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Koskisen slates final decisions in its annual general meeting

 Monday, May 27, 2024

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Koskisen slates final decisions in its annual general meeting

On May 16, 2024, the Koskisen Corporation convened its Annual General Meeting in the vibrant city of Helsinki, Finland. During this gathering, pivotal decisions were made: the approval of both the financial statements and consolidated financial statements, along with granting discharge of liability to the Board of Directors and CEO for the fiscal year 2023. Additionally, the General Meeting gave its stamp of approval to the remuneration report for the same period.

Resolution on the use of the profit shown on the balance sheet

The General Meeting decided that a dividend of EUR 0.32 per share shall be paid based on the adopted balance sheet regarding the financial year 2023 and that the profit shall be recorded in retained earnings. The record date for the payment of the dividend is 20 May 2024 and the dividend shall be paid on 27 May 2024.

Remuneration of the members of the Board of Directors

The General Meeting has confirmed that the remuneration structure for the Board of Directors will remain unchanged, with the following details: The Chairman of the Board of Directors will receive a monthly remuneration of EUR 5,000, while other members will receive EUR 2,500 per month. Additionally, the Chairman of the Audit Committee will receive EUR 3,500 per month.

Furthermore, a meeting fee will be allocated, with the Chairman of the Board of Directors receiving EUR 1,000 per meeting and other members receiving EUR 500 per meeting. Similar meeting fees will be provided for committee meetings. However, decisions made without the need for a meeting will not incur any fees.

The company will also reimburse expenses in accordance with its travel policy.

Composition of the Board of Directors

The General Meeting confirmed the number of members of the Board of Directors to be six (6).

Pekka Kuusniemi, Kari Koskinen, Eva Wathén, Kalle Reponen, Hanna Masala and Hanna Sievinen were re-elected as members of the Board of Directors.

Pekka Kuusniemi was elected as the Chairman of the Board of Directors.

Election of the auditor and auditor’s remuneration

The General Meeting decided to re-elect PricewaterhouseCoopers Oy, Authorized Public Accountant firm, as the company’s auditor. PricewaterhouseCoopers Oy has informed that it will appoint Markku Launis, Authorized Public Accountant, as the principally responsible auditor of the company. The General Meeting decided to pay the auditor’s fee according to an invoice approved by the company.

Authorisations granted to the Board of Directors

The General Meeting has approved the authorisations outlined in the notice to the General Meeting. These authorisations empower the Board of Directors to undertake actions such as the repurchase of the company’s own shares and making decisions regarding share issues, as well as granting options and other special rights entitling individuals to shares as specified in Chapter 10, Section 1 of the Finnish Companies Act. These authorisations will remain valid until June 30, 2025.

Organisational meeting of the Board of Directors

In the organisational meeting held after the General Meeting, the Board of Directors elected Hanna Sievinen as its Vice Chairman.

Hanna Sievinen was elected as the Chairman of the Audit Committee and Hanna Masala and Eva Wathén as members.

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