Koskisen Corporation, stock exchange release, 15 May 2024 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, 15 May 2024, in Järvelä, 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 2024. The General Meeting approved the remuneration report for the financial year 2024.
Resolution on the use of the profit shown on the balance sheet
The General Meeting decided that a dividend of EUR 0.12 per share shall be paid based on the adopted balance sheet regarding the financial year 2023 and that the profit shall be recorded in retained earnings. The record date for the payment of the dividend is 19 May 2025 and the dividend shall be paid on 26 May 2025.
Remuneration of the members of the Board of Directors
The General Meeting decided that the remuneration of the Board of Directors remains unchanged and 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).
Pekka Kuusniemi, Kalle Reponen, Hanna Masala and Hanna Sievinen were re-elected as members of the Board of Directors. Carita Himberg and Karri Koskela 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 sustainability reporting assurer and auditor’s and sustainability assurer’s remunerations
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. PricewaterhouseCoopers Oy was elected also as sustainability reporting assurer. Markku Launis will act also as the principally responsible sustainability reporting assurer. Sustainability reporting assurer’s fee was decided to be paid according to an invoice approved by the company.
Amendments to the Articles of Association
The General Meeting approved the proposal by the Board of Directors regarding amendments to the articles of association as follows:
Due to legislation concerning sustainability reporting assurer, a new Article 10 regarding sustainability reporting assurer shall be added to the Articles of Association, and as a result, current Articles 10 – 11 will become Articles 11 and 12, correspondingly.
Further, the forthcoming Article 12 (current Article 11) shall be amended so that to the items on the agenda of the Annual General Meeting, a reference to the fee of the sustainability reporting assurer and election of the sustainability reporting assurer as well as approval of remuneration policy and remuneration report shall be included. Furthermore, election of the Chairman of the Board of Directors shall be added to the persons to be elected in accordance with the Article 6 of the Articles of Association.
Establishing shareholders’ nomination board
The General Meeting decided to establish a permanent Shareholders' Nomination Board for the purpose of preparing proposals regarding the election of the members of the Board of Directors and the Chairman of the Board and the remuneration of the members of the Board of Directors and the members of the Board's committees, and to confirm the charter for the Nomination Board as set out in the appendix of the notice to the General Meeting.
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 2026.
Minutes of the meeting
The minutes of the Annual General Meeting are available at the company’s website on 29 May 2025 at the latest.
Organizational meeting of the Board of Directors
In the organizational meeting held after the General Meeting, the Board of Directors elected Hanna Sievinen as its Vice Chairman.
Hanna Sievinen was elected as the Chairman of the Audit Committee and Hanna Masala and Karri Koskela as members.
The Board of Directors decided to establish a personnel committee. Pekka Kuusniemi was elected as the chairman of the personnel committee and Kalle Reponen and Carita Himberg as members.
Koskisen Corporation
For more information, please contact:
Sanna Väisänen, Director, Sustainability and Communications, Koskisen Corporation
sanna.vaisanen@koskisen.com
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 2024 was EUR 282 million. Read more: koskisen.com