Baltic Horizon Fund's Significant Governance Changes
The Baltic Horizon Fund recently held a repeat extraordinary General Meeting of its unit-holders and Swedish Depositary Receipt (SDR) holders. This meeting took place to ensure proper governance and involved crucial decisions pertaining to the supervisory board. The agenda included the election of new members to the supervisory board as well as discussions about the remuneration of board members.
Meeting Context and Attendance
The repeat meeting was necessary because the earlier session failed to achieve a quorum. Thus, this extraordinary event ensured that the required governance measures were addressed. During this meeting, a total of 9 investors attended, representing 47,673,338 units of the Baltic Horizon Fund and holding approximately 33.2% of the total votes. This high turnout underscores the importance that the investors place on effective governance and management of the fund.
Key Resolutions Passed
During this session, several key resolutions regarding the supervisory board were passed by consensus among attending investors. Each resolution was carefully considered and voted upon, resulting in significant changes in the fund's management structure.
New Board Appointments
Firstly, Andrius Smaliukas was elected as a new member of the supervisory board. His term is set to commence on May 1, and he will serve for a duration of two years. The resolution to appoint him was met with unanimous support, as 100% of the votes represented were in favor.
Similarly, Milda Dargužait? was also elected during the meeting to join the supervisory board, with her appointment beginning concurrently on May 1 for the same two-year term. Just like the previous resolution, it garnered 100% approval from voters.
The third significant appointment made during the meeting was of Antanas Anskaitis, who will also begin serving on the supervisory board from May 1 for a two-year period. The support for this resolution was equally strong, with 100% of the votes in favor.
Financial Oversight and Remuneration Adjustments
In addition to the new appointments to the supervisory board, the meeting also addressed the remuneration for board members. A resolution was passed to pay the chairman of the supervisory board EUR 36,000 annually for their responsibilities as a board member. This resolution saw 90.1% support, with no votes against it, although there were 6 impartial investors.
Furthermore, a resolution was adopted to establish that other supervisory board members would receive EUR 11,000 annually for their roles. It achieved slightly stronger support with 90.2% voting in favor, leaving 5 investors impartial.
Removal of Previous Board Members
Another pivotal resolution from the general meeting was the decision to recall three members—Reimo Hammerberg, Monica Hammer, and David Bergendahl—from their supervisory board positions, officially ending their tenures on April 30, 2025. Like the new appointments, this resolution also received unanimous support, reflecting the investors' desire for a refreshed leadership team.
All registered investors at the meeting actively participated in the voting process, demonstrating their commitment to the future of the fund.
Access to Meeting Records and Further Information
A recording of the meeting is available for investors wishing to review the decisions made. The minutes of this significant meeting are expected to be made public soon, ensuring transparency and open communication with unit-holders.
For additional information, please contact:
Tarmo Karotam
Baltic Horizon Fund manager
E-mail tarmo.karotam@nh-cap.com
Website: www.baltichorizon.com
The Baltic Horizon Fund remains a key player in the real estate investment landscape, managed by Northern Horizon Capital AS, which holds an Alternative Investment Fund Manager license. Stakeholders looking to stay updated on developments should consider signing up for announcements and news on the fund's website or follow them on various social media platforms.
Frequently Asked Questions
What is the purpose of the Baltic Horizon Fund's general meeting?
The general meeting aims to discuss and make key governance decisions, such as appointments to the supervisory board and their remuneration.
Who were elected to the supervisory board during the meeting?
Andrius Smaliukas, Milda Dargužait?, and Antanas Anskaitis were elected as new members, each starting in May for a two-year term.
What remuneration were the board members awarded?
The chairman will receive EUR 36,000 annually, while other members will earn EUR 11,000 per year for their service.
How was the turnout at the meeting?
There were 9 investors present, representing 33.2% of the total votes, indicating a solid commitment to governance.
How can investors stay informed about fund updates?
Investors can register for announcements via the Baltic Horizon Fund's website and follow their social media profiles.
