Nokian Tyres AGM
Nokian Tyres Annual General Meeting accepted the profit and loss statement for 2005 and discharged the Board of Directors and the President from liability. A decision was made on a dividend of 0.23 euros per share. The matching date will be 11 April 2006 and the payment date 20 April 2006.
The meeting decided that the Board of Directors would have seven members. Rabbe Grönblom, Director, AB R.Grönblom International LTD; Hannu Penttilä, Managing Director Stockmann plc; Petteri Walldén, Master of Science and Kim Gran, President and CEO Nokian Tyres plc will continue as Nokian Tyres’ Board of Directors. Hille Korhonen, Director, Operations, Iittala Group; Koki Takahahi, General Manager, Bridgestone Corporation and Aleksey Vlasov, Deputy Director of JSC Mezhregiongaz, Gazprom were elected new Members of the Board of Directors. In the Board meeting held after the Annual General Meeting, Mr. Petteri Walldén was elected Chairman of Nokian Tyres Board of Directors.
The Annual General Meeting decided that the monthly fee paid to the Chairman of the Board would be 5,000 Euros or 60,000 Euros per year, and the monthly fee paid to Members of the Board 2,500 Euros or 30,000 Euros per year. According to the former practices, 60 per cent of the annual fee will be paid in cash and 40 per cent in company shares to the effect that in the period from 7 April to 30 April 2006, 24,000 Euros-worth of Nokian Tyres Plc shares will be purchased at the stock exchange on behalf of the Chairman of the Board and 12,000 Euros-worth of shares on behalf of each Board Member.
The decision means that the final fee paid to Members of the Board would be tied to the company’s share performance. It is not proposed to pay a separate compensation to the President and CEO for Board work.
The Annual General Meeting authorised the Board of Directors to decide upon increasing the share capital on one or more occasions by an issue of new shares and/or convertible bonds. The share capital of the company can be increased by a maximum of 4,000,000 Euros. A maximum of 20,000,000 new shares can be issued, each bearing a nominal value of 0.20 Euros.