Resolutions passed at the Annual General Meeting of YIT Corporation

STOCK EXCHANGE RELEASE                   MARCH 18, 2015 AT 1:00 P.M.

 

Resolutions passed at the Annual General Meeting of YIT Corporation

 

The Annual General Meeting of YIT Corporation held today, March 18, 2015, adopted the 2014 financial statements and discharged the members of the Board of Directors and the President and CEO from liability. The Annual General Meeting decided on the dividend payout, the composition of the Board of Directors and their fees, the election of the auditor and its fees as well as authorising the Board of Directors to decide on the repurchase of company shares and share issues.

Dividend payment

It was decided that a dividend of EUR 0.18 be paid per share, or a total of EUR 22.6 million, as proposed by the Board of Directors, and that the remainder of the earnings be retained in distributable equity. No dividend will be paid on treasury shares. The right to a dividend rests with a shareholder who, by the record date of March 20, 2015, has been entered as a shareholder in the company’s shareholder register maintained by Euroclear Finland Ltd. It was decided that the dividend will be paid on May 19, 2015.

Composition of the Board of Directors and their fees

The Annual General Meeting resolved to elect a Chairman, Vice Chairman and four ordinary members to the Board of Directors, namely: Reino Hanhinen as Chairman, Kim Gran as Vice Chairman and Satu Huber, Erkki Järvinen, Juhani Pitkäkoski and Teuvo Salminen as members.

It was resolved to pay the Board of Directors remuneration as follows: the Chairman EUR 6,600 per month (EUR 79,200 per year), the Vice Chairman EUR 5,000 per month (EUR 60,000 per year) and the Board members EUR 3,900 per month (EUR 46,800 per year),as well as an attendance fee of EUR 550 per meeting. In addition, the members of Board Committees are paid an attendance fee of EUR 550 for each committee meeting. Per diems for trips in Finland and abroad are paid in accordance with the state’s travel compensation regulations.

Election of the auditor and their fee

PricewaterhouseCoopers, Authorised Public Accountants, was elected as the company’s auditor, with Juha Wahlroos, Authorised Public Accountant, as chief auditor. The auditor’s fees will be paid against the invoices approved by the company.

Repurchase of the company’s own shares

The Annual General Meeting authorised the Board of Directors to decide on the purchase of company shares as proposed by the Board of Directors. The authorisation covers the purchasing of a maximum of 10,760,000 company shares using the company’s unrestricted equity. The authorisation is valid until March 31, 2016.

The authorisation reverses the authorisation to purchase the company's own shares issued by the Annual General Meeting on March 18, 2014.

Share issues                                                                    

The Annual General Meeting authorised the Board of Directors to decide on share issues as proposed by the Board of Directors. The authorisation can be used in full or partially by issuing shares in the company in one or more share issues so that the total number of shares issued is 25,000,000. The Board of Directors has the right to decide on all of the terms and conditions of the share issues.

The share issue authorisation also includes the Board of Director's authorisation to decide on the transfer of a maximum of 12,400,000 treasury shares irrespective of the purpose for which the treasury shares originally were acquired.                               

The authorisation is valid until March 31, 2016.                                       

Other information

On March 18, 2015, the total number of YIT shares is 127,223,422 and YIT holds 1,640,843 of its own shares.

The minutes of the Annual General Meeting will be available on the Internet at the company’s website www.yitgroup.com by April 1, 2015, at the latest.

 

For additional information, please contact:

 

Juha Jauhiainen, Corporate General Counsel, YIT Corporation, +358 40 725 9643, juha.jauhiainen@yit.fi

 

YIT CORPORATION

 

Sanna Kaje
Vice President, Investor Relations

 

 

 

Distribution: NASDAQ OMX, principal media, www.yitgroup.com

 

 

 

YIT is a construction industry leader. We create better living environments in Finland, Russia, the Baltic countries, the Czech Republic and Slovakia. Over 100 years of experience have secured us a strong market position: we are the largest housing developer and one of the largest business premises and infrastructure developers in Finland, and the most significant foreign housing and area developer in Russia. Our vision is to stay one step ahead – while taking care of our customers, partners and personnel. We have nearly 6,000 employees in seven countries. In 2014, our revenue amounted to around EUR 1.8 billion. Our share is listed on NASDAQ OMX Helsinki. www.yitgroup.com

 

About Us

YIT creates better living environment by developing and constructing housing, business premises, infrastructure and entire areas. Our vision is to bring more life in sustainable cities. We want to focus on caring for customer, visionary urban development, passionate execution and inspiring leadership. Our growth engine is urban development involving partners. Our operating area covers Finland, Russia, the Baltic countries, the Czech Republic, Slovakia and Poland. In 2016, our revenue amounted to nearly EUR 1.8 billion, and we employ about 5,300 employees. Our share is listed on Nasdaq Helsinki. www.yitgroup.com

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