Resolutions of SRV Group Plc’s Annual General Meeting

SRV GROUP PLC     STOCK EXCHANGE RELEASE          29 MARCH 2021   17.15 EET

Resolutions of SRV Group Plc’s Annual General Meeting

SRV Group Plc’s Annual General Meeting was held on Monday 29 March 2021 in the main office in Espoo.

The annual general meeting was held based on the so-called temporary act so that shareholders participated in the meeting and exercised their shareholder rights only by voting in advance and by submitting counterproposals and asking questions in advance. In order to ensure the health and safety of shareholders, employees and other stakeholders, it was not possible to attend the meeting in person.

The meeting adopted the SRV Group Plc’s 2020 financial statements, including consolidated financial statements and discharged the Board of Directors and the President & CEO from liability for the financial period 1 January–31 December 2020.

The minutes of the Annual General Meeting will be available on the Company’s website at www.srv.fi/agm on 12 April 2021 at the latest.

Dividend distribution

It was decided that no dividend is distributed for the financial year 2020, as proposed by the Board of Directors.

Approval of the executive Remuneration Report

The Annual General Meeting approved the Remuneration Report for 2020. The resolution was advisory. The Remuneration Report is available on SRV Group Plc’s website at https://www.srv.fi/en/investors/cg/remuneration/.

Members and Chairmain of the Board of Directors and remuneration

The number of members of the Board of Directors was confirmed to be five (5). Timo Kokkila M.Sc.(Eng.), Tomi Yli-Kyyny M.Sc.(Eng.), Hannu Leinonen M.Sc.(Eng.) and Heikki Leppänen Lic.Sc. (Tech.) were re-elected to the Board of Directors. Heli Iisakka M.Sc. (Econ.) was elected as a new member to the Board of Directors. Tomi Yli-Kyyny was elected as the Chairman of the Board of Directors. The term of office of members of the Board of Directors will end at the close of the Annual General Meeting held in 2022.

The Annual General Meeting resolved that the remuneration for the members of the board of Directors shall be EUR 6,000 per month for the Chairman, EUR 4,000 per month for the Vice Chairman and EUR 3,000 per month per member and 4,000 for the Chairman of the Audit Committee in case he/she does not act as Chairman or Vice Chairman of the Board of Directors at the same time. In addition, a EUR 700 fee per member per meeting shall be paid for Board and Committee meetings. Travel expenses arising from work for the Board of Directors shall be reimbursed in accordance with the company’s travel policy.

Auditor and remuneration

PricewaterhouseCoopers Oy, a firm of authorised public accountants, was elected as the company’s Auditor for a term continuing until the close of the Annual General Meeting 2022. PricewaterhouseCoopers Oy has notified that authorised public accountant (APA) Enel Sintonen will act as the responsible auditor. The Auditor’s remuneration was confirmed as payable as per an approved invoice.

Amendment of the Articles of Association

The Annual General Meeting resolved that article 6 of the Articles of Association is amended as follows:

6 § The company shall be represented:

  1. by a member of the board of directors together with the CEO, the deputy to the CEO, another member of the board of directors or with a person authorized to represent the company, two together or
  1. by persons authorized to represent the company by the resolution of the board of directors, two together or each separately with a member of the board of directors or with the CEO.

Authorisation to decide on the acquisition of the company’s own shares

The Annual General Meeting authorised the Board of Directors to resolve on the acquisition of the company’s own shares using the company’s unrestricted equity as follows:

The Board of Directors is authorized to acquire a maximum of 26,000,000 shares in the company so that the number of shares acquired on the basis of the authorization, when combined with the shares already owned by the company and its subsidiaries, does not at any given time exceed a total of 10 percent of all shares in the company.

Own shares may be acquired at the market price quoted on their trading venue at the time of the acquisition. Own shares may be acquired otherwise than in proportion to the existing holdings of the shareholders. Shares may be acquired in one or several instalments.

The company’s own shares may be acquired inter alia for use as payment in corporate acquisitions, when the company acquires assets relating to its business, as part of the company’s incentive programmes, as a part of the management’s incentive scheme or to be otherwise conveyed, held or cancelled.

The Board of Directors is authorized to resolve on all other terms and conditions of the acquisition of the shares.

The authorization is valid until 30 June 2022. It revokes the authorization granted to the Board of Directors at the Annual General Meeting on 26 March 2020 to decide on the repurchase of the company’s own shares.

Authorisation to decide on a share issue and on the issue of special rights

The Annual General Meeting authorised the Board of Directors to resolve on a share issue and granting of special rights as follows:

The Board of Directors may decide on the issuance of new shares or the reissuance of shares held by the company and/or granting of other special rights entitling to shares as referred to in Chapter 10, Section 1 of the Finnish Companies Act either for consideration or free of consideration in one or several instalments.

Under the authorization, the number of shares to be issued or the number of reissued shares held by the company, including the shares issued on the basis of the special rights, shall not exceed 26,000,000 shares. Any shares issued on the basis of special rights entitling to shares are included in the aforementioned aggregate amount.

New shares may be issued, the company’s own shares held by the company reissued and/or other special rights entitling to shares pursuant to Chapter 10, Section 1 of the Finnish Companies Act may be granted in deviation from the pre-emption rights of shareholders only if there exists a weighty financial reason for the company. A directed share issue may be free of consideration only if there exists, for the company and taking into account the interests of all its shareholders, a particularly weighty financial reason.

The authorization may be used inter alia when issuing new shares or conveying shares as consideration in corporate acquisitions, when the company acquires assets relating to its business, in order to strengthen the company’s capital structure and for implementing incentive schemes.

The Board of Directors is authorized to resolve on all other terms and conditions of the share issue.

The authorization shall be in force until 30 June 2022. The authorization revokes the authorization granted to the Board of Directors at the Annual General Meeting on 26 March 2020 to decide on share issues and granting of special rights.

 

For further information, please contact:
Johanna Metsä-Tokila, SVP, General Counsel, tel. +358 40 562 0408, johanna.metsa-tokila@srv.fi

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www.srv.fi

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SRV in brief
SRV is a developer and innovator in the construction industry. Our objective is a new lifecycle-wise reality where solutions related to construction ensure well-being, financial value and the benefit of users, residents and environment – for years and generations to come. Our genuine cooperation and enthusiasm for our work comes across in every encounter. Sustainability is reflected in all our activities.

Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland and Russia. In 2020, our revenue totalled EUR 975.5 million. In addition to about 1,000 SRV employees, we employ a network of around 4,200 subcontractors.

SRV – Building for life

 

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