Decisions taken by Vacon Plc's Annual General Meeting and the Board of Directors
Vacon Plc, Stock Exchange Release, 27 March 2012 at 8.20 pm (EET)
Vacon Plc's Annual General Meeting (AGM) was held in Vaasa today, 27 March 2012. The AGM adopted the proposal by the Board of Directors to pay a dividend of EUR 0.90 per share i.e. appr. MEUR 13.7 in total. The record day for the dividend payment is 30 March 2012. The dividend will be paid on 11 April 2012.
The financial statement of Vacon Plc for the fiscal year 2011 was approved and the members of the Board of Directors as well as the CEO were discharged from liability for said fiscal year 2011.
The number of members of the Board of Directors was confirmed to be seven. Pekka Ahlqvist, Jari Eklund, Jan Inborr, Juha Kytölä, Panu Routila, Mika Vehviläinen and Riitta Viitala were re-elected as members of the Board of Directors.
The AGM resolved to pay the members of the Board of Directors a basic fee of EUR 1,250 a month and an additional fee of maximum EUR 2,500 a month. The additional fee is determined based on the development of the company's turnover and operating profit for the fiscal year 2012. It was resolved that the Chairman of the Board of Directors shall be paid twice the basic fee and twice the additional fee paid to the members of the Board of Directors. In addition, the compensation for attendance at the meetings of the Board of Directors' permanent committees was result to be EUR 500 per meeting. The travel expenses of the members of the Board of Directors are compensated in accordance with the company's Travel Policy.
The number of auditors was confirmed to be one. PricewaterhouseCoopers Oy was elected as the company's auditor with Markku Katajisto as the principal auditor.
The AGM adopted the proposals of the Board of Directors to authorize the Board of Directors to resolve to repurchase shares in the company and to decide on share issuance. The proposals of the Board of Directors regarding said authorizations were reported in the stock exchange release of 17 February 2012.
All decisions adopted at the AGM were made unanimously unless otherwise stated in the minutes of the meeting.
After the AGM, the Board of Directors at its organization meeting elected Jan Inborr as Chairman and Mika Vehviläinen as Vice Chairman of the Board. Jan Inborr, Mika Vehviläinen and Riitta Viitala were elected as members of the Board's Remuneration and Nomination Committee. Jan Inborr was appointed as Chairman of said committee. At the same meeting, the Board of Directors decided to establish an Audit Committee. The members of the Audit Committee are Panu Routila (Chairman), Jari Eklund and Juha Kytölä.
Board of Directors
President and CEO, Vesa Laisi, Phone +358 (0)40 837 1510
Chairman of the Board, Jan Inborr, Phone +358 (0)400 203 612
- Director, Corporate Communications, Sebastian Linko, Phone +358 40 837 1634
Vacon in brief:
Vacon is driven by a passion to develop, manufacture and sell the best AC drives and inverters in the world - and to provide customers with efficient product life-cycle services. Our AC drives offer optimum process control and energy efficiency for electric motors. Vacon inverters play a key role when energy is produced from renewable sources. Vacon has production and R&D facilities in Europe, Asia and North America, and sales and service operations in nearly 90 countries. In 2011, Vacon's revenues amounted to EUR 380.9 million, and the company employed globally approximately 1,500 people. The shares of Vacon Plc (VAC1V) are quoted on the main list of the Helsinki stock exchange (NASDAQ OMX Helsinki).
Driven by Drives, www.vacon.com
NASDAQ OMX Helsinki
Financial Supervisory Authority
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Vacon Oyj via Thomson Reuters ONE