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- Stock Exchange Release
- 11.03.2009 14:15 CET
RESOLUTIONS PASSED AT YIT CORPORATION'S ANNUAL GENERAL MEETING
STOCK EXCHANGE RELEASE March 11, 2009 at 15:15
RESOLUTIONS PASSED AT YIT CORPORATION'S ANNUAL GENERAL MEETING
YIT Corporation's Annual General Meeting, which was held today, adopted the 2008 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 payment of dividends, the composition of the Board of Directors and their fees, the election of the auditor, and to authorise the Board of Directors to purchase the company's shares and to dispose them.
Dividend payout
It was decided that a dividend of EUR 0.50 will be paid per share, or a total of EUR 62.5 million, as proposed by the Board of Directors. Dividend will not be paid to YIT shares held by YIT Corporation. The right to a dividend rests with a shareholder who by the record date of March 16, 2009, has been entered as a shareholder in the company's shareholder register that is kept by the Finnish Central Securities Depository Ltd. It was decided that the dividend will be paid on April 2, 2009.
Composition of the Board of Directors and their fees
The Annual General Meeting resolved to elect a Chairman, Vice Chairman and five ordinary members to the Board of Directors, namely: Henrik Ehrnrooth as Chairman, Eino Halonen as Vice Chairman and Kim Gran, Reino Hanhinen, Antti Herlin, Satu Huber and Lauri Ratia as members.
Board of Director's meeting fees were kept unchanged, i.e. the following fees will be paid to the Board of Directors: Chairman EUR 6,000/month (EUR 72,000/year), Vice Chairman EUR 4,500/month (EUR 54,000/year), member EUR 3,500/month (EUR 42,000/year) plus a meeting fee of EUR 500 for each meeting, and that similarly EUR 500 be paid to the members of the committees for each committee meeting. Per diems for trips in Finland and abroad are paid in accordance with the State's travelling compensation regulations.
Election of the auditor
PricewaterhouseCoopers Oy, Authorized Public Accountants, was elected as the company's auditor, with Heikki Lassila, Authorized Public Accountant, as chief auditor.
Purchasing and disposal of the company's own shares
The Annual General Meeting decided to authorise the Board of Directors to purchase the company's shares and to dispose them, as proposed by the Board of Directors. The authorisation granted to the Board of Directors covers the acquisition of a maximum of 10,100,000 company shares, purchased with the company's unrestricted equity, and the assignment of a maximum of 12,700,000 of the shares bought back for and held by the company. The authorisation reverses the authorisation to purchase and divest the company's own shares issued by the Extraordinary General Meeting on October 6, 2008.
On March 11, 2009 the total number of YIT shares is 127,223,422 and YIT holds 2,145,000 of its own shares.
The Board of Directors' proposals can be found attached to this stock exchange release.
For additional information, please contact: Antero Saarilahti, Senior Vice President, Administration, +358 20 433 2280, antero.saarilahti@yit.fi Sakari Ahdekivi, Chief Financial Officer, +358 20 433 2258, sakari.ahdekivi@yit.fi
YIT CORPORATION
Veikko Myllyperkiö Senior Vice President, Corporate Communications
Distribution: NASDAQ OMX, principal media, www.yitgroup.com