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Aktia Bank prepares simplification of the company’s administration structure

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Aktia Bank plc
Stock Exchange Release
31/01/2017 at 3 pm

 

Aktia Bank will reconsider the current administration model in which a Board of Supervisors is included.

The Chairman of the Board of Supervisors, Håkan Mattlin, was instructed by the Annual General Meeting 2016 to look into whether the current administration model, including the Board of Supervisors, is appropriate from a shareholder perspective. Mattlin has now reported back to the bank’s Board of Directors, and the Board has decided to proceed with preparations to replace the Board of Supervisors with a Representative Assembly without formal legal status according to company laws and without decision-making right. The responsibility to appoint the bank’s Board of Directors would then be transferred from the Board of Supervisors to the Annual General Meeting, and the appointments would be prepared by a Nomination Committee.

The phasing out of the Board of Supervisors would simplify the bank’s administration structure, increase transparency in the administration and generate cost savings.

The planned schedule for transition to a simplified administration model is September 2017, when the bank aims to hold an extraordinary Annual General Meeting to decide on changes in the articles of association.

The Board of Supervisors played an important role in the bank’s development from local savings banks to a corporate bank and further to the listed company Aktia Bank. Increased regulation in the financial sector set stricter requirements on the Board of Supervisor’s monitoring of business operations,  as well as on its members’ competence, disclosure of transactions, subsequently increasing the members’ personal responsibility.  Due to this combined with the fact that one of the focus areas in Aktia’s strategy Growth 2018 is to create an effective and competent organisation, the Board of Directors now want to reconsider the bank’s administration model.

 

AKTIA BANK PLC

 

For more information, please contact
Dag Wallgren, Chairman of the Board of Directors, tel. +358 40 522 4648
Håkan Mattlin, Chairman of the Board of Supervisors, tel. +358 50 045 9059

 

From:
Mia Bengts, Director, HR and Group Legal, tel. +358 10 247 6348, +358 50 308 7676