Vacon Plc's Annual General Meeting (AGM) was held in Vaasa today, 27 March 2012. The AGM adopted the proposal by the Board of Directors to pay a dividend of EUR 0.90 per share i.e. appr. MEUR 13.7 in total. The record day for the dividend payment is 30 March 2012. The dividend will be paid on 11 April 2012.
The financial statement of Vacon Plc for the fiscal year 2011 was approved and the members of the Board of Directors as well as the CEO were discharged from liability for said fiscal year 2011.
The number of members of the Board of Directors was confirmed to be seven. Pekka Ahlqvist, Jari Eklund, Jan Inborr, Juha Kytölä, Panu Routila, Mika Vehviläinen and Riitta Viitala were re-elected as members of the Board of Directors.
The AGM resolved to pay the members of the Board of Directors a basic fee of EUR 1,250 a month and an additional fee of maximum EUR 2,500 a month. The additional fee is determined based on the development of the company's turnover and operating profit for the fiscal year 2012. It was resolved that the Chairman of the Board of Directors shall be paid twice the basic fee and twice the additional fee paid to the members of the Board of Directors. In addition, the compensation for attendance at the meetings of the Board of Directors' permanent committees was result to be EUR 500 per meeting. The travel expenses of the members of the Board of Directors are compensated in accordance with the company's Travel Policy.
The number of auditors was confirmed to be one. PricewaterhouseCoopers Oy was elected as the company's auditor with Markku Katajisto as the principal auditor.
The AGM adopted the proposals of the Board of Directors to authorize the Board of Directors to resolve to repurchase shares in the company and to decide on share issuance. The proposals of the Board of Directors regarding said authorizations were reported in the stock exchange release of 17 February 2012.
All decisions adopted at the AGM were made unanimously unless otherwise stated in the minutes of the meeting.
After the AGM, the Board of Directors at its organization meeting elected Jan Inborr as Chairman and Mika Vehviläinen as Vice Chairman of the Board. Jan Inborr, Mika Vehviläinen and Riitta Viitala were elected as members of the Board's Remuneration and Nomination Committee. Jan Inborr was appointed as Chairman of said committee. At the same meeting, the Board of Directors decided to establish an Audit Committee. The members of the Audit Committee are Panu Routila (Chairman), Jari Eklund and Juha Kytölä.