- Stock exchange release
Resolutions passed at the Annual General Meeting of YIT Corporation
YIT CORPORATION Stock exchange release March 15, 2016 at 12:15 p.m.
The Annual General Meeting of YIT Corporation held today, March 15, 2016, adopted the 2015 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, the composition of the Board of Directors and their fees, the election of the auditor and its fees as well as authorising the Board of Directors to decide on the repurchase of company shares and share issues and on establishing the Shareholders’ Nomination Board.
It was decided that a dividend of EUR 0.22 be paid per share, or a total of EUR 27.6 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 17, 2016, 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 April 4, 2016.
Composition of the Board of Directors and their fees
The Annual General Meeting resolved to elect a Chairman, Vice Chairman and three ordinary members to the Board of Directors, namely: Matti Vuoria as Chairman, Juhani Pitkäkoski as Vice Chairman and Satu Huber, Erkki Järvinen and Inka Mero 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 Juha Wahlroos, Authorised Public Accountant, as chief auditor. The auditor’s fees will be paid against the invoices approved by the company.
Repurchase of the company’s own shares
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 reverses the authorisation to purchase the company's own shares issued by the Annual General Meeting on March 18, 2015.
The authorisation is valid until March 31, 2017.
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 12,400,000 treasury shares irrespective of the purpose for which the treasury shares originally were acquired. The authorisation reverses the authorisation to decide on share issues by the Annual General Meeting on March 18, 2015.
The authorisation is valid until March 31, 2017.
Establishing the Shareholders’ Nomination Board
The Annual General Meeting decided to establish a Shareholders’ Nomination Board, to prepare proposals on the election and remuneration of the members of the Board of Directors for the Annual General Meeting. The standing order of the Shareholders’ Nomination Board was confirmed according to the proposal of the Board of Directors.
The decision is valid for an indefinite period, until otherwise decided by the General Meeting.
On March 15, 2016, the total number of YIT shares is 127,223,422 and YIT holds 1,646,767 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 March 29, 2016, 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 Helsinki, principal media, www.yitgroup.com
YIT is a construction industry leader that creates sustainable urban environments by constructing housing, business premises, infrastructure and entire areas. We focus on providing a first-class customer experience, high quality and continuous development of our diverse expertise. Our operating area covers Finland, Russia, the Baltic countries, the Czech Republic, Slovakia and Poland. Our vision is to stay one step ahead – while caring for our customers, partners and personnel. We have over 5,300 employees in eight countries. In 2015, our revenue amounted to nearly EUR 1.7 billion. Our share is listed on Nasdaq OMX Helsinki. www.yitgroup.com