Dividend of EUR 0.53 per share; Board and Commi...
Corporate news announcement processed and transmitted by Hugin ASA.
The issuer is solely responsible for the content of this
announcement.
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Corporate news announcement processed and transmitted by Hugin ASA.
The issuer is solely responsible for the content of this
announcement.
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Nokia Corporation
Stock exchange release
May 8, 2008 at 18.30 (CET+1)
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Helsinki, Finland -The Annual General Meeting of Nokia Corporation
held on May 8, 2008 (AGM) resolved to distribute a dividend of EUR
0.53 per share for 2007. The dividend ex-date is May 9, 2008 and the
record date May 13, 2008. The dividend will be paid on or around May
27, 2008.
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Board and Committee members elected
The AGM resolved to elect ten members to the Board. The following
members of the Nokia Board were re-elected for a term until the close
of the Annual General Meeting in 2009: Georg Ehrnrooth, Lalita D.
Gupte, Dr. Bengt Holmström, Dr. Henning Kagermann, Olli-Pekka
Kallasvuo, Per Karlsson, Jorma Ollila, Dame Marjorie Scardino and
Keijo Suila. Risto Siilasmaa was elected as a new member to the Nokia
Board of Directors for the same term.
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In its assembly meeting the Board of Directors elected Jorma Ollila
as Chairman of the Board and Dame Marjorie Scardino as Vice Chair of
the Board.
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The Board of Directors also elected the members of the Board
Committees. Per Karlsson was elected as Chairman and Henning
Kagermann and Dame Marjorie Scardino as members of the Personnel
Committee. Georg Ehrnrooth was elected as Chairman and Lalita D.
Gupte, Risto Siilasmaa and Keijo Suila as members of the Audit
Committee. Dame Marjorie Scardino was elected as Chair and Georg
Ehrnrooth and Per Karlsson as members of the Corporate Governance and
Nomination Committee.
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The AGM resolved the following annual fees to be paid to the members
of the Board of Directors for the term until the close of the Annual
General Meeting in 2009: EUR 440 000 for the Chairman, EUR 150 000
for the Vice Chair and EUR 130 000 for each member. In addition, the
AGM resolved that the chairmen of the Audit Committee and the
Personnel Committee will each be paid an additional annual fee of EUR
25 000, and other members of the Audit Committee an additional annual
fee of EUR 10 000 each. The AGM also resolved, in line with the past
practice, that approximately 40 % of the remuneration will be paid in
Nokia shares purchased from the market.
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The AGM re-elected PricewaterhouseCoopers Oy as the external auditor
for Nokia for the fiscal period 2008.
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Nokia to buy back own shares
The AGM authorized the Board of Directors to resolve to repurchase a
maximum of 370 million Nokia shares. The authorization is effective
until June 30, 2009.
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In line with the previously announced share repurchase plan, the
Nokia Board of Directors resolved to repurchase a maximum of 370
million Nokia shares under the authorization given by the AGM,
however, by using a maximum of EUR 4 billion for the repurchases,
until March 31, 2009.
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The shares will be repurchased in public trading for purposes
identified in the authorization by the AGM at a price based on the
market price of the Nokia share. Repurchases may also be carried out
by entering into derivative, share lending or other arrangements, in
which case the repurchase price paid by the Company may differ from
the market price of the execution date of the arrangement.
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The repurchases may be commenced earliest on May 16, 2008.
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Board's resolution to issue shares held by the CompanyÂ
The Nokia Board of Directors resolved to issue 4 190 000 Nokia shares
held by the Company as settlement under the Nokia Performance Share
Plan 2004 to the Plan participants. The settlement will be made in
accordance with the Plan's terms and conditions as the Company
exceeded the predetermined financial criteria for the performance
period 2004 - 2007. The decision is based on the authorization to
issue shares granted by the Annual General Meeting on May 3, 2007.
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It should be noted that certain statements herein which are not
historical facts, including, without limitation, those regarding: A)
the timing of product, services and solution deliveries; B) our
ability to develop, implement and commercialize new products,
services, solutions and technologies; C) expectations regarding
market growth, developments and structural changes; D) expectations
regarding our mobile device volume growth, market share, prices and
margins; E) expectations and targets for our results of operations;
F) the outcome of pending and threatened litigation; G) expectations
regarding the successful completion of contemplated acquisitions on a
timely basis and our ability to achieve the set targets upon the
completion of such acquisitions; and H) statements preceded by
"believe," "expect," "anticipate," "foresee," "target," "estimate,"
"designed," "plans," "will" or similar expressions are
forward-looking statements. These statements are based on
management's best assumptions and beliefs in light of the information
currently available to it. Because they involve risks and
uncertainties, actual results may differ materially from the results
that we currently expect. Factors that could cause these differences
include, but are not limited to: 1) competitiveness of our product,
service and solutions portfolio; 2) the extent of the growth of the
mobile communications industry and general economic conditions
globally; 3) the growth and profitability of the new market segments
that we target and our ability to successfully develop or acquire and
market products, services and solutions in those segments; 4) our
ability to successfully manage costs; 5) the intensity of competition
in the mobile communications industry and our ability to maintain or
improve our market position or respond successfully to changes in the
competitive landscape; 6) the impact of changes in technology and our
ability to develop or otherwise acquire complex technologies as
required by the market, with full rights needed to use; 7) timely and
successful commercialization of complex technologies as new advanced
products, services and solutions; 8) our ability to protect the
complex technologies, which we or others develop or that we license,
from claims that we have infringed third parties' intellectual
property rights, as well as our unrestricted use on commercially
acceptable terms of certain technologies in our products, services
and solution offerings; 9) our ability to protect numerous Nokia and
Nokia Siemens Networks patented, standardized or proprietary
technologies from third-party infringement or actions to invalidate
the intellectual property rights of these technologies; 10) Nokia
Siemens Networks' ability to achieve the expected benefits and
synergies from its formation to the extent and within the time period
anticipated and to successfully integrate its operations, personnel
and supporting activities; 11) whether, as a result of investigations
into alleged violations of law by some current or former employees of
Siemens AG ("Siemens"), government authorities or others take further
actions against Siemens and/or its employees that may involve and
affect the carrier-related assets and employees transferred by
Siemens to Nokia Siemens Networks, or there may be undetected
additional violations that may have occurred prior to the transfer,
or ongoing violations that may have occurred after the transfer, of
such assets and employees that could result in additional actions by
government authorities; 12) any impairment of Nokia Siemens Networks
customer relationships resulting from the ongoing government
investigations involving the Siemens carrier-related operations
transferred to Nokia Siemens Networks; 13) occurrence of any actual
or even alleged defects or other quality issues in our products,
services and solutions; 14) our ability to manage efficiently our
manufacturing and logistics, as well as to ensure the quality,
safety, security and timely delivery of our products, services and
solutions; 15) inventory management risks resulting from shifts in
market demand; 16) our ability to source sufficient amounts of fully
functional components and sub-assemblies without interruption and at
acceptable prices; 17) any disruption to information technology
systems and networks that our operations rely on; 18) developments
under large, multi-year contracts or in relation to major customers;
19) economic or political turmoil in emerging market countries where
we do business; 20) our success in collaboration arrangements
relating to development of technologies or new products, services and
solutions; 21) the success, financial condition and performance of
our collaboration partners, suppliers and customers; 22) exchange
rate fluctuations, including, in particular, fluctuations between the
euro, which is our reporting currency, and the US dollar, the Chinese
yuan, the UK pound sterling and the Japanese yen, as well as certain
other currencies; 23) the management of our customer financing
exposure; 24) allegations of possible health risks from
electromagnetic fields generated by base stations and mobile devices
and lawsuits related to them, regardless of merit; 25) unfavorable
outcome of litigations; 26) our ability to recruit, retain and
develop appropriately skilled employees; 27) the impact of changes in
government policies, laws or regulations; and 28) our ability to
effectively and smoothly implement our new organizational structure;
as well as the risk factors specified on pages 10-25 of Nokia's
annual report on Form 20-F for the year ended December 31, 2007 under
"Item 3.D Risk Factors." Other unknown or unpredictable factors or
underlying assumptions subsequently proving to be incorrect could
cause actual results to differ materially from those in the
forward-looking statements. Nokia does not undertake any obligation
to update publicly or revise forward-looking statements, whether as a
result of new information, future events or otherwise, except to the
extent legally required.
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Media enquiries:
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Nokia
Communications
Tel. +358 7180 34900
Email: press.services@nokia.com
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www.nokia.com
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NOKIA
P.O. Box 226<br>FIN-00045 NOKIA GROUP Espoo
WKN: 870737;
ISIN: FI0009000681; Index: DJ STOXX Large 200, DJ STOXX 50;
Listed: Nordic list (Large Cap) in THE HELSINKI STOCK EXCHANGE;
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