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Resolutions by the Annual General Meeting of Municipality Finance Plc held on 25 March 2020

Written by Customer Service on . Posted in Public Companies.

Municipality Finance Plc
Stock exchange release
25 March 2020 at 12:00 (EET)Resolutions by the Annual General Meeting of Municipality Finance Plc held on 25 March 2020The Annual General Meeting of Municipality Finance Plc held on 25 March 2020 adopted the company’s financial statements and discharged the members of the Board of Directors, the CEO, and the Deputy to the CEO from liability for the financial year 2019.Use of profit shown on the balance sheetThe Annual General Meeting decided that a dividend of EUR 0.16 per share, totalling EUR 6,250,207.68, shall be paid out, and that the remainder of distributable funds of EUR 129,117,955.25 be retained in equity. Dividends will be paid on 6 April 2020 to each shareholder recorded in the company’s list of shareholders on 1 April 2020.Remuneration and composition of the Board of DirectorsThe Annual General Meeting decided the following remuneration for the members of the Board of Directors for the term from the closing of the 2020 AGM, to the closing of the next AGM (the ”Term 2020–2021”): annual remuneration of a Board member EUR 20,000; annual remuneration of the Vice Chairperson of the Board EUR 23,000; annual remuneration of the Chairperson of the Risk or Audit Committee EUR 25,000; annual remuneration of the Chairperson of the Board EUR 35,000; to the members, a fee of EUR 500 per Board and committee meeting attended; and to the chairpersons, EUR 800 per meeting attended. The Annual General Meeting also decided that such fees are also paid per each meeting required by authorities. The remuneration corresponds to the remuneration for the term 2019–2020, except for the Chairmen of two Committees, whose annual fixed remuneration was raised to EUR 25,000. The Annual General Meeting decided that eight members will be elected to the Board of Directors for the term 2020–2021 and that the following current members will be re-elected: Ms. Maaria Eriksson, Mr. Markku Koponen, Mr. Kari Laukkanen, Ms. Vivi Marttila, Ms. Tuula Saxholm and Ms. Helena Walldén. The Annual General Meeting confirmed the election of Mr. Denis Strandell and Mr. Kimmo Viertola as new members of the Board of Directors for the term 2020–2021.The CEO’s reviewEsa Kallio, the President and CEO of Municipality Finance, noted in his speech that the Company’s capacity remains at a comfortable level despite the shock for society caused by the coronavirus (COVID-19). The coronavirus epidemic puts the customers of Municipality Finance under a lot of pressure. However, Municipality Finance is able to ensure the availability of funding in accordance with its purpose.Election and remuneration of the AuditorKPMG Oy Ab was elected as the company’s auditor with Tiia Kataja, Authorized Public Accountant, as the principal auditor. The auditor’s fees will be paid against the invoices approved by the company.Constitutive Meeting of the Board of DirectorsAt its constitutive meeting, the Board of Directors appointed Helena Walldén as the Chairperson and Tuula Saxholm as the Vice Chairperson of the Board. The following persons were appointed to the Remuneration Committee: Helena Walldén as the Chairperson, and Markku Koponen, Tuula Saxholm and Kimmo Viertola as members. The following persons were appointed to the Audit Committee: Markku Koponen as the Chairperson, and Kari Laukkanen and Vivi Marttila as members. The following persons were appointed to the Risk Committee: Kari Laukkanen as the Chairperson, and Maaria Eriksson and Denis Strandell as members.Additional information on the company’s operations in 2019 is available in the company’s Annual Report, which can be downloaded in PDF format from the company website at www.munifin.fi.MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions: the company’s balance sheet totals nearly EUR 39 billion. The company is owned by Finnish municipalities, the public sector pension fund Keva and the Republic of Finland.MuniFin’s mission is to build a better future in line with the principles of responsibility and in cooperation with its customers. MuniFin’s customers are Finnish municipalities, municipal federations, municipally controlled entities and non-profit housing organisations. Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.MuniFin’s customers are domestic but the company operates in a completely global business environment. It is the most active Finnish bond issuer in international capital markets and the first Finnish green bond issuer.  The funding is exclusively guaranteed by the Municipal Guarantee Board.The Municipality Finance Group also includes the subsidiary company, Financial Advisory Services Inspira Lt.Read more: www.munifin.fi 

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