Koskisen Corporation, stock exchange release, 11 May 2023 at 3:00 p.m. (EEST)
Decisions of Koskisen Corporation’s Annual General Meeting and Board of Directors’ organizational meeting
The Annual General Meeting of Koskisen Corporation was held today, 11 May 2023, in Helsinki, Finland. The General Meeting adopted the financial statements and the consolidated financial statements and discharged the members of the Board of Directors and the CEO from liability for the financial year 2022. The General Meeting approved the remuneration policy for governing bodies and the remuneration report for the financial year 2022.
Resolution on the use of the profit shown on the balance sheet
The General Meeting decided that a dividend of EUR 0.43 per share shall be paid based on the adopted balance sheet regarding the financial year 2022 and that the profit shall be recorded in retained earnings. The record date for the payment of the dividend is 15 May 2023 and the dividend shall be paid on 23 May 2023.
Remuneration of the members of the Board of Directors
The General Meeting decided that the remuneration of the Board of Directors would be as follows: the remuneration of the Chairman of the Board of Directors shall be EUR 5,000 per month and other members EUR 2,500 per month. The remuneration of the Chairman of the Audit Committee shall be EUR 3,500 per month.
In addition, the Chairman of the Board of Directors shall be paid a meeting fee of EUR 1,000 per meeting and other members a fee of EUR 500 per meeting. Equivalent meeting fees shall also be paid for the meetings of the Board of Directors’ committees. No fee shall be paid for decisions made without convening a meeting.
Compensation for expenses shall be paid in accordance with the company's valid travel policy.
Composition of the Board of Directors
The General Meeting confirmed the number of members of the Board of Directors to be six (6).
Kari Koskinen, Eva Wathén, Kalle Reponen and Hanna Sievinen were re-elected as members of the Board of Directors and Pekka Kuusniemi and Hanna Masala were elected as new members of the Board of Directors.
Pekka Kuusniemi was elected as the Chairman of the Board of Directors.
Election of the auditor and auditor’s remuneration
The General Meeting decided to re-elect PricewaterhouseCoopers Oy, Authorized Public Accountant firm, as the company’s auditor. PricewaterhouseCoopers Oy has informed that it will appoint Markku Launis, Authorized Public Accountant, as the principally responsible auditor of the company. The General Meeting decided to pay the auditor's fee according to an invoice approved by the company.
Authorizations granted to the Board of Directors
The General Meeting decided to grant to the Board of Directors the authorizations described in the notice to the General Meeting concerning authorizing the Board of Directors to resolve on the repurchase of company’s own shares and authorizing the Board of Directors to resolve on the share issue and granting of options and other special rights entitling to shares referred to in Chapter 10, Section 1 of the Finnish Companies Act. The authorizations are valid until 30 June 2024.
Organizational meeting of the Board of Directors
In the organizational meeting held after the General Meeting, the Board of Directors elected Kari Koskinen as its Vice Chairman.
The following persons were elected as members of the Board of Directors’ Audit Committee: Hanna Sievinen as its Chairman and Eva Wathén and Hanna Masala as members.
For more information, please contact:
Sanna Väisänen, Director, Sustainability and Communications, Koskisen Corporation
tel. +358 20 553 4563
Koskisen is an international wood processing specialist with more than a century of experience and known for its agility and ability to listen to the customer. We utilise our valuable wood raw material as thoroughly as possible, up to the last particle of sawdust. At the same time, we bring the best carbon narrative to life: We manufacture high-quality and sustainable products that store carbon for decades. The Group’s revenue in 2022 was EUR 318 million. Read more: koskisen.com