Resolutions of SRV Group Plc’s Annual General Meeting
SRV GROUP PLC STOCK EXCHANGE RELEASE 25 MARCH 2024 17:55 EET
Resolutions of SRV Group Plc’s Annual General Meeting
SRV Group Plc’s Annual General Meeting was held today on 25 March 2024 at the company’s headquarters in Espoo. The Annual General Meeting adopted SRV Group Plc’s financial statements and discharged the Board of Directors and the President & CEO from liability for the financial period 1 January–31 December 2023. The Annual General Meeting adopted the Remuneration Report 2023 and the Remuneration Policy for the company’s governing bodies. The resolutions were advisory. The Annual General Meeting also decided on the dividend distribution, the number of Board of Directors, the composition and Chair of the Board of Directors and their remuneration, the election and remuneration of the auditor as well as authorised the Board of Directors to decide on the repurchase of company shares and share issues/issue of special rights.
Dividend distribution
It was decided that no dividend is distributed for the financial year 2023, as proposed by the Board of Directors.
Members and Chair of the Board of Directors and remuneration
The number of members of the Board of Directors was confirmed to be five (5). Matti Ahokas M.Sc. (Econ.), Hannu Leinonen M.Sc. (Eng.) and Heli Iisakka M.Sc. (Econ.) were re-elected to the Board of Directors. Ari Lehtoranta M.Sc. (Eng.) and Tuomas Kokkila M.Sc. in Real Estate Development were elected as new members of the Board of Directors. Ari Lehtoranta was elected as the Chair of the Board of Directors. The term of office of members of the Board of Directors will end at the close of the Annual General Meeting held in 2025.
The Annual General Meeting confirmed that the following annual fees would be paid for the members of the Board: Board Chair EUR 72,000, Vice Chair EUR 48,000, Board member EUR 36,000 and Chair of the Audit Committee EUR 48,000, if he/she does not simultaneously act as Chair or Vice Chair of the Board of Directors.
In addition, a EUR 700 fee per member per meeting shall be paid for Board and Committee meetings. Travel expenses arising from work for the Board of Directors shall be reimbursed in accordance with the company’s travel policy. Meeting fees will be paid in cash.
The aforementioned annual fees will be paid as a combination of SRV Group Plc’s shares and cash in such a manner that 40% of the annual remuneration is paid in the company's shares, which will be purchased from the market on behalf of the members of the Board of Directors at a price determined in public trading, and 60% is paid in cash. The company will reimburse the transaction costs and capital transfer tax in connection with the purchase of the remuneration shares. The shares will be purchased within a period of two weeks beginning from the date following the publication of the quarterly result for the period 1 January - 31 March 2024.
Auditor and remuneration
PricewaterhouseCoopers Oy, a firm of authorised public accountants, was elected as the company’s Auditor for a term continuing until the close of the Annual General Meeting 2025. PricewaterhouseCoopers Oy has notified that authorised public accountant (APA) Jukka Torkkeli will act as the responsible auditor. The Auditor’s remuneration was confirmed as payable as per an approved invoice.
Authorisation to decide on the acquisition of the company's own shares
The Annual General Meeting authorised the Board of Directors to resolve on the acquisition of the company’s own shares using the company’s unrestricted equity as proposed by the Board of Directors. The authorisation covers the purchasing of a maximum of 1,700,000 shares in the company so that the number of shares acquired on the basis of the authorization, when combined with the shares already owned by the company and its subsidiaries, does not at any given time exceed a total of 10 percent of all shares in the company.
The authorization is valid until 30 June 2025. It revokes the authorization granted to the Board of Directors at the Annual General Meeting on 27 March 2023 to decide on the repurchase of the company's own shares.
Authorisation to decide on a share issue and on the issue of special rights
The Annual General Meeting authorised the Board of Directors to resolve on a share issue and granting of special rights as proposed by the Board of Directors. The authorisation can be used to decide on the issuance of new shares or the reissuance of shares held by the company and/or granting of other special rights entitling to shares as referred to in Chapter 10, Section 1 of the Finnish Companies Act either for consideration or free of consideration in one or several instalments so that the number of shares shall not exceed 1,700,000. The Board of Directors may also decide on the issuance of new shares free of consideration to the company itself in one or more issues.
The authorization shall be in force until 30 June 2025. The authorization revokes the authorization granted to the Board of Directors at the Annual General Meeting on 27 March 2023 to decide on share issues and granting of special rights.
Other information
The minutes of the Annual General Meeting will be available on SRV Group Plc’s website at www.srv.fi/agm2024 at latest on 8 April 2024.
For further information, please contact:
Anu Tuomola, Senior Vice President, General Counsel, SRV Group Plc, tel. +358 50 414 3280, anu.tuomola@srv.fi
Distribution:
Media
www.srv.fi
You can also find us on the social media:
SRV in brief
SRV is a Finnish developer and innovator in the construction industry. We are building a more sustainable and responsible urban environment that fosters economic value and takes the wellbeing of both the environment and people into consideration. We call this approach lifecycle wisdom. Our genuine engagement and enthusiasm for our work comes across in every encounter – and listening is one of our most important ways of working. We believe that the only way to change the world is through discussion.
Our company, established in 1987, is listed on the Helsinki Stock Exchange. We operate in growth centres in Finland. In 2023, our revenue totalled EUR 610 million. In addition to approximately 800 in-house staff, we had a network of around 3,300 partners.
SRV – Building for life