Resolutions by Uponor Corporation's Annual General Meeting
Uponor Corporation Stock exchange release 15 March 2011 18.33 EET
Resolutions by Uponor Corporation’s Annual General Meeting
Uponor Corporation’s Annual General Meeting approved the proposed dividend of €0.55 per share for 2010. The existing Board members were re-elected. In addition, Ms Eva Nygren was elected as the sixth member of the Board. The AGM approved all Board proposals, including the authorisations to repurchase own shares and to decide on a share issue. The detailed proposals are available at www.uponor.com > Investors.
The AGM adopted the financial statements and the consolidated financial statements for 2010 and released the Board members and the managing director from liability.
The Chairman of the Board, Jari Paasikivi stated that the Board would not consider initiating a share buyback at this stage. He also justified the authorisation to resolve on a share issue by stating that shares can potentially be used as a means of payment in connection with acquisitions.
The dividend will be paid out on 25 March 2011, the record date being 18 March 2011.
Held in Helsinki, Finland, the AGM was chaired by Tomas Lindholm, Attorney-at-Law.
Election of Directors and the Auditor
It was resolved that the Board would have six members, with Jorma Eloranta, Jari Paasikivi, Aimo Rajahalme, Anne-Christine Silfverstolpe Nordin and Rainer S. Simon being re-elected. Ms Eva Nygren, a Swedish citizen, was elected as the sixth member. Ms Nygren is an architect and acts as managing director of two subsidiary companies of the planning consultancy Sweco AB.
At its organising meeting following the AGM, the Board of Directors elected Jari Paasikivi Chairman and Aimo Rajahalme Deputy Chairman of the Board. The Audit Committee was re-established according to its earlier composition, with Aimo Rajahalme as chairman and Jorma Eloranta and Jari Paasikivi as members.
Deloitte and Touche Oy, authorised public accountants, was re-elected as the auditor of the corporation, with Mikael Paul, Authorised Public Accountant, remaining the principal auditor.
There were no changes to the Board’s annual remuneration and the following annual fees were agreed: €71,000 for the Chairman, €49,000 for the Deputy Chairman, and €44,000 for ordinary members. Approximately 40% shall be paid in Uponor Corporation shares, bought in public trading, and the rest in cash.
It was further decided that a separate remuneration per meeting shall be paid to Board members for all meetings, amounting to €600 for meetings held in the home country of the member, €1,200 for meetings held elsewhere in Europe, and €2,400 for meetings held outside of Europe. The remuneration for telephone meetings shall be the same as for meetings held in the home country of the member.
Reetta Härkki, General Counsel, Tel. +358 20 129 2835
Vice President, Communications
Tel. +358 20 129 2852
NASDAQ OMX - Helsinki
Uponor is a leading international provider of plumbing and indoor climate solutions for residential and commercial building markets across Europe and North America. In Northern Europe, Uponor is also a prominent supplier of infrastructure pipe systems. Uponor offers its customers solutions that are technically advanced, ecologically sustainable, and safe and reliable to own and operate. The Group employs approx. 3,200 persons, in 30 countries. In 2010, Uponor's net sales totalled €750 million. Uponor Corporation is listed on NASDAQ OMX Helsinki in Finland. http://www.uponor.com