Highlights From Valmet Oyj's Annual General Meeting Decisions

Overview of Valmet Oyj's Annual General Meeting

Valmet Oyj hosted its Annual General Meeting where significant decisions were made regarding the company’s operations and future direction. This meeting was held to review business performance and set forth actionable goals for the remainder of the fiscal year. During this gathering, crucial financial statements were approved, and the responsibilities of the Board of Directors were outlined.

Financial Statements and Discharge of Liability

At the Annual General Meeting, the Financial Statements were officially adopted, effectively closing the fiscal year. The assembly also discharged the members of the Board of Directors, alongside the President and CEO, from liability concerning the previous financial year. This marks a period of renewal and commitment to accountability within the company.

Dividend Distribution Decisions

The shareholders gathered to review the distribution of dividends for the last financial year. The assembly agreed to a payment of EUR 1.35 per share. This will be issued in two installments, with the first of EUR 0.68 per share being paid to shareholders registered by a specific record date. The projected date for this payment is set for the early days of the next month, ensuring that shareholders can expect their allocation promptly.

The second dividend installment of EUR 0.67 is anticipated in the following October, with specific dates to be confirmed later. This structured approach to dividend payments emphasizes Valmet's commitment to returning value to its shareholders.

Revised Board of Directors

With a focus on strong governance, the Annual General Meeting confirmed a Board composition of eight members. Pekka Vauramo has been appointed as the new Chair of the Board, with Annika Paasikivi stepping in as Vice Chair. Other returning members of the Board include Anu Hämäläinen and Monika Maurer, reaffirming a diverse leadership team focused on the company's strategic objectives.

Remuneration Framework for the Board

The remuneration for Board members has been decided, with salaries correlating to their level of responsibility. The Chair will receive EUR 155,000, while the Vice Chair will earn EUR 85,500. In recognizing the contributions of every board member, an annual remuneration allocation of EUR 68,000 is established for each remaining Director.

Moreover, a structured meeting fee will be paid based on geographical location, ensuring equitable compensation for time and expertise shared during Board meetings.

Audit Committee and Responsibilities

Continuing with its commitment to compliance and best practices, the Annual General Meeting has elected PricewaterhouseCoopers Oy as the company's Auditor, alongside their role as the Sustainability Reporting Assurance Provider. This illustrates Valmet's emphasis on transparency and ethics in financial reporting.

Share Repurchase Authorization

A significant decision from the meeting involved the authorization for the Board of Directors to repurchase up to 9,200,000 shares, or approximately 5 percent of the total shares. This strategic move indicates Valmet’s intent to not only support its stock value but also to strengthen its equity position among shareholders.

Issuance of New Shares

The company has also been empowered to issue new shares, which could amount to around 10 percent of the total value currently on record. This allows Valmet to maintain operational flexibility and pursue opportunities for growth through strategic financial maneuvers.

Meeting Conclusion and Next Steps

The details of the meeting's proceedings will be documented and made publicly available following the conclusion of the meeting, reiterating Valmet's commitment to corporate transparency and engagement with its stakeholders. Furthermore, the assembly confirmed that the independent status of board members complies with regulatory expectations, reinforcing a culture of integrity within the organization.

Frequently Asked Questions

What were the main outcomes of Valmet Oyj's Annual General Meeting?

The meeting resulted in the adoption of financial statements, approval of dividends, and appointments within the Board of Directors.

What dividend was declared by Valmet Oyj?

Valmet Oyj declared a dividend of EUR 1.35 per share, to be paid in two installments.

Who are the newly appointed members of Valmet's Board of Directors?

Pekka Vauramo serves as the new Chair, while Annika Paasikivi is the Vice Chair. Other returning members include Anu Hämäläinen and Monika Maurer.

How will the Board members be compensated?

Board members will receive annual salaries ranging from EUR 68,000 to EUR 155,000, depending on their position.

What are Valmet’s plans for share repurchase?

The company plans to repurchase up to 9,200,000 shares, or approximately 5 percent of its total shares, to enhance shareholder value.

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