate Communications, tel. +358 20 433 2297, veikko.myllyperkio@yit.fi
