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Altin AG (AIA)

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Friday 25 June, 2004

Altin AG

Result of AGM

Altin AG
                  

RESOLUTIONS OF THE ANNUAL GENERAL MEETING

of Altin AG, which took place on Wednesday, 23 June 2004, starting at 4:00 p.m.
(Swiss time) at 'Parkhotel Zug', Industriestrasse 14, CH-6304 Zug, Switzerland.

(Excerpt of the minutes)

Agenda with Proposals of the Board of Directors and Resolutions of the Annual
General Meeting:

1.1. Annual Report and Annual Financial Statement for the year 2004, Auditors'
Report

The Board of Directors proposes the following:

--  the approval of the Annual Report and the Annual Financial Statement for the
    year 2004; and

--  the receipt of the Auditors' Report.

1.2. Resolution of the Annual General Meeting

The Annual General Meeting unanimously resolves the approval of the Annual
Report and the Annual Financial Statement for the year 2004 and takes notice of
the Auditor's Report.

2.1. Group Financial Statement for the year 2004, Group Auditors' Report

The Board of Directors proposes the following:

--  the approval of the Group Financial Statement for the year 2004; and

--  the receipt of the Group Auditors' Report.

2.2. Resolution of the Annual General Meeting

The Annual General Meeting unanimously resolves the approval of the Group
Financial Statement for the year 2003 and takes notice of the Group Auditors'
Report.

3.1. Appropriation of Retained Earnings

The Board of Directors propose that the retained earnings for the year 2003 of
CHF 93'412'184.00 be carried forward.

3.2. Resolution of the Annual General Meeting

The Annual General Meeting resolves that the retained earnings for the year 2003
of CHF 93'412'184.00 be carried forward.

4.1. Release from Liability for the Members of the Board of Directors

The Board of Directors propose that all the members of the Board of Directors be
released from liability for their activities in relation to the Company for the
financial year 2004.

4.2. Resolution of the Annual General Meeting

The Annual General Meeting unanimously resolves that all the members of the
Board of Directors be released from liability for their activities in relation
to the Company for the financial year 2003.

5.1. Re-election of the Board of Directors and re-appointment of Auditors

The Board of Directors propose the following:

--  the re-election of Dr. Peter Beglinger, Eric M.C. Syz, Paolo Luban, André
    Pabst, Rodolfo De Benedetti, Francesco Rossi and Nigel Russel to the Board
    of Directors for one year; and

--  the re-election of PricewaterhouseCoopers AG, Zurich, as Auditors of the
    Company and as Group Auditors for one year.

5.2. Resolution of the Annual General Meeting

The Annual General Meeting unanimously resolves the re-election of Dr. Peter
Beglinger, Eric M.C. Syz, Paolo Luban, André Pabst, Rodolfo De Benedetti,
Francesco Rossi and Nigel Russel to the Board of Directors for one year; and the
re-election of PricewaterhouseCoopers AG, Zurich, as Auditors of the Company and
as Group Auditors for one year.

6. Miscellaneous

Zug, June 23, 2004

The Chairman: The Secretary:

Dr. Peter Beglinger PD Dr. Peter V. Kunz