Displaying items by tag: board
Stora Enso Oyj - Decisions of annual general meeting
Stora Enso's Annual General Meeting (AGM) on 31 March 2010 adopted the accounts for 2009 and granted the Company's Board of Directors and Chief Executive Officer discharge from responsibility for the period.
Resolution on the use of the profit shown on the balance sheet and the covering of losses.
The AGM approved a proposal by the Board of Directors that the parent company's loss for the accounting period last ended and the losses from previous periods evidenced in the parent company's balance sheet, in aggregate approximately EUR 1 251.3 million be covered through the decrease of the parent company's fund for invested unrestricted equity with the same amount.
Distribution of funds
The AGM also approved a proposal by the Board of Directors that EUR 0.20 per share, a maximum aggregate of EUR 158 million, be distributed to the shareholders from the parent company's fund for invested unrestricted equity (the Distribution).
The Distribution shall be paid to shareholders that on the Distribution record date, 7 April 2010, are recorded in the shareholders' register maintained by Euroclear Finland Ltd or in the separate register of shareholders maintained by Euroclear Sweden AB for Euroclear Sweden registered shares. The Distribution payable for Euroclear Sweden registered shares will be forwarded by Euroclear Sweden AB and paid in Swedish krona. The Distribution payable to ADR holders will be forwarded by Deutsche Bank Trust Company Americas and paid in US dollars.
The AGM approved a proposal by the Board of Directors that the Distribution shall be paid by the Company on 20 April 2010.
Members of the Board of Directors
The AGM approved a proposal that the Board of Directors shall have eight members and that of the current members of the Board of Directors, Gunnar Brock, Birgitta Kantola, Juha Rantanen, Hans Stråberg, Matti Vuoria and Marcus Wallenberg be re-elected members of the Board of Directors until the end of the following AGM and that Ms Carla Grasso and Mr Mikael Mäkinen be elected new members of the Board of Directors for the same term of office. Claes Dahlbäck, Dominique Hériard Dubreuil and Ilkka Niemi were not seeking re-election.
Remuneration
The AGM approved the proposed annual remuneration for the members of the Board
of Directors as follow:
Chairman EUR 135 000
Deputy Chairman EUR 85 000
Members EUR 60 000
The AGM also approved a proposal that 40% of the remuneration shall be paid in Stora Enso Series R shares purchased from the market.
Stora Enso Oyj - Decisions of annual general meeting
The AGM approved the proposed annual remuneration for the Board committees as follows:
Financial and Audit Committee
Chairman EUR 20 000
Members EUR 14 000
Remuneration Committee
Chairman EUR 10 000
Members EUR 6 000
Auditor
The AGM approved a proposal that the current auditor Authorised Public Accountants Deloitte & Touche Oy be re-elected auditor of the Company until the end of the following AGM. The AGM approved a proposal that remuneration for the auditor be paid according to invoice.
Appointment of the Nomination Committee
The AGM approved a proposal to appoint a Nomination Committee to prepare proposals concerning (a) the number of members of the Board of Directors, (b) the members of the Board of Directors, (c) the remuneration for the Chairman, Vice Chairman and members of the Board of Directors and (d) the remuneration for the Chairman and members of the committees of the Board of Directors. The Nomination Committee shall consist of four members:
the Chairman of the Board of Directors
the Vice Chairman of the Board of Directors
two members appointed by the two largest shareholders (one each) according to the register of shareholders on 30 September 2010.
The largest shareholders are determined on the basis of their shareholdings registered in the Company's shareholders' register. In addition, shareholders who under the Finnish Securities Markets Act have an obligation to disclose certain changes in ownership (shareholder subject to disclosure notification) will be taken into account provided that they notify their shareholdings to the Board of Directors in writing by 30 September 2010.
The Chairman of the Board of Directors shall convene the Nomination Committee and the Nomination Committee shall at the latest on 31 January 2011 present its proposals to the Board of Directors for the AGM to be held in 2011. A member of the Board of Directors may not be appointed as Chairman of the Nomination Committee. Annual remuneration of EUR 3 000 shall be paid to a member of the Nomination Committee who is not a member of the Board of Directors
Proposal by the Board of Directors to amend the Articles of Association The AGM approved a proposal by the Board of Directors that Section 10 of the Articles of Association of the Company be amended so that the notice to the General Meeting shall be issued not later than three weeks before the date of the General Meeting, however, at least nine days before the record date of the General Meeting.
Decisions by the Board of Directors
As its meeting held after the AGM, the Stora Enso Board of Directors elected from among its members Gunnar Brock as its Chairman and Juha Rantanen as Vice Chairman.
Birgitta Kantola will continue as chairwoman of the Financial and Audit Committee. Gunnar Brock and Juha Rantanen were elected new members of this committee.
Matti Vuoria will continue as a member of the Remuneration Committee. Gunnar Brock and Hans Stråberg were elected new members of this committee. Gunnar Brock
was appointed to chair the Remuneration Committee.
For further information, please contact:
Ulla Paajanen-Sainio, Head of Investor Relations, tel. +358 2046 21242
Members of Metso Board Committees
Metso Corporation’s Board of Directors elected members among the Board for the Audit Committee and Remuneration and HR Committee at its assembly meeting.
The Board’s Audit Committee consists of Pia Rudengren (Chairman), Maija-Liisa Friman and Erkki Pehu-Lehtonen.
The Board's Remuneration and HR Committee consists of Jukka Viinanen (Chairman), Mikael von Frenckell, Christer Gardell and Yrjö Neuvo.
Personnel representation
Metso’s personnel groups in Finland have elected Jukka Leppänen as the personnel representative. He participates in the meetings of Metso’s Board of Directors as an invited expert, and his term of office is the same as the Board members’ term.
Metso is a global supplier of sustainable technology and services for mining, construction, power generation, automation, recycling and the pulp and paper industries. We have about 27,000 employees in more than 50 countries. www.metso.com
For further information, please contact:
Aleksanteri Lebedeff, Senior Vice President, General Counsel, Metso Corporation,
tel. +358 20 484 3240
Management Board of Mayr-Melnhof Karton AG reappointed
In yesterday's meeting of the Supervisory Board of Mayr-Melnhof Karton AG Mr. Franz Rappold, Mr. Andreas Blaschke, and Mr. Oliver Schumy have been unanimously reappointed members of the Management Board for a further period of five years. The new term will start on May 15, 2010 and will end on May 14, 2015. The mandate of the Chairman of the Management Board, Mr. Wilhelm Hörmanseder, was already prolonged last year until December 31, 2014.
Mr. Franz Rappold (57 years of age), 27 years with Mayr-Melnhof and since 2002 member of the Management Board, will continue to be responsible for the Cartonboard Division's (MM Karton) sales and marketing activities.
Mr. Andreas Blaschke (48 years of age), 18 years with Mayr-Melnhof and member of the Management Board also since 2002 will continue his mandate as board member for the Packaging Division's (MM Packaging) sales and marketing activities.
Mr. Oliver Schumy (39 years of age) 12 years with Mayr-Melnhof and since 2008 Chief Financial Officer was prolonged in his function.
For further information please contact:
Stephan Sweerts-Sporck, Investor Relations, Mayr-Melnhof Karton AG, Brahmsplatz 6, A-1041 Vienna
Tel.: (+43/1) 50136 – 91180, Fax: (+43/1) 50136 – 91195
e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Website: www.mayr-melnhof.com
Sonoco Announces Price Increases for Molded Wood Products
Sonoco will increase prices for molded wood products by 7 percent effective on shipments as of April 15, 2010, according to James Harrell, vice president and general manager, Industrial Carriers Division, North America. Sonoco is one of the largest domestic suppliers of molded wood products for its served industries.
"Using 2005 as a baseline, lumber output in the United States has decreased from 40.5 billion board feet to 22.6 billion board feet in 2009. Since wood shavings are the primary raw material used to manufacture molded wood products, we have been adversely affected by decreased supply," said Harrell.
"Sonoco continues to make investments to drive productivity initiatives to help reduce costs to our customers including consolidating molded plug production in our facility in Bastrop, Louisiana," Harrell added. "Unfortunately, business conditions and our supply chain for materials are being stressed beyond what we can afford to absorb."
Sonoco
Roger Schrum, 001 843-339-6018
This email address is being protected from spambots. You need JavaScript enabled to view it.
Changes to the Supervisory Board of Voith AG
Dr. Rogowski Steps Down and Dr. Manfred Bischoff Takes Over as Chairman of the Shareholders' Committee and Supervisory Board of Voith AG
Heidenheim. Dr. Michael Rogowski is today relinquishing his offices as Chairman of the Shareholders' Committee and the Supervisory Board of Voith AG. He will be succeeded by Dr. Manfred Bischoff. Bischoff is the Chairman of the Supervisory Board of Daimler AG and has been a member of the two Voith boards since 1999. The changeover takes place within the scope of the long-term corporate planning of the family-owned company Voith and was officially announced a year ago.
Paper and board output in 2009 falls by around 11%
After a difficult year, during which the industry encountered more down-time and capacity closures as a result of the weakened global economy the indications are that CEPI member countries produced less than 90 million tonnes of paper and board in 2009, the lowest annual total production since 2001. This represents a fall in the region of around 11% over 2008, which is slightly better than the European manufacturing industry taken as a whole. It would appear that the overall output performance of the CEPI countries in total during 2009 is much the same as that of the other major paper producing regions of the world.
Decisions made by the Annual General Meeting of Pöyry PLC
The Annual General Meeting ("AGM") of Pöyry PLC has on 11 March 2010 made the following decisions:
The AGM adopted Pöyry PLC's financial statements and the consolidated statements and granted the members of the Board of Directors, the company's President and CEO, and the Deputy to the President and CEO discharge from liability for the financial period 1 January to 31 December 2009.
The AGM resolved that a dividend of EUR 0.10 be distributed per outstanding share for the financial year 2009. The record date for distribution of dividend is 16 March 2010 and the payment date is 23 March 2010.
The AGM resolved that the Board of Directors consist of seven (7) ordinary members. The AGM elected the following members to the Board of Directors: Henrik Ehrnrooth, Pekka Ala-Pietilä, Georg Ehrnrooth, Alexis Fries, Heikki Lehtonen, Michael Obermayer and Karen de Segundo.
The AGM resolved that the annual fees of the members of the Board of Directors be EUR 40 000 for a member, EUR 50 000 for the Vice Chairman and EUR 60 000 for the Chairman of the Board, and that the annual fee of the members of the committees of the Board of Directors be EUR 15 000. In addition, the AGM authorised the Board of Directors to decide about an additional fee of not more than EUR 15 000 per annum for each of the foreign residents of the Board of Directors and an additional fee of not more than EUR 5 000 per annum for each of the foreign residents of the committees. The authorisation shall be in force until the next AGM.
In its assembly meeting immediately following the AGM, the Board of Directors elected Henrik Ehrnrooth as Chairman and Heikki Lehtonen as Vice Chairman. Heikki Lehtonen, Alexis Fries and Georg Ehrnrooth were elected members of the Audit Committee. Henrik Ehrnrooth, Heikki Lehtonen, Karen de Segundo and Pekka Ala-Pietilä were elected members of the Nomination and Compensation Committee. In accordance with the authorisation by the AGM the Board resolved to pay an additional fee of EUR 15 000 per annum to the foreign residents of the Board of Directors and an additional fee of EUR 5 000 per annum to the foreign residents of the committees.
KPMG Oy Ab, Authorised Public Accountants, continues as Pöyry PLC's auditors based on the resolution made in the AGM on 6 March 2002. Sixten Nyman, Authorised Public Accountant, continues as responsible auditor.
Resolution to amend the Articles of Association
The AGM resolved to amend Section 8 of the Articles of Association concerning the notice to general meetings so that notice shall be delivered to shareholders at the earliest three months and at the latest 21 days prior to the general meeting by publishing the notice on the company's web site and, if so decided by the Board of Directors, in one newspaper with a wide circulation determined by the Board of Directors. The notice shall nonetheless be delivered to shareholders at the latest nine (9) days prior to the record date of the general meeting.
Authorisation to acquire the company's own shares
The AGM authorised the Board of Directors to decide on the acquisition of the company's own shares with distributable funds on the terms given below. The acquisition of shares reduces the company's distributable unrestricted shareholders' equity.
The company's own shares can be acquired in order to strengthen the company's capital structure, to be used as payment in corporate acquisitions or when the company acquires assets related to its business and as part of the company's incentive programmes in a manner and to the extent decided by the Board of Directors, and to be transferred for other purposes or to be cancelled. A maximum of 5 800 000 shares can be acquired. The company's own shares can be acquired in accordance with the decision of the Board of Directors either through public trading or by public offer at their market price at the time of purchase.
The authorisation shall be in force 18 months from the decision of this AGM. The authorisation granted by the previous AGM regarding acquisition of the company's own shares expired simultaneously.
Authorisation to decide on making a donation to the Aalto University
The AGM authorised the Board of Directors to decide on making a donation of a maximum of EUR 300 000 to the Aalto University on terms and conditions to be determined separately by the Board of Directors.
PÖYRY PLC
Additional information by:
Anne Viitala, Executive Vice President, Legal and Commercial, Pöyry PLC
tel. +358 10 33 22811, +358 40 511 6151
Pöyry is a global consulting and engineering company dedicated to balanced sustainability. We offer our clients integrated management consulting, total solutions for complex projects and efficient, best-in-class design and supervision. Our in-depth expertise extends to the fields of energy, industry, urban & mobility and water & environment. Pöyry has 7000 experts operating in about 50 countries, locally and globally. Pöyry's net sales in 2009 were EUR 674 million and the company's shares are quoted on NASDAQ OMX Helsinki (Pöyry PLC: POY1V).
Rottneros Changes to the composition
The Annual General Meeting of Rottneros for 2009 resolved that the Nomination Committee, prior to the Annual General Meeting for 2010, should constitute the Chair of the Board, who shall not chair the Committee, together with two additional members, of whom one will represent the company's largest shareholder and the other represent one of the company's other four largest shareholders.
The AGM also resolved that if any of the shareholders who had appointed a member of the Nomination Committee ceases to be one of the five shareholders with the greatest voting power, the member(s) appointed by such shareholder(s) must tender their resignation and that a shareholder who has become one of the five shareholders with the greatest voting power shall be entitled to appoint its representative.
According to Euroclear's register, the five shareholders with the greatest voting power comprised, as of 29 January 2010, Nemus Holding, Case Asset Management, Danske Bank A/S, DnB NOR Bank ASA Sverige and HSH Nordbank. Torgny Prior, appointed by Prior&Nilsson Fond and Kapitalförvaltning AB, has therefore tendered his resignation. Case Asset Management has appointed as a new member Henrik Strömbom, CEO of Case Asset Management. Following this, the Nomination Committee comprises:
Olle Grundberg, Chair, Nemus Holding AB
Henrik Strömbom, Case Asset Management AB
Kjell Ormegard, Chair of the Board of Rottneros AB
The members of the Nomination Committee represent in aggregate just more than 25 per cent of the voting power of all shares in the company.
For more information, please contact:
Chair of the Nomination Committee, Olle Grundberg, mobile tel. no. +46 70 654 44 20
Chair of the Board, Kjell Ormegard, mobile tel. no. +46 70 668 93 76
Slovenian paper and board association joins CEPI as new Member
The Confederation of European Paper Industries (CEPI) is pleased to announce that as of January 2010 the Paper and Paper Converting Industry Association of Slovenia has become its newest associate member. The Slovenian association gathers seven paper and board producers and many other paper and board converters. Together they produce 1,123,859 tonnes of paper, board and other converted paper products per year.